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The Association of Southeast Asian Nations (ASEAN) is strongly pushing back against the US dollar’s global hegemony. The alliance is looking to settle trade in local currencies and bolster their native economies and GDPs. The bloc is looking to advance the de-dollarization agenda and limit the usage of the US dollar in global trade. Also Read: The U.S. Dollar Could Get More Stronger in 2025 Read here to know how many sectors in the US will be affected if developing countries ditch the dollar for trade. Not just the ASEAN bloc, alliances around the world have been pushing back against the growing hegemony of the US dollar. The Shanghai Cooperation Organization (SCO), the Commonwealth of Independent States (CIS), and the BRICS bloc are looking to cut ties with the USD. Also Read: De-Dollarization: 2 Countries Mutually Abandon the US Dollar For Trade ASEAN Alliance Looks To End Reliance on the US Dollar Source: Beawiharta Beawiharta / Reuters / cfr.org The ASEAN alliance consists of ...

The ASEAN bloc is now actively working on ways to move away from the US dollar. This development entails ASEAN nations collectively curating their own currency system, which is set to rival the US dollar’s growing prestige. However, as easy as it sounds, with the USD’s reputation as a global reserve currency, it might be harder for the bloc to embrace a new currency without encountering certain negative implications. Thailand, an export-based economy, has relied on the US dollar for holistic trade. If the bloc ditches the dollar, the nation can suffer international severe trade and commerce complications. Also Read: ASEAN: Malaysia Advances De-Dollarization Agenda Ditching the US Dollar: Is That a Good Idea? Thailand had expressed its desire to reduce its dependence on the US dollar. To explain it further, the nation reiterated how it expects to reduce its reliance on USD, mainly in intra-regional trade payments. At the same time, the news of the ASEAN bloc working in sync to form...