The group of countries are facing severe headwinds in their goal of rebalancing the global economic order
in Johannesburg. Led by confident, boisterous and nationalist leaders, BRICS has a common gripe with these perceived American diktats that are reversing years of globalization efforts and economic interdependencies.
The addition of new members is a key item on the agenda of the BRICS summit this week. The challenge will be for current BRICS members to all agree on what criteria will be used to allow countries to join the club. Admission of new members is dependent on achieving unanimity, andin particular remains wary of admitting countries too closely allied to its old geopolitical rival, China.
This is nothing more than wishful thinking, however, as the dollar’s dominance in the oil trade is not determined by the preferences of oil-exporting countries but by futures markets, where oil is traded. For financial exchanges and international businesses, there is still no substantive alternative to the U.S. dollar that can provide the same level of confidence in its backing of value.
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