Will Iraq Take The Adventure Of Joining BRICS Despite American Risks?
November 27, 2024 Baghdad/Al-Masala: At a time when the US dollar has become more than just a currency, but has become an economic weapon and part of the political hegemony system, voices calling for finding new financial alternatives are increasing.
These calls are gaining momentum in light of the sanctions imposed by the United States on countries that stand against its policies, such as Russia and China.
According to an economic analysis published by a specialized website, this intensive use of the dollar as a pressure tool has prompted the Eastern bloc to intensify its efforts to develop a new global currency that could reshape the economic map.
On the ground, this movement began under the leadership of the BRICS group, which includes Russia, China, India, Brazil, and South Africa.
“The BRICS single currency is not a dream, it is a realistic response to US financial hegemony,” reads a tweet posted by economic accounts. “Cooperation between these countries goes beyond economics to become a strategic political step,” it added. This cooperation comes at a time when relations between the group’s countries are developing rapidly, with China and Russia working together to create a financial force that could weaken the influence of the dollar.
On the other hand, Iraq finds itself in a complicated situation. Although the country has not officially requested to join BRICS, even considering such a move could be fraught with risk.
Informed sources confirmed that Iraq is not prepared to bear an American strike, especially in light of its complex economic relations with the United States.
A tweet by an Iraqi citizen named “Noor Al-Azzawi” expressed this concern by saying: “We are stuck between a rock and a hard place. America will not tolerate any step that might weaken its influence here.”
The statements of the Russian Ambassador to Iraq, Elbrus Kotrashev, came to open a window of hope for Baghdad, as he said: “BRICS is not an alliance against anyone, it is an open group that welcomes everyone.” He stressed that the group does not have hostile intentions, but rather aims to achieve a global economic balance.
As BRICS countries formulate their plans, significant technical challenges arise in unifying payment and currency settlement systems among member states.
An economic analyst named Ahmed Al-Harthi wrote in a Facebook post: “The success of the BRICS currency depends on two main factors: the first is the ability to build a common financial system, and the second is ensuring global acceptance of the new currency.” He considered that the step is not easy, but it is necessary.
The coming years are likely to witness pivotal moves. According to recent reports, China and Russia are closely coordinating with Iran and North Korea to build a financial alliance of countries that see the current financial system as serving Washington’s interests at the expense of the rest of the world. These efforts could be met with greater political pressure and economic sanctions from the United States, making the economic conflict even more complex. https://almasalah.com/archives/106598
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