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Tuesday May 21, 2024

BRICS joining hands with North Korea to fight against US dollar dominance?

North Korea breaks away from geopolitical isolation, expresses interest in joining BRICS

By Web Desk
May 12, 2024
Kim Jong Un planning to move away from self-containment?. — Business Forward/File
Kim Jong Un planning to move away from self-containment?. — Business Forward/File

North Korea expressed interest in joining the BRICS bloc, redefining its decision to remain geopolitically isolated, Coin Tribune reported.

The East Asian country, which is often seen as a pariah at the international stage, has been slowly moving away from its self-containment by engaging with Russia and Iran.

Now its desire to join the BRICS alliance has come at a time when the BRICS countries are becoming stronger than ever, forging more economic alliances, slowly changing the global geopolitical and financial landscape and threatening United States dominance by developing an alternative currency to the US dollar.

For North Korea, joining BRICS would be the perfect opportunity to strengthen economic alliance, find back up support and possibly circumvent the tough sanctions it faces.

Joining the bloc could provide Pyongyang access to alternate payment systems, thus reducing its dependence on Western controlled SWIFT network.

And its aims to counter the US perfectly matches up with the goals of other BRICS member countries such as China and Russia.

Joining this intergovernmental organisation would help earn the totalitarian state autonomy and respect in the international arena.

North Korea’s admission into the BRICS would pose significant challenges, however, it would be a positive step in the right direction.

BRICS currently has 11 members including, Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia, Argentina and United Arab Emirates.