Thanks for this sensible article. As the world is transitioning from unipolar to multipolar, emergence of other currencies to challenge the dominance of erstwhile unchallenged world power is imperative. BRICS will work as a platform allowing everybody to come and trade, according to capacity and appetite. I think, the purpose of BRICS is to decouple the world from dollar dominance, where countries whom US doesn't like (hate/love relationship) can trade without increasing costs.
Having countries like UAE in BRICS (also to large extent India too) will mean that channels of trade between BRICS and Western world will be through these countries who will work as clearing houses between BRICS and Dollar.
Thanks for this sensible article. As the world is transitioning from unipolar to multipolar, emergence of other currencies to challenge the dominance of erstwhile unchallenged world power is imperative. BRICS will work as a platform allowing everybody to come and trade, according to capacity and appetite. I think, the purpose of BRICS is to decouple the world from dollar dominance, where countries whom US doesn't like (hate/love relationship) can trade without increasing costs.
Having countries like UAE in BRICS (also to large extent India too) will mean that channels of trade between BRICS and Western world will be through these countries who will work as clearing houses between BRICS and Dollar.
Thanks a lot for your additional insights.