According to one financial expert, the BRICS are distinguished by their lack of ideological underpinnings and by the fact that they focus solely on opportunities for economic cooperation between their members.
“The objective of the BRICS is to adjust the institutional environment and the economic and financial instruments that govern economic relations around the world. So, an adaptation of the institutional environment which is no longer adapted, which is no longer equipped to deal with economic reality.”
The BRICS also have a mission to create a viable alternative to the dollar, which for half a century has been the main source of the United States’ global hegemony, enabling it to wage wars and promote its own interests around the world.
“Another challenge for the BRICS] is to challenge the hegemony of the dollar and Western currencies, which have been imposed in the context of a unipolar world, in the context of globalisation, and which has above all given rise to excesses in the economic sphere through exports from the United States and Europe.”
Mr Kaoubi believes that in recent times the BRICS countries have acquired a critical mass that will enable them to fundamentally influence global issues and relations between players on the international stage.
“Now that the BRICS have started to play an active role in global growth and have their own concerns about the distribution of wealth and the rules of good governance, they have built up a very legitimate interest group and have started to say that they are going to work over the long term to overturn this global economic framework.”
In the context of the creation of a new BRICS currency, the doomed future of the US currency is increasingly discussed around the world. However, according to the economist, the process of de-dollarisation began a long time ago, and today’s events are only accelerating that process.
“De-dollarisation is a process that began a long time ago. It began in 2004 when Russia started to make massive purchases of gold, just as China began to develop its own policy to resist the power of the dollar.”
