BRICS (Brazil, Russia, India, China and South Africa) leaders invited Iran and Argentina, as well as Saudi Arabia, the United Arab Emirates, Ethiopia and Egypt, to the club at a summit held in Johannesburg last week.
At the summit held in South Africa, the most important agenda item was the common currency against the dollar.
Alternative currencies that are resistant to the dollar can be created.
Jeffrey Sachs, professor of economics at Columbia University, one of the leading higher education institutions in the USA, told Sputnik that BRICS can create durable alternatives to the dollar and end the dominance of the American currency in the world.
Emphasizing that this process is inevitable, considering the US GDP and the decrease in the share of US trade in the world, Sachs said, "Indeed, the role of the dollar as the dominant and dominant global currency in the world will come to an end."
BRICS holds half of the world's oil supply
An expanded block would hold 75% of the world's manganese, 50% of graphite, 28% of nickel and 10% of copper.
Meanwhile, the addition of Saudi Arabia, the UAE and Iran to the BRICS would include three of the world's largest oil exporters, accounting for 42% of global oil supply.