The BRICS Alliance is pushing for a de-dollarization agenda, bringing together local leaders, municipal leaders, and unions from over 21 developing countries. Over 200 mayors from these countries attended the meeting.
Invitations have been extended to discuss reducing reliance on the US dollar and promoting the use of local currencies at the BRICS+ Forum scheduled for April 21, 2024. The aim of this initiative is to enhance the capabilities of developing countries by providing a platform for sharing perspectives and strengthening their economies. The alliance’s goal is to gradually weaken the dominance of the US dollar in global trade.
De-dollarization could have significant potential impacts on the US economy, leading to rising inflation and increased costs of essential goods. The primary beneficiaries of this change would be the BRICS countries as they seek to prioritize their own currencies in international trade.
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Pheu Thai Party Chairwoman, Sudarat Keyuraphan, emphasized the importance of the BRICS+ Forum in giving a voice to countries that have traditionally been overlooked in global finance. She highlighted the forum’s role in promoting multipolarity and the de-dollarization initiative:
“We believe that under Russia’s chairmanship of the BRICS countries, previously unheard countries will ultimately have a say. Historically, some superpowers have dictated the terms, but now the multilateral world values different voices. We believe in connecting different countries and cultures.”
