BRICS – Brazil, Russia, India, China, and South Africa, are building their own reserve currency; built on commodities such as gold, uranium, graphite, copper, silver.
The 5 BRICS economies currently account for more than 30% of Global GDP and are heading for 50% of Global GDP by 2030.
Now, Egypt is applying for a full membership for the BRICS alliance. They are joining the Bank piece of this first, called New Development Bank.
BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro.
Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.
Source: www.telesurenglish.net/news/Egypt-Joins-the-BRICS-New-Development-Bank-20221208-0007.html
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