{"id":1906,"date":"2023-05-20T07:46:43","date_gmt":"2023-05-20T02:16:43","guid":{"rendered":"https:\/\/news.cetoex.com\/?p=1906"},"modified":"2023-05-20T07:46:45","modified_gmt":"2023-05-20T02:16:45","slug":"after-brics-10-asean-countries-ditch-the-u-s-dollar","status":"publish","type":"post","link":"https:\/\/news.cetoex.com\/after-brics-10-asean-countries-ditch-the-u-s-dollar\/","title":{"rendered":"After BRICS, 10 ASEAN Countries Ditch The U.S. Dollar"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/05\/ASEAN_leaders_summit-800x533.jpg.webp\" alt=\"ASEAN countries leaders\"\/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Cetoex News &#8211; <\/strong>  <strong>(Kindly schedule for Sunday 7:30 pm IST)\u00a0<\/strong>BRICS is not the only group of countries that are looking to end reliance on the U.S. dollar in 2023. A new bloc of ASEAN countries has come forward and agreed to\u00a0ditch the dollar\u00a0for global trade. The ASEAN alliance is looking to promote their native currencies for cross-border transactions by sidelining the USD. The leaders of 10 Southeast nations recently signed a declaration to stop using the U.S. dollar for international trade and aim to promote their local currencies instead<\/p>\n\n\n\n<p class=\"has-medium-font-size\">ASEAN is a bloc of 10 countries that compromise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Therefore, after BRICS, it is the ASEAN bloc of countries that is looking to follow suit.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The 10 nations have jointly accepted to reduce U.S. dollar payments and increase global settlement in native currencies. Moreover, international trade will be settled within the existing bloc of 10 countries and not with other nations out of the ASEAN alliance.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The move will bolster the power of ASEAN nations\u2019 local currencies and lead the U.S. dollar into a gradual decline. This is one of the few steps taken by developing Eastern nations to take on the dollar. Also, if the momentum continues, many other developing could join together to end the U.S. dollar dominance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-brics-10-asean-countries-take-on-the-u-s-dollar\">5 BRICS &amp; 10 ASEAN Countries Take on the U.S. Dollar<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/05\/asean-leaders-1-1024x576.jpg.webp\" alt=\"ASEAN Leaders Countries\" class=\"wp-image-90734\"\/><figcaption class=\"wp-element-caption\">Source: Reuters<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">The\u00a0official declaration\u00a0of the ASEAN countries states that the bloc will advance local currencies and not the U.S. dollar. The declaration is signed and accepted by the respective nations\u2019 leaders and remains in full force. Additionally, ASEAN nations said that their goal is to strengthen bilateral and multilateral payment activities among each other.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u201cWe adopted the ASEAN Leaders Declaration on advancing regional payment connectivity and promoting local currency transaction to foster bilateral and multilateral payment connectivity arrangements to strengthen economic integration by enabling fast, seamless, and more affordable cross-border payments across the region,\u201d<\/strong>\u00a0the declaration read.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>NEWS BY &#8211; CETOEX NEWS<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cetoex News &#8211; (Kindly schedule for Sunday 7:30 pm IST)\u00a0BRICS is not the only group of countries that are looking to end reliance on the U.S. dollar in 2023. A&hellip; <\/p>\n","protected":false},"author":1,"featured_media":1907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[20],"tags":[736,712,41,44,799,337],"class_list":["post-1906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-brics","tag-brics-nations","tag-cetoex","tag-cetoex-news","tag-dollar","tag-us-dollar"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/news.cetoex.com\/wp-content\/uploads\/2023\/05\/ASEAN_leaders_summit-800x533.jpg.webp","_links":{"self":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1906"}],"collection":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/comments?post=1906"}],"version-history":[{"count":1,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1906\/revisions"}],"predecessor-version":[{"id":1908,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1906\/revisions\/1908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media\/1907"}],"wp:attachment":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media?parent=1906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/categories?post=1906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/tags?post=1906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}