BRICS - Association To Knock Out The Reign Of Dollar.

BRICS - Association To Knock Out The Reign Of Dollar.

American dollar is being the most dominating currency in the world and all the trade and transaction are beign considered with dollar. USA economy is the most biggest economy in the world and therefore it is ruling the economical world. Though USA is the most devloped country in the world but now other countries are also deevloping at very tremendous speed and this is really a threat for the dominancy of USA. Some of the most fast developing countries are challenging the reign of USA. It is assumed that if they maintain their speed at the same then it is not surprising that after 10 years we are going to see USA below at the table. Lets find out more about the BRICS.

What Is BRICS?

BRICS is the association formed by the five most rapidly developing countries in the world. BRICS is formed by the participation of Brazil, Russia, India, China and South Africa. These are the nations that are tremendously growing and their economy are also raising in the table. These are the nation that are seriously challenging the supermacy of USA to become the super power of the world. BRICS is formed in consideration to show their power to the world. Recently, on 28th March 2012 all the five nations gathered at New Delhi to discuss about the functioning of the association. It was decided that there will be a bank formed by BRICS association to support the development of these nations. As EURO, there will be a common currency for the BRICS associating country to challenge the supermacy of the dollar.

Formation Of BRICS

BRICS is formed with the its first meeting at New Delhi, India on 28th March 2012. The participating nation of the BRICS are,

Brazil
Russia
India
China
South Africa

Functioning Of BRICS 

 

 

- BRICS nation will have their general meeting once in a year at participating nations.
- It will discuss about the development of the participating nations.
- Economical structure and features will be monitored.
- BRICS bank will be formed to monitor and regulate the funds and economy among the participating nations.
- Regulation of common curreny for the trade between the participating nations.