The United Arab Emirates (UAE), Kingdom of Saudi Arabia and Egypt are among six nations that have been invited to join the BRICS group of nations, and will join it in Janurary 2024

What do you guys think what effects it will have on the global economy?

  • xhci@lemmy.mlEnglish
    2·
    1 year ago

    How about the last 2 years in particular? Moreover, the counries of BRICS trade mainly in the local currencies.

    One could argue this is a side effect of Western sanctions. When Russia’s (a large BRICS member) foreign assets were frozen, there was a large push to trade in Rubles (or non-USD). There really wasn’t another option in that specific case.