The de-dollarization initiative is no longer confined to BRICS as other emerging economies are participating in the discussions at the 2024 summit. The outreach session will be conducted on the last day of the summit on October 24, 2024. Topics such as de-dollarization, new trade policies, and the usage of local currencies will take center stage. The nine-member alliance will meet for the first time at the table for discussions after the expansion last year.

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Russian President Vladimir Putin confirmed that officials from 40 countries will attend the outreach session at the BRICS 2024 summit. The participants include countries from the Commonwealth of Independent States (CIS), Asia, Africa, Eastern Europe, South America, and the Middle East. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

“On the last day of the summit, there will be a meeting in the BRICS Plus/Outreach format with the participation of representatives from almost 40 countries,” he said. The BRICS outreach will highlight the importance of de-dollarization and the need to end reliance on the US dollar. Representatives from various international organizations will also attend the outreach session of the BRICS 2024 summit.

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BRICS Strengthens the De-Dollarization Agenda at the 2024 Summit

The BRICS alliance is strengthening the de-dollarization agenda at the 2024 summit by convincing developing countries to end dependency on the US dollar. The move will bolster the native economies of developing countries and safeguard their local currencies and businesses.

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The New Development Bank (NDB), commonly called the BRICS Bank will also provide loans to developing nations for infrastructural developments. The loans worth millions or billions will be disbursed in local currencies and sideline the US dollar in all transactions. Therefore, the BRICS 2024 summit will see the de-dollarization agenda take a new course globally.