CACS Occasional Paper no 4

The BRICS Expansion, Currency and Implications for the US Dollar
Goitseone Maswabi and Lebo Mosebua
The evolution of the BRICS grouping into BRICS+ on January 1, 2024, signals a significant milestone in global economic and political dynamics. Originally established in 2009 and later joined by South Africa in 2010, BRICS has steadily evolved into a formidable alliance, convening annual summits to address a wide array of issues, including economic cooperation, geopolitical strategies, and developmental priorities. The expansion to BRICS+ represents a strategic shift towards a more inclusive model of globalization, fostering collaboration among key emerging economies beyond the original membership.
This paper seeks to comprehensively analyze the multifaceted implications of BRICS+ expansion. It explores the feasibility of a new BRICS currency and its potential ramifications for the US dollar, along with delving into Russia’s chairmanship of BRICS in 2024 and the strategic priorities it aims to pursue. By examining these dynamics, this study aims to provide valuable insights into the evolving global economic landscape and its broader implications for international relations.