BRICS Summit in 2024 May See Expansion and Threaten Dollar Dominance
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The next BRICS summit will be held in October 2024 in Russia and could see many new member countries inducted.
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Around 25 developing countries have applied or expressed interest in joining BRICS.
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New member countries want to boost their local currencies and bypass the US dollar for trade.
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Joining BRICS allows countries to trade in local currencies instead of dollars.
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Expansion of BRICS poses a risk for the US dollar if more countries ditch it for trade.