BRICS GDP Reaches $31 Trillion With New Members
BRICS inducted six new countries into the bloc, making the alliance financially stronger to take on the West. The six new countries that will join BRICS are Saudi Arabia, the United Arab Emirates, Argentina, Egypt, Iran, and Ethiopia. Five of the new entrants are oil-producing countries, except for Argentina. This puts the BRICS bloc in a unique position to challenge the U.S. dollar’s global supremacy. The combined BRICS GDP is also growing tremendously and is much ahead of that of the United States’ GDP. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? Therefore, the 11-country alliance is looking to turn the page by ushering in a new financial era. The bloc is looking to shift the balance of power from the West to the East and make developing countries lead the global economy. BRICS GDP With New Members Reach $30.75 Trillion Source: Reuters The combined overall GDP of the new 11-member BRICS will reach a total of $30.75...