The BRICS nations are increasingly de-emphasising the role of the US dollar in their economic transactions, Vice Chairman of BRICS Chamber of Commerce and Industry, Sameep Shastri, told Tass.
As these emerging economies seek to strengthen their global influence, they are exploring alternatives to the dollar for trade and investment, reflecting their desire to reduce dependency on the Western-dominated financial system.
This trend has been particularly evident in recent years, as BRICS countries have intensified discussions on creating a common currency or increasing the use of their own currencies in bilateral trade. The reasons behind this move are multifaceted. For one, the dominance of the US dollar in international trade and finance has often subjected these nations to vulnerabilities, such as exchange rate fluctuations and the impact of US sanctions. By minimising reliance on the dollar, BRICS nations aim to shield their economies from these external risks.
