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OverviewAPI
BRICS group's expansion to include Saudi Arabia, Iran, the United Arab Emirates, Argentina, Ethiopia, and Egypt challenges the dollar's dominance in oil and gas trading. The group, comprised of Brazil, Russia, India, China, and South Africa, aims to challenge Western economic dominance by pooling $100 billion of foreign currency reserves and establishing the New Development Bank. However, diverging interests and lack of understanding of potential benefits have weakened the group's ability to take concrete action.

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