The upcoming summit of BRICS, a group of major emerging economies – Brazil, Russia, India, China and South Africa, holds significant implications for global geopolitics, reported Modern Diplomacy on Friday (August 11, 2023).
The summit has its central agenda revolving around the launch of a common currency among the member nations, the report said, adding that the move, aimed at reducing the dominance of the U.S. Dollar in international trade, has the potential to reshape the geopolitical landscape and challenge American supremacy.
"For decades, the U.S. Dollar has reigned supreme in global trade and transactions, affording the United States unparalleled economic and geopolitical leverage. The U.S. has been using dollar and economy as tools to coerce and pressurize its adversaries," it said. "Imposing sanctions was a common tool against its rivals to achieve political goals."
There has been a growing sentiment against the U.S. hegemony, supremacy and coercion. "The proposed launch of a BRICS common currency or de-dollarization aims to alter this status quo, potentially diminishing the American influence and power that is closely tied to the dollar's dominance," it said.
"BRICS is a strong Alliance and plays a huge role in Global Trade and Investments, and above all, it is above American influence," it added. "BRICS is in a position to transform the global economy in total. This move represents a growing discontent with the U.S. dollar's global dominance and a push toward Eastern superiority."