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Russian Foreign Minister Sergey Lavrov confirmed that BRICS is in the process of launching an alternative trading platform. The alliance is accelerating the de-dollarization process by excluding the US dollar for cross-border transactions. “The trend towards creating alternative platforms and payment and other logistics mechanisms necessary for normal trade is ongoing,” he said. BRICS launching a new trading platform to settle payments could reform the financial sector. The alliance has been warning the US not to weaponize the US dollar or face consequences. Emerging economies are exploring local currencies as the primary payment, not the US dollar. The global trade could experience a tangible shift where developing countries could call the shots. Also Read: New Zealand Must Apply For BRICS Membership, Urges Professor BRICS Alternative Trading Platform Could Dethrone the US Dollar Source: theconversation.com Lavrov revealed that the upcoming BRICS trading platform could upr...

Around 47 countries have expressed their interest in joining the BRICS alliance before the 2024 summit. Out of the 47 countries, only 25 nations have formally submitted their applications to join the bloc. The other 22 nations have informally expressed their interest in being a part of the grouping. The 16th BRICS summit will be held from October 22 to 24 in the Kazan region of Russia and expansion plans will be discussed. Also Read: BRICS: India To Accept Local Currencies For Trade, Sideline US Dollar The BRICS expansion will make way for the alliance to economically strengthen its prospects and take on the US and the West. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. On the heels of the summit, one particular country is confident that its place in the BRICS alliance is secured. Also Read: Former Russian PM Talks About BRICS Currency BRICS Expansion: Venezuela Will Join the Bloc After 2024 Summit, Says Top Diplomat Source: Bloomb...