Expert: BRICS may undermine Dollar's hegemony in international trade

Turkiye has submitted a formal application to join BRICS, as it has got disappointed about the decades-long attempt to join the European Union. During his visit to China, Turkish Foreign Minister Hakan Fidan said the bloc is a good alternative to the EU. As noted by political expert Vadim Borovik in his talk with Alfa Radio, BRICS is transforming into the strongest economic entity, and its expansion will continue.

“The BRICS share of global GDP in terms of purchasing power parity has reached almost 36 percent, while the share of the G7 economies has decreased to 29 percent. BRICS accounts for almost 45 percent of the world's oil reserves, and the deposits of almost all rare earth elements are concentrated on the territory of its member states. The same could be said about food: wheat and rice. Differently speaking, BRICS is the strongest economic entity, but there is, of course, a long way to go to introduce a single currency and trade,” the expert noted.

Mr. Borovik added that the association continues to enlarge, “New serious players are joining, for example, Turkiye. Turks have been given the run around for many years, their country has been waiting the longest to join the EU. Until now, Ankara has not been given a clear answer on this issue. In NATO, Turkiye complains that it does not always have access to advanced technologies, and it even sometimes has to buy weapons without taking into account the position of its allies. Therefore, I think that the Turkish side is really interested in joining BRICS.”

BRICS can lead to a collapse of the unfair system in world trade that the US created for its Dollar. “Russia and China conduct more than 95 percent of trade transactions in Roubles and Yuan, thus showing that they can undermine the Dollar's hegemony in international trade. Accordingly, if these major economies trade in national currencies and then switch to a single one, then the Dollar-related system will collapse. Washington is afraid of this, so it is initiating wars in different parts of the world," Mr. Borovik explained.

As noted by the expert, Belarus can also join BRICS, ‘which is a force recognised by the leaders of the EU, the United States and NATO’, “Belarus takes this structure seriously. I am sure that Belarusians will be full-fledged BRICS members in the near future. The institution can contribute to the peaceful transformation of the international system. BRICS is aimed precisely at a more just world order.”