LocalCurrencyPush

😱𝑩𝑹𝑰𝑪𝑺 𝑨𝒅𝒗𝒂𝒏𝒄𝒆𝒔 𝑳𝒐𝒄𝒂𝒍 𝑪𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝑻𝒓𝒂𝒅𝒆 𝑨𝒎𝒊𝒅 𝑹𝒊𝒔𝒊𝒏𝒈 𝑮𝒍𝒐𝒃𝒂𝒍 𝑻𝒆𝒏𝒔𝒊𝒐𝒏𝒔❗❗

At the latest BRICS foreign ministers' meeting in Rio de Janeiro, the expanded group—including Brazil, Russia, India, China, South Africa, Egypt, Saudi Arabia, the UAE, Ethiopia, Indonesia, and Iran—prioritized reducing dependency on the U.S. dollar by boosting the use of local currencies in trade and financial transactions.

Highlights from the Meeting:

Push for Local Currency Use: BRICS ministers advocated for increased use of domestic currencies in cross-border trade and settlements.

No Joint Declaration Issued: Divergent views, especially on unilateral trade practices, prevented a unified statement. Brazil, the current BRICS chair, released a summary on behalf of the group.

Measured Take on De-dollarization: While discussions on reducing dollar reliance continued, Russia’s Foreign Minister Sergei Lavrov clarified that it’s too soon to consider a single BRICS currency.

Criticism of U.S. Tariffs: The bloc voiced concern over growing protectionist policies, implicitly targeting U.S. trade actions, and urged adherence to WTO rules.

Looking Ahead: The BRICS bloc’s push for local currency trade signals a move toward economic self-reliance and reduced exposure to external geopolitical risks. Still, internal differences and the complexity of de-dollarization highlight the challenges of unifying such a diverse coalition. Their call to uphold WTO principles reinforces a continued, if cautious, commitment to multilateral frameworks.

#BRICS2025 #DeDollarization #GlobalTradeShift #LocalCurrencyPush