BRICS Leaders May Discuss Increasing Use Of Local Currencies In Trade

BRICS Leaders May Discuss Increasing Use Of Local Currencies In Trade

Aug. 22, 2023, 7:55 a.m.

The leaders of the nations known as BRICS believe they can serve as a counterweight to the West. Some have suggested the group, which includes Brazil, Russia, India, China and South Africa, should expand. Others are reluctant to upset the status quo.

BRICS may discuss striking an agreement that would increase the share of trade settlements in national currencies at the coming summit in Johannesburg, the Financial Times reported, citing officials with knowledge of the discussions.

However, the newspaper said, the idea of establishing a common currency or rejecting the dollar as such is not being discussed. According to the FT, South Africa’s BRICS Sherpa Anil Sooklal said in mid-August that de-dollarization was not on the grouping’s agenda.

BRICS includes Brazil, Russia, India, China and South Africa. The group’s summit will be held in Johannesburg on August 22-24 to become the largest meeting of the Global South’s heads of state and government in years. As many as 54 African leaders have been invited to participate. Russian President Vladimir Putin will take part in the summit in an online format. Russian Foreign Minister Sergey Lavrov will travel to Johannesburg to represent Russia at the summit in person.

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