BRICS to Form Parliament to Oversee De-Dollarization: A New Era of Global Influence?

The BRICS group of nations is continuing its development into a geopolitical world power, and a significant step in that direction is on the horizon. Russian President Vladimir Putin has revealed that BRICS is set to form a parliament that oversees the alliance. Moreover, it will likely be critical to the grouping’s de-dollarization efforts. But what does this mean for the future of the global economy and the dominance of the US dollar?

BRICS Parliament: A Catalyst for De-Dollarization

A key function of the new BRICS parliament will be to accelerate the de-dollarization process. New assembly would lead bloc's de-dollarization efforts and bolster its global influence. This initiative signals a clear intention to reduce reliance on the US dollar in international trade and financial transactions among BRICS nations and potentially beyond.

The Geo-Political Dimension of De-Dollarization

The push for de-dollarization isn't solely an economic strategy; it's deeply intertwined with geo-political ambitions. There is a strong geo-political dimension in the approach of both Moscow and Beijing towards “de-dollarisation” as well as a potential “BRICS” currency. This reflects a desire to create a more multipolar world order, challenging the established economic and political hegemony of the United States.

Implications of a BRICS Currency

The formation of a BRICS parliament could pave the way for the development and implementation of a BRICS currency. While still in the early stages, the concept represents a bold move towards establishing an alternative financial system. A BRICS currency, supported by the collective economic strength of the member nations, could reshape international trade and investment flows, offering an alternative to the dollar-centric system.

Looking Ahead: The Future of BRICS and De-Dollarization

The formation of a BRICS parliament marks a pivotal moment in the evolution of the alliance. As the bloc strengthens its institutional framework and pursues de-dollarization strategies, it is poised to exert increasing influence on the global stage. The full impact of these developments remains to be seen, but it's clear that the BRICS nations are determined to play a more prominent role in shaping the future of the world economy.