CRISIS

About the committee

In a post-globalised world where the Dollar continues to exploit its power and engulf the global economy, especially in the international trade of oil and gas, the BRICS alliance has vehemently established its bid for power and independence. However, overruling a currency which has extended its foundations exponentially is not an easy task even for the most experienced economists and diplomats. 

This meeting of BRICS (with other invited states and relevant stakeholders) has been called to address the growing global need for a diversified economic framework. In response to the vulnerabilities and dependencies exposed by the current reliance on the United States Dollar for international trade, the BRICS nations are coming together to introduce a new or alternative currency designed for the needs of developing nations. Delegates will be expected to diplomatically understand the feasibility of this ‘de-dollarisation’, and navigate the economic and geopolitical implications of the bold (or blatant) initiative. To fuel things up, the interconnectedness of the alliance also seems to be precarious, with India and China at odds. 

This committee will serve as a platform for policy development, strategic planning, and international cooperation in this critical endeavour. By reducing the reliance on the US dollar and introducing a new and stable currency, the committee seeks financial independence across the globe.