The Economic and Social Council(ECOSOC) committee on the first day of the final session of TES MUN debated about BRICS Currency being the future of the world economy.

“People are afraid of BRICS because of the lack of transparency . This is the main reason why de-dollarization isn’t implemented, “ the delegate of Ukraine  stated adding, “17 recessions in the USA since due to the effect of the great depression “

The delegate of India also added fuel to the fire by stating that BRICS countries have a great demand of using their national currency instead of dollars.

“ The recession is not solely due to the USA, there are other countries which were involved in this whole chaos”, The delegate of Ukraine stated.

The delegate of China also added, due to so many recessions happening in the past in the USA. The USA has lost the trust of many countries due to mass recessions from the Great depression

“Overall the India GDP is at 7.2 % per the latest Government data.It is clear that the growth has slowed”, said the delegate of the Ukraine.

Although the GDP of India has decreased, it is clear that India was not in a recession, the delegate of Brazil stated.So, the delegate of USA must be questioned about itself facing the great depression if this continued dollar is being used for trade will receive a huge loss. 

“When dollar price fluctuate reserved currency will go down which will lead to de-dollarization .and we will escape from dollar conversion cost “the delegate  of India stated 

Adding to the point of delegate of india purchasing in local currency and moreover creating a new currency of BRICS will stabilize the economy of many developing countries 

“But will the BRICS currencies be powerful enough to process world trade?” the delegate of Ukraine stated.

Although BRICScurrency will take a long time to implement the world trade market it obviously will be able to replace the dollar in terms of trading, the delegate of India  stated. With this the committee was adjourned the delegates were clearly in the favor of de-dollarization.