BRICS can be compared to a Zoom conference: members actively participate in talks on financial multipolarity, partners observe their discussions in real time, and everyone else with an interest in them hears about the outcome afterwards.
Too many people are too eager to see a multi-polar world and usage of USD for international trade on a voluntary basis. However, things change slowly. Physical constraints of everything never change. For example, Iran does not have many fresh vegetables to export while China needs a huge amount of import for raw materials. The seller can always request a certain form of payment. If the trades are always done in buyers' currency, an imbalance will build up forcing political figures to reach balanced trade, but balanced trade is usually difficult. This is why Russia has a large surplus of Indian Rupees. BRICS have their plates full simply to deal with trade issues and international settlement. Synchrony in diplomatic gestures can be faked but difficult to achieve due to practical reasons.
The BRICS experiment is of mutual, trustworthy cooperation between consenting national leaders. No preaching, rulemaking, punishments or ostracizing. Trade settlements will be worked out so as to enable the strengthening & stability of local currencies. The essentials of this will be announced in October. Naturally, it will likely develop fully as it is implemented over time. The entire point is national economic & cultural sovereignty.
Though the "de-dollarization" angle has been constantly stressed by onlookers, the point is simply to be free of an imposed constrictive economic & financial structure. There's no reason for the Chicago Mercantile Exchange to dictate commodity prices or the London Metals Market to dominate those values. There's no reason to have trade revenues pass through New York or London banks when the countries involved have nothing to do with those banks. China is happily collecting dollars in its mighty trade surplus with USA & recycling those dollars into projects around the world. Ultimately, any system is as good as the people who use it. When people abuse it, another must arise so people have another chance at making it work for all equally.
Too many people are too eager to see a multi-polar world and usage of USD for international trade on a voluntary basis. However, things change slowly. Physical constraints of everything never change. For example, Iran does not have many fresh vegetables to export while China needs a huge amount of import for raw materials. The seller can always request a certain form of payment. If the trades are always done in buyers' currency, an imbalance will build up forcing political figures to reach balanced trade, but balanced trade is usually difficult. This is why Russia has a large surplus of Indian Rupees. BRICS have their plates full simply to deal with trade issues and international settlement. Synchrony in diplomatic gestures can be faked but difficult to achieve due to practical reasons.
The BRICS experiment is of mutual, trustworthy cooperation between consenting national leaders. No preaching, rulemaking, punishments or ostracizing. Trade settlements will be worked out so as to enable the strengthening & stability of local currencies. The essentials of this will be announced in October. Naturally, it will likely develop fully as it is implemented over time. The entire point is national economic & cultural sovereignty.
Though the "de-dollarization" angle has been constantly stressed by onlookers, the point is simply to be free of an imposed constrictive economic & financial structure. There's no reason for the Chicago Mercantile Exchange to dictate commodity prices or the London Metals Market to dominate those values. There's no reason to have trade revenues pass through New York or London banks when the countries involved have nothing to do with those banks. China is happily collecting dollars in its mighty trade surplus with USA & recycling those dollars into projects around the world. Ultimately, any system is as good as the people who use it. When people abuse it, another must arise so people have another chance at making it work for all equally.