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After a significant meeting in Rio de Janeiro, the BRICS foreign ministers from South Africa, Saudi Arabia, Brazil, China, Egypt, UAE, Ethiopia, Indonesia, India, Iran, and Russia discussed some game-changing topics — but couldn’t reach full consensus on all points. Here’s what you need to know:

Key Points from the Statement:

💸 Local Currency Usage in Trade:

The ministers highlighted the importance of local currencies for trade and financial settlements within the BRICS bloc and with their partners. Could this be the beginning of a de-dollarization movement? 🤔

⚖️ Caution on De-dollarization:

While the push for local currencies was emphasized, discussions around de-dollarization were approached cautiously. The idea is gaining traction, but there are still significant hurdles.

💥 Trump’s Threat:

Former President Trump warned of 100% tariffs if the bloc moved further in this direction — a threat that’s sure to cause tension. But the BRICS remains steadfast, pushing for more