Key Points
- The United Arab Emirates is trading in Chinese Yuan, and the BRICS countries are keeping their promise to abandon the dollar in favor of Chinese Yuan.
- Five nations, including the United Arab Emirates, were scheduled to join the economic alliance by the end of the year.
- Is it attainable for the US Dollar to gain influence over the BRICS currencies? We shall learn more about this in the upcoming year.
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In order for the United Arab Emirates to become a major role on the world stage, more trade with China is essential. By engaging in bilateral investments and collaboration, both nations are attempting to strengthen their cooperation in order to expand their influence throughout the Pacific Islands and Africa.
The report also states that Chinese yuan will be used for trade between the two nations. China will be able to gain influence and a path via the Middle Eastern countries as a result. As a result, the balance of power in the world may shift away from Western domination.
UAE and China’s BRICS development initiatives
The BRICS alliance has garnered a high prevalence throughout the year, which has greatly developed the geopolitical sector. The bloc’s de-dollarization efforts are starting to take hold on a worldwide scale. Furthermore, it held its first expansion plan during its annual summit in 2023.
At present, certain countries involved in the growth are seeking to improve its global standing. Specifically, BRICS members China and the UAE want to enhance bilateral commerce in local currencies. The former is looking to expand its global role through investments.
Five nations, including the United Arab Emirates, were scheduled to join the economic alliance by the end of the year. It will specifically become the newest member of the BRICS, along with Ethiopia, Saudi Arabia, Iran, and Egypt. The participants plan to work together to strengthen their influence in African countries. The UAE intends to increase its overall yuan usage as well.
In the event that greater collaboration resulted in an increase in local money, this would undoubtedly support the blocks’ overarching goal. The economy has been transparent about its intentions for dedollarization since the beginning of this year. This would so lead them to the multiplicity they have continuously pursued.
Possibility of De-dollarization may lie ahead
This year, BRICS has garnered attention due to a number of developments that have enabled them to step up their efforts to weaken the influence of the US dollar. The world’s major actors—that is, countries like China—are prepared to strengthen their bilateral investment partnership.
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Businesses have been subjected to the economic gravity pull of territorial influencers. The principal rationale behind the UAE’s inclusion is to fulfill the region’s ambitions in the Middle East. The goal of BRICS is to change the dynamics of currency power and eventually move the power of the global market away from the dollar.
China’s true objective is to invest in the BRICS, and this has led to a coalition of diverse trends. The bloc has been gaining traction on a worldwide scale due to the deluge of new geopolitical schemes.
These concepts were implemented at the 2023 summit, which takes place every year. China and the United Arab Emirates aspire to be big players in bilateral commerce. The goal of investments in these areas is to dethrone the dollar as the leading currency.
Nevertheless, because its price is still set higher, the US dollar continues to exhibit strong opposition to these initiatives. It will take some time for the major currency to replace the new currencies created by the BRICS as other nations have been using them in local and international transactions.
The success of the listed digital currencies, such as China’s digital yuan, in securing both domestic and international trade will be crucial to the de-dollarization initiatives. This will accelerate its implementation, which will weaken the US dollar. Is it feasible for the US Dollar to gain influence over the BRICS currencies? We shall observe more revelations about the BRICS transference in 2024.
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