Replacing the dollar necessitates not only a rival currency but also an equally robust financial market, trusted institutions, and an ecosystem of banks, investors & payment infrastructure.
India will take over chairmanship of BRICS+ grouping in 2026, against the backdrop of the United States’ ‘protectionism’ threatening to upend decades of multilateral consensus.
India has been pleading for long to bring reforms in institutions like the United Nations, IMF, and World Bank, which it believes are West-dominated and don’t reflect current global realities.
BRICS has been pushing for greater trade in local currencies, especially since Russia-Ukraine war began in 2022. ‘No chance BRICS will replace US dollar in international trade,’ Trump says.
This is the latest phase in the US-China technology competition, which now spans supply chain law, export controls, labour compliance, and semiconductor access.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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