LONDON, August 21 – As the BRICS summit in Johannesburg approaches, officials from Brazil, Russia, India, China, and South Africa are reportedly considering discussions on an agreement aimed at boosting the share of trade settlements conducted in their national currencies. This development was revealed by insiders cited by the Financial Times, providing insight into the potential economic cooperation on the horizon.
The idea of introducing a common currency or completely abandoning the use of the US dollar, however, is not currently on the table for discussion. South Africa’s BRICS Sherpa, Anil Sooklal, emphasized in mid-August that the de-dollarization of the group’s economic interactions is not a priority.
BRICS, a group comprised of five major emerging economies, is set to convene in Johannesburg from August 22 to 24, marking one of the most significant gatherings of leaders from the Global South in recent years. A remarkable 54 African leaders have been invited to participate, demonstrating the group’s commitment to engaging with the African continent.
While Russian President Vladimir Putin is expected to participate remotely, Russian Foreign Minister Sergey Lavrov will be attending the summit in person, showcasing the importance of the BRICS partnership on the global stage.
