BRICS Alliance Takes Major Steps Toward Reducing Dollar Dependence
• BRICS economic alliance plans to ditch US dollar for trade settlements between Russia, China, and India • Aims to convince other nations like Saudi Arabia, Pakistan, and African countries to also settle trades without US dollar • Saudi Arabia set to join BRICS and provides opportunity to advance de-dollarization efforts given oil industry significance • Pakistan interested in eventually joining BRICS, which could be boosted by embracing local currencies over US dollar • BRICS bloc has seen major expansion this year across 6 new countries, highlighting its growing prominence