The U.S. dollar has been the backbone of the global financial system for decades, granting the United States tremendous economic influence. As rising powers, BRICS countries—Brazil, Russia, India, China, and South Africa—have both the chance and the obligation to turn this around by promoting financial autonomy and diminishing dollar dependence.

 

To this purpose, the BRICS members need to increase local currency settlements of trade, enhance the New Development Bank (NDB) as a secondary source of finance, and establish the Contingent Reserve Arrangement (CRA) for financial stability. Further, digital payment systems such as BRIPS Pay and the consideration of a common reserve currency present attractive prospects for greater economic integration and resilience.

 

However, there are challenges—economic imbalances, regulatory roadblocks, and geopolitical rivalries require strategic coordination and firm diplomatic efforts. This committee is at a crossroads: Will BRICS countries make decisive moves towards a multipolar financial architecture, or will they continue to be stuck in dollar hegemony? The decision is in our hands, and the time to do it is now!

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