Transcript
Türkiye to Join BRICS
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have you seen the news turkey wants to
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join the bricks economic group this is
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big news because turkey is a NATO member
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some experts think brics could dominate
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the global economy in the coming years
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brics is often seen as an alternative to
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the G7 which is led by Western Nations
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if Turkey joins it would be the first
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NATO member in
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bricks Turkish foreign minister haken
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fidan recently visited Beijing making it
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the highest level visit by a Turkish
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official to China since
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2012 fidan met with Chinese officials
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including Wang Yi when asked if Turkey
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wanted to join bricks fidan replied we
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would like to of course why would we not
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turkey's interest in bricks led by China
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and Russia has raised concerns in Europe
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in recent years turkey has faced
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criticism from its Western allies over
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its close ties with Russia with with
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some suggesting turkey is moving away
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from the Western Alliance why does
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turkey want to join bricks we'll explore
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that in this video but please subscribe
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to our channel for more updates a
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Turkish official said turkey is drawn to
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Bricks because it doesn't require
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political or economic commitments we
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don't see bricks as an alternative to
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Nato or the EU however the stalled EU
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accession process makes us look for
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other economic platforms the official
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explained they also noted that turkey's
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allies often ignore its security
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concerns and deny it Advanced weapons
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this year's bricks Summit will be held
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in Russia the Kremlin said they welcome
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turkey's interest in joining bricks
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Russian spokesperson Dimitri pesov
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mentioned that many countries including
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Pakistan Thailand Indonesia the
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Democratic Republic of Congo Nigeria and
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Uruguay are also interested in
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bricks this development could challenge
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the economic dominance of the United
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States and other Western
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Nations why is turkey interested in
Why Turkey Wants to Join BRICS?
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joining
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bricks one of the main reasons for
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turkey's interest in joining bricks is
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the economic potential of this group The
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Bricks countries have growing economies
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with huge potential for further growth
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China and India in particular show
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impressive economic growth rates this
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attracts turkey which wants to
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strengthen its economic position while
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economic growth in Europe is slowing
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bricks countries offer new opportunities
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for cooperation and
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development reducing dependence on the
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west is also a key factor turkey wants
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to lessen its economic and political
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Reliance on Western countries especially
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after several tense moments in relations
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with the EU and the US joining bricks
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would allow turkey to pursue a more
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independent foreign policy and diversify
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its economic ties this is particularly
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important given the sanctions and trade
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restrictions faced by countries that
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work closely with the West for turkey
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being a brics member would bring
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significant economic benefits however
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economic alliances also have political
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implications bricks is an unofficial
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group formed by Major powers in the
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global South and turkey's members ship
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would have substantial consequences
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compared to any other Alliance turkey's
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strained relations with its Western
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allies also push it to seek new
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cooperation
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opportunities while brics is not a
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political block and joining it doesn't
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mean a complete shift away from the West
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being a brics member does have political
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consequences the rise of a multi-polar
The Rise of a Multipolar World
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world the bricks Group which started in
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20 1 with Brazil Russia India China and
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later South Africa has become a powerful
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economic and geopolitical
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force last year's bricks Summit in
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Johannesburg South Africa was especially
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important decisions made at the summit
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could speed up the shift to a
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multi-polar world and create a new
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Financial system less reliant on the US
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dollar currently the brics countries
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contribute more to the global economy
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than the group of seven or the G7
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advanced economies accounting for almost
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a third of global economic activity when
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measured by purchasing power parity this
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economic rise has impacted many areas
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including
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trade the bricks are gradually building
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a multi-polar world by not following
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Western Le economic and financial
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sanctions the brics group has supported
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Russia one of its founding members
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offering trade and other relief this
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support has lessened the impact of
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us-led sanctions and weakened their
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effectiveness as a tool for economic and
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geopolitical influence trade between
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Russia and the G7 has dropped by over
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36% since 2014 due to economic and
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financial
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sanctions meanwhile trade between Russia
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and the other brics nations has surged
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by more than 12 21% during the same
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period China and India have become the
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biggest buyers of Russian oil after the
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European Union imposed
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banss last year China's trade with
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Russia reached a record
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1885 billion a 97% increase from 2014
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and about 30% more than in
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2021 this growth happened as Russia more
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than doubled its rail exports of
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liquefied petroleum gas aiming to
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diversify its exports under tough
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sanctions due to their success the
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bricks group is seen by many countries
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in the global South as a promising agent
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of
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multilateralism these countries view
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bricks as an alternative to Western
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sanctions and a way to reduce
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geopolitical dependence on the west
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turkey has officially announced its
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interest in joining bricks and this is
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shaking up the geopolitical scene as a
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NATO member turkey's move could have
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significant implications for the west
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and the us-led order if Turkey joins
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bricks and benefits from it other
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European countries might follow suit
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potentially Paving the way for a
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multi-polar world the fall of the US
The Fall of the US Dollar
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dollar the dollar is still the global
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Reserve currency but its dominance is
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slowly being challenged more experts
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including senior us officials are
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warning that the heavy use of Economic
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and financial sanctions to further US
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foreign policy might threaten the
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Dollar's dominance in the
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future this concern is leading more
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countries to reduce their Reliance on
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the US dollar sparking a move toward
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dollarization this push for
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dollarization is gaining momentum with
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Talk of the brics group creating their
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own Reserve currency for crossborder
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trade while the brics Nations have the
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financial resources to create such a
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currency they currently lack the
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necessary institutions and scale to make
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it
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sustainable another way bricks countries
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are dollariz is by increasing trade and
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settlement in their local currencies
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brics nations are already using local
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currencies more for crossborder
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transactions helping to boost trade
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between members despite geopolitical
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risks this shift is easing the pressure
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on their economies from relying on
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dollar funding China's efforts to
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promote the Yuan are paying off in the
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Gulf States especially with the UAE and
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Saudi
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Arabia these countries are increasing
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Financial cooperation with China through
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currency swaps trade settlements in Yuan
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and digital currency projects these
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agreements reduce transaction costs and
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risks encouraging other Middle Eastern
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countries to follow suit and potentially
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shift oil trade from the US dollar to
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the Chinese
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Yuan India is also expanding the use of
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local currencies for trade beyond the
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brics group it has invited over 20
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countries to set up special bank
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accounts to settle trade in
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rupees in a historic move India recently
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made its first oil payment to the UAE in
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rupees while dollarization won't happen
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overnight these gradual steps are slowly
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weakening the US Dollar's role
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as the world's primary Reserve
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currency if Middle Eastern countries
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fully Embrace local currency trade or
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other currencies instead of the US
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dollar it could signal the end of the
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Petro dollar
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ERA this is why turkey joining the brics
Conclusion
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alliance is a significant move for the
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global South it demonstrates that
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developing nations have alternatives to
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following the US's lead and can enhance
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trade and assert their roles on the
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global stage through the brics coalition
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do you think turkey is making the right
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choice by joining bricks share your
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thoughts in the comments
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