They would have perceived such proposals as easy to conceive and talk about rather than made to work in practice.
Brics, originally a grouping of Brazil, Russia, India, China and South Africa, admitted four new member countries—Iran, Egypt, Ethiopia and the United Arab Emirates (UAE)—this year, and more countries are expected to become part of this grouping in the coming years, including some who attended the Kazan conference this year as invitees.
Their political motivations apart, all of them share a grievance that the United States and its allies abused their dominance in global trade and finance institutions and monopoly in inter-bank payment settlement mechanisms.
The ideas floated last week at the 16th annual Brics conference intend to challenge the primacy of the US dollar in which most international payments are settled and reserves held.
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