BRICS to Transform the Global Market by its own Raw Materials Exchange

BRICS Nations Forge Ahead with Plans for Raw Materials Exchange As preparations for the BRICS summit in October 2024 are underway, discussions are intensifying behind the scenes regarding the agenda and programs. Amidst these deliberations, a notable initiative is gaining momentum. Recognizing that all BRICS nations are significant producers of raw materials, including oil, gas, metals, and minerals, there is contemplation of a transformative action. BRICS official has highlighted discussions within BRICS regarding the establishment of a “raw materials exchange”, signaling the bloc’s increasing influence on the global stage. This move underscores the growing significance of BRICS nations in shaping international economic initiatives. This potential development marks a significant step forward for the alliance, signalling its intent to diversify and expand its economic cooperation beyond traditional boundaries. This system provides countries with enhanced control over their raw materials trade, reducing dependence on the traditional global financial system.