BRICS Summit Challenges US Economic Dominance in Multipolar World
The 18th BRICS Summit in New Delhi marks a significant moment for India and the global economy, according to foreign affairs expert Professor Manas Behera. The summit's theme of resilience, innovation, and sustainable economy reflects India's effort to address major global challenges through peace, dialogue, and negotiations.
Behera noted that BRICS has expanded significantly since its inception in 2009 with five countries, now comprising 11 full members and 10 partner countries. The grouping represents around 40% of global GDP and 49% of the world's population.
The expert identified reducing dependence on the US dollar in international trade as a major issue for BRICS countries. They have been discussing greater use of national currencies for bilateral trade, which Behera described as 'a new beginning' that would require a long journey to challenge the dominance of the dollar.