The recent developments indicate that developing countries look at the BRICS alliance as a promising bloc that can change their economies for good. BRICS is looking at ways to end dependency on the US dollar and promote local currencies for cross-border transactions. However, Pandor did not mention the names of the 36 countries that have expressed their interest in joining the BRICS alliance.

The prospect of using local currencies instead of the US dollar is enticing to developing countries. The majority of them want to strengthen their native economies and the route to achieve it is through giving prominence to their respective local currencies.