BRICS SUMMIT; Russia and China calls on Countries to abandon US dollar
3 min read
Russia and China to facilitate the implementation of the BRICS economic cooperation to diminish the dominance of the US dollar
Russia and China to facilitate the implementation of the BRICS economic cooperation to diminish the dominance of the US dollar.
As China and Russia work to curtail American and Western influence on the global stage, the bloc of developing countries known as BRICS is debating a major expansion to increase its power and diminish the dominance of the U.S. dollar.
During the BRICS Summit in South Africa, President Vladimir Putin said by a video link that Russia will facilitate the implementation of the BRICS economic partnership strategy and elaboration of new long-term milestones for cooperation.
He said Russia supports the increase of the role of BRICS countries in the international monetary and financial system and the expansion of using national currencies.
“Increasing the role of our states in the international monetary and financial system, developing bank-to-bank cooperation, expanding of the use of national currency and deepening cooperation along the line of fiscal, tax and antitrust authorities are seen among them,” Putin noted.
Aiming to expand their economic options, BRICS members discussed creating a currency that could offer an alternative to the U.S. dollar for global trade, a push known as “de-dollarization.”
Short of a new currency, BRICS nations are pushing to conduct more trade between their countries in local currency, rather than in dollars.
Interior CS Kindiki orders removal all police roadblocks over corruption
Government to have sweeping powers tap calls, emails in cash transactions
US donates to Kenya top range vehicles customized for war against drug trafficking
Kenya to begin construction high-speed electric railway to Ethiopia in 2025
However, Hung Tran, a former IMF deputy director now at the Washington-based Atlantic Council, called that idea “unrealistic” in an interview this week and said there was “no other currency which really enjoys all the attributes and the convenience and the ease of dealing like the dollar or the euro at the moment.”
Already, the five members of BRICS collectively make up some 40% of the global population and more than 30% of the global economy, according to the International Monetary Fund.
As it fashions itself into an alternative to the U.S.-dominated G7 and other Western-led international groupings, BRICS has become a major platform for developing nations in the Global South that have long complained they’ve been left behind.
Yet as Saudi Arabia, Argentina, Indonesia, and more than a dozen others seek to join BRICS, India and Brazil have voiced concerns.
Both are democracies with close U.S. ties who worry an expanded BRICS could dilute their own influence in the elite club while leaving China — the group’s most powerful member — at the helm of a powerful anti-Western axis.
Also read,
EPRA to unveil IMF backed new fuel price control formula
Kenya rules out banning TikTok despite concerns
US responds to killing of Russian mercenary, Yevgeny Prigozhin
Russian mercenary leader Prigozhin killed in a plane crash near Moscow
Outrage as Kenyatta University raises food prices amid high cost of living
Follow us
