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Brazil advocates BRICS shift to national currencies for trade

Brazil advocates BRICS shift to national currencies for trade

GrafaGrafa2024/10/17 02:25
By:Isaac Francis

Brazil is actively advocating for a shift away from the U.S. dollar within the BRICS alliance, promoting the use of national currencies for trade among member nations. 

As discussions on alternative payment methods gain momentum, this initiative is set to be a focal point at the upcoming BRICS summit in Kazan, Russia. 

Brazil intends to advance this agenda further during its chairmanship in 2025, reflecting growing support within the group.

Eduardo Paes Saboia, Brazil's Foreign Affairs Secretary for Asia and the Pacific, expressed the country’s support for using national currencies to reduce dependency on the U.S. dollar. 

He noted that BRICS finance ministers and central bank leaders have already been addressing this issue. 

“I hope that those discussions will be reflected in a certain way in the declaration in Kazan,” Saboia stated, showing optimism about the summit's outcomes.

BRICS, initially formed by Brazil, Russia, India, and China in 2006, expanded to include South Africa in 2011, and in 2024, it welcomed new members Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia. 

This expansion highlights the group's goal to enhance cooperation and reduce reliance on the dollar in global trade.

Russian Foreign Minister Sergey Lavrov previously emphasised a report being prepared on creating alternative payment platforms for BRICS nations. 

This aligns with Brazil’s push to facilitate trade using national currencies. 

Lavrov mentioned that these developments would be a topic of discussion at the Kazan summit, indicating a broader strategy for economic collaboration among BRICS members.

Dilma Rousseff, president of the BRICS New Development Bank, supported these efforts, revealing plans to use national currencies for investments in private sectors within member economies. 

The Kazan summit, under Russia’s leadership, will serve as a platform to advance these discussions, with over 200 related events planned throughout the year.

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