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 <p><strong>Read More: India Sidesteps Dollar, First Rupee Oil Trade Ahead of BRICS Summit</strong></p>  
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 <h2 id="b-brics-summit-expanding-the-economic-bloc-b"><b>BRICS summit: expanding the economic bloc</b></h2> 
 <p><span style="font-weight: 400;">BRICS, the economic coalition of Brazil, Russia, India, China, and South Africa, has grown in recent months. The forthcoming summit will bring together around 60 heads of state to set expansionary standards for possible </span><span style="font-weight: 400;">new BRICS</span><span style="font-weight: 400;"> members. However, the final decision on which countries will join will likely be deferred.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">JUST IN: 🇲🇦 Morocco officially submits application to join BRICS.</p> 
  <p>— <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> (@<a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>info) August 15, 2023</p>  
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 </blockquote> 
 <p></p> 
 <p><span style="font-weight: 400;">With its sustained interest in BRICS, Morocco is poised to join the growing list of nations seeking membership. However, it faces competition from other candidates, and the outcome of its request will depend on the criteria set forth at the upcoming summit.</span></p> 
 <h2 id="b-currency-promotion-not-de-dollarization-b"><b>Currency promotion, not de-dollarization</b></h2> 
 <p><span style="font-weight: 400;">Contrary to speculation, the summit will not prioritize de-dollarization, despite <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries’ recent moves away from the US dollar. South Africa’s <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Ambassador, Anil Sooklal, has </span><span style="font-weight: 400;">clarified</span><span style="font-weight: 400;"> that the focus will be on promoting local currencies within the bloc.</span></p> 
 <blockquote> 
  <p><span style="font-weight: 400;">“Trading in local currencies is clearly on the agenda,” Sooklal told Bloomberg in an interview. “There is no de-dollarization agenda item on the BRICS agenda.” The dollar will remain a prominent global currency; that is a given.”</span></p> 
 </blockquote> 
 <p><span style="font-weight: 400;">Sooklal emphasized that </span><span style="font-weight: 400;">BRICS</span><span style="font-weight: 400;"> is not a counter to the West or the G7, as some narratives suggest. Instead, the alliance aims to “advance the agenda of the Global South and build a more inclusive, representative, just, and fair global architecture.”</span></p>  
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 <p>As reported by CoinGape, rich dad poor dad author Robert Kiyosaki predicted that a common BRICS currency will be end of US dollar as global reserve.</p> 
 <h2 id="b-expansion-and-currency-development-b"><b>Expansion and currency development</b></h2> 
 <p><span style="font-weight: 400;">The forthcoming meeting, set to take place in Johannesburg from August 22-24, will likely discuss the bloc’s enlargement and the setting up of a unified payment system. The August 22-24 Johannesburg conference is anticipated to focus on bloc enlargement and a uniform payments system. As negotiations continue, a technical committee may contemplate a shared currency, a long-term goal.</span></p> 
 <p><span style="font-weight: 400;">More than 42% of the world’s population, 23% of GDP, and 18% of trade are <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>, founded in 2009-10. However, the union has yet to fully fulfill its geopolitical dominance and economic might. The </span><span style="font-weight: 400;">summit</span><span style="font-weight: 400;"> will likely be critical in establishing a more comprehensive and balanced global architecture.</span></p> 
 <p><span style="font-weight: 400;">The alliance’s economic reach is evident, with <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members striving to conduct more trade in their currencies to gain global influence and counterbalance US dominance. The New Development Bank, established by <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>, aims for a third of its lending to be in domestic currencies by 2026.</span></p> 
 <p><span style="font-weight: 400;"><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>’s upcoming summit holds promise for the future expansion of the alliance and the strengthening of local currencies. As Morocco awaits the decision on its membership request, the world looks on with interest at the summit’s potential outcomes.</span></p> 
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BRICS: Morocco Submits Proposal for BRICS Membership Ahead of Summit

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