Senator Marco Rubio is expressing concern over the growing influence of BRICS and its potential to undermine U.S. economic power. In a piece for RealClearWorld, Rubio warns that the expansion of this international coalition could jeopardise America’s ability to utilise economic sanctions for global stability and anti-oppression efforts. This apprehension arises as BRICS, comprising Brazil, Russia, India, China, and South Africa, welcomes new members like Egypt and the UAE, signalling a broader movement known as BRICS+.
Central to Rubio’s worries is BRICS’ endeavour to reduce reliance on the U.S. dollar. The introduction of BRICS Pay, a digital payment system facilitating transactions within the bloc without dollar dependency, adds momentum to this initiative. Rubio underscores the potential consequences of this shift, particularly as BRICS prepares for further expansion.
Rubio advises the U.S. administration to strengthen alliances with nations leaning towards BRICS, such as Argentina. He praises Argentine economist Javier Milei’s pro-U.S. stance, suggesting such relationships could counteract BRICS’ influence.
Against the backdrop of U.S.-Russia sanctions and a global push away from dollar dependence, Africa emerges as a significant battleground. Many African nations are turning to the Chinese yuan to ease debt burdens and reduce dollar dependency. This pivot has broader geopolitical implications, with countries like South Africa, Egypt, and Ethiopia already aligned with BRICS.
China’s presence in Africa, facilitated by institutions like the Bank of China, signifies a strategic expansion of its economic influence, with the yuan at the forefront. Recent currency deals, such as Zambia’s restructuring with China and Egypt’s panda bond issuance, underscore the yuan’s appeal in managing debts.
Rubio urged the U.S. to reassess alliances and economic strategies, arguing that the rise of BRICS and the yuan’s ascendancy pose challenges that will shape global power dynamics in the coming decades, and require a nuanced response.
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Rubio Praises Argentina’s Milei for Rejecting BRICS Membership
