From Dollar Dependency to BRICS Autonomy: Legal and Economic Impacts on Global Trade Governance.
Keywords:
Global Trade Governance, Financial Sovereignty, International Trade Law, Economic Reform, International RelationsAbstract
The dominance of the U.S. dollar in global trade and finance has long influenced international economic stability, governance, and legal structures. However, the emergence of a BRICS ‘an acronym for Brazil, Russia, India, China, and South Africa’—a symbolic BRICS unified currency note for 9 Countries including Brazil, China, Egypt, Ethiopia, India, Iran, Russian Federation, South Africa, United Arab Emirates was introduced at the recent 16th BRICS summit[1] in Kazan, Russia—poses transformative potential for global trade governance. This study investigates the legal and economic implications of shifting from a dollar-dependent to a BRICS-driven trade system, analyzing the prospective impacts on global financial governance, regulatory frameworks, and international economic law. The research explores how a BRICS currency could disrupt established trade agreements, impact currency valuation, and challenge the roles of international institutions like the International Monetary Fund (IMF) and World Bank. This shift also raises critical questions about sovereignty, autonomy, and the capacity of existing legal structures to accommodate a multipolar currency system. Through a comparative legal analysis and examination of geopolitical dynamics, this paper will assess the viability of a BRICS currency in reducing dollar dependency, the necessary adjustments in international regulatory frameworks, and the potential for reshaping governance structures to foster a more equitable and diversified global economic order. The study aims to contribute to the ongoing discourse on financial autonomy and multi-polarity by offering policy recommendations for integrating a BRICS currency into the global trade landscape, underscoring the implications for trade law, financial stability, and international governance. Ultimately, this research provides a timely analysis of how a BRICS currency could redefine global economic power and establish a new era of financial sovereignty for emerging economies.
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Master of Laws (LL.M), PIL, the University of Lahore, Advocate High Court, Member District Bar Association Kotli, Pakistan Occupied Jammu & Kashmir, PAKISTAN. Corresponding Author: junaidsattarbutt@yahoo.com, Cell: +92-345-2345628. Researchgate: https://www.researchgate.net/profile/Junaid-Butt-6
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