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North Korea's Perspective on BRICS Expansion. Jeongmin Yoon, ESG Intern, Incheon National University.

BRICS countries (Brazil, Russia, India, China and South Africa) are moving to establish a new international monetary system to replace the U.S. dollar. North Korea claims that the current international economic order is unfair, centered on the U.S. dollar, and welcomes the expansion of the BRICS to break this unequal order. 

"The unprecedented international movement to restrict the use of the Dala (dollar) and the trend of many countries joining the BRICS are accelerating the end of the dollar as a key currency and the subsequent end of U.S. hegemony," the (North) Korean Central News Agency KCNA said in a report issued under the name of international critic Jung Il-hyun. "It is a well-known fact that the dollar-based international monetary system has become the second pillar of the U.S. global hegemony along with military means," the news agency said. "A representative example is financial sanctions imposed on Russia after the Ukraine crisis." BRICS countries are using domestic and national currencies to reduce their dependence on the dollar, minimizing the use of dollars in mutual trade and pushing for the development of new international currencies. The move is emerging in trade and energy deals with China and Russia, encouraging the rest of the world to join the BRICS.

North Korea is biased in interpreting the expansion of the BRICS as the end of U.S. hegemony. I think these arguments are unduly optimistic. The U.S. dollar is currently the most widely used reserve currency in international trade and is dependent on many countries. Replacing this requires considerable time and effort to coordinate among many countries and to establish a new monetary system. North Korea's position misinterprets the current international economic situation and does not take into account certain critical factors. BRICS countries are making efforts to reduce their dependence on the dollar, but not to completely replace the U.S. dollar all at once. BRICS also expects to face its own challenges and challenges. However, North Korea's position is politically biased and does not take into account the complexity of the international economy and monetary system. These changes will be gradual, time consuming and complex.

(Ed note: On 9/4, the New York Times announced that Kim Jong-un and Putin Plan to Meet in Russia to Discuss Weapons. Undoubtedly, they will also discuss BRICS. https://www.nytimes.com/2023/09/04/us/politics/putin-kim-meeting-russia-north-korea-weapons.html)

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