RIC to BRICS, Sept. 6 -- The evolution from the RIC (Russia, India, China) to the expanded BRICS bloc, now including Brazil, South Africa, Saudi Arabia, the UAE, Egypt, and Iran, reflects a strategic push by emerging economies to challenge the dominance of the US dollar in global finance. The bloc commands significant weight in trade and monetary affairs, representing nearly half of the world's population and over 40% of global GDP.

In the current scenario, when the whole world is busy finding a solution to Trump's tariffs, fueling the process of dedollarisation or curtailing the dependence on the US dollar in the global merchandise trade is a fast-emerging tool to insulate their respective economies from the reciprocal US tariffs. Accor...