Geopolitical Analyst: BRICS+ Nations Determined to Trade in their Own Currencies

The global economic landscape is undergoing a significant transformation as the *BRICS+ nations intensify their efforts to trade using local currencies. This development, emphasized during their 16th summit in October 2024, highlights a collective determination to reduce reliance on the US dollar and euro, two currencies that have long dominated international trade. *BRICS+: Brazil, China, Egypt, Ethiopia, India, Iran, the Russian Federation, South Africa, and the United Arab Emirates An economic and political imperative drives these countries to promote trading in their currencies. The reliance on major currencies often leads to increased transaction costs and vulnerabilities tied to the fluctuations…