The new invitees include Iran, the United Arab Emirates (UAE), Egypt, Argentina, Saudi Arabia, and Ethiopia. Significantly, the inclusion of major energy exporters like Saudi Arabia, Iran and the UAE is expected to have a profound impact on global trade, given that energy commodities, largely denominated in U.S. dollars, are key components of the global economy.

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However, the invited members have been sending various signals about their move away from the dollar. For instance, Iran has been working to de-dollarize for years and has been considering the yuan as an alternative for settling trade. Meanwhile, the UAE hasn’t made a public declaration about shifting from U.S. dollar trade, but its actions indicate a move in this direction.

Amid economic uncertainties and a shortage of dollars, countries like Egypt and Argentina are also contemplating the use of non-dollar currencies. Even Saudi Arabia, known for its strategic partnership with the US and pricing oil exclusively in the greenback, has expressed openness to trading in other currencies.

Ethiopia’s stance remains unclear, with no public statement about moving away from U.S. dollar-dominated trade. Nonetheless, its bid for membership appears to stem from a desire for an alternative world order.

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