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 <p>The next <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit is scheduled on August 22 to 24 in Johannesburg, South Africa and the bloc is aiming to end Western financial supremacy. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bloc is looking at multiple options to challenge the U.S. dollar’s global reserve status and uproot the currency. The options include expanding the alliance to <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>+ by inducting interested countries who want to be a part of the group. Around 22 countries have expressed their interest to join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> and take on the U.S. dollar’s hegemony in global trade.</p> 
 <p><strong>Also Read: 69 Countries Expected To Attend BRICS Summit in August</strong></p> 
 <p>The development puts the U.S. dollar under pressure as more countries are ready to reject it and look for alternatives. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> expansion could pose a threat to the U.S. dollar as the soon-to-be-joining countries are major oil-producing nations. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is an acronym for Brazil, Russia, India, China, and South Africa.</p> 
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 <h2 class="wp-block-heading" id="h-brics-expansion-could-challenge-the-u-s-dollar">BRICS Expansion Could Challenge The U.S. Dollar</h2> 
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  <img decoding="async" width="768" height="432" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="BRICS MBS Saudi Arabia Middle East" class="wp-image-89616 ewww_webp" sizes="(max-width: 768px) 100vw, 768px" data-src-img="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 768w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 300w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 380w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 550w" data-eio="j"> 
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   <img decoding="async" width="768" height="432" src="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp" alt="BRICS MBS Saudi Arabia Middle East" class="wp-image-89616" srcset="https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 768w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 300w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 380w, https://cdn.thebittimes.com/images/2023/08/07/a5ffa8ba4f27faa54ddd67503dbfa915.webp 550w" sizes="(max-width: 768px) 100vw, 768px"> 
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  <figcaption class="wp-element-caption">
    Source: pakistantoday.com.pk 
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 <p>It is speculated that Saudi Arabia, the United Arab Emirates (UAE), and Argentina could be inducted into the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> group. Saudi Arabia and the UAE export millions of barrels of oil to the U.S. and other Western countries every year. Inducting the oil-producing nations could reshape the political world paving the way for a new financial order.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar</strong></p> 
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 <p>An expanded <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> comes with better financial resources that could be funded by Saudi Arabia. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank ‘New Development Bank’ (NDB) needs funding and Saudi is in talks to provide fresh funds to boost the alliance. Therefore, an expansion could make <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> better equipped with resources to challenge the U.S. dollar.</p> 
 <p><strong>Also Read: Exclusive: BRICS Will Discuss Use of Local Currencies at August Summit</strong></p> 
 <p>The sole intention of the BRICS alliance is to break away from the Western-dominated financial order. Therefore, the bloc will pull all its cards to put their native currencies forward and not the U.S. dollar. In addition, if BRICS forces Europe to settle trade in native currencies, the U.S. dollar’s decline could begin.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>brics expansion</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

BRICS Expansion Could Reshape World Politics & Financial Order

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