- Expanded BRICS Set to De-Dollarize the World, Control Global Energy Supply
by Darren Taylor, https://www.theepochtimes.com/
JOHANNESBURG—“The expansion of BRICS has made it clear that the de-dollarization of the international finance system is inevitable.”
This view, from economist William Gumede—who’s also executive chairperson of the Democracy Works Foundation in South Africa—has been echoed around the world since BRICS leaders announced the expansion of the bloc on Aug. 24 at a summit in Johannesburg.
Current BRICS members are Brazil, Russia, India, China and South Africa. In January, BRICS—originally established in 2009 to represent the world’s strongest emerging market economies—will add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) to its ranks.
Mr. Gumede, one of South Africa’s leading academics and thought-leaders, has been researching the potential impacts of de-dollarization since 2014. He told The Epoch Times the average per capita GDP of the G7 economies was currently six times that of BRICS economies. But, the unexpectedly swift expansion of BRICS would increase the trade bloc’s share of the global economy much faster than earlier predictions.