Economist who coined BRICS abbreviation urged group to resist dollar dominance – Reuters

O’Neill expressed the view that the BRICS group should “develop strict criteria so that the accession of new members contributes to the achievement of its objectives”. He also urged countries to focus on promoting trade, financing climate change and contributing to global health.
According to the expert, the dollar now “plays too dominant a role in global finance”, and the actions of the Fed have dramatic consequences. At the same time, the BRICS, O’Neill is sure, can contribute to the emergence of a “globally fairer multi-currency system”. The financier also stressed that the group’s goals should be to “strengthen the voice at the World Bank and the International Monetary Fund”.Regarding further BRICS expansion, O’Neill noted that Asian countries such as Indonesia, Bangladesh, Vietnam, Pakistan and the Philippines are expected to be among the potential candidates. Mexico, Turkey, Nigeria, Egypt and Ethiopia can also be considered. In addition, the expert reacted positively to the prospects of Saudi Arabia and Iran joining the BRICS.Earlier, Russian Deputy Foreign Minister Sergei Ryabkov said that at least sixteen countries want to join BRICS. At the same time, he pointed out that the number of applicants “is increasing every month”. According to Ryabkov, “as countries join the association, there will be no restrictions in terms of where, what, format, capacity and volume of participation in this cooperation.”