JOAHNNESBURG – The days of the US dollar dominating commerce among the BRICS countries are over, according to Russian President Vladimir Putin on Tuesday.
Putin stated at the bloc’s conference that members would consider shifting trade away from the dollar and towards national currencies, with the BRICS New Development Bank playing an important role.
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum,” he explained.
South African President Cyril Ramaphosa is hosting China’s President Xi Jinping, India’s Prime Minister Narendra Modi, Brazil’s President Luiz Inacio Lula da Silva, and nearly 50 other world leaders in Johannesburg.
Saudi Foreign Minister Prince Farhan bin Faisal is leading the Kingdom’s delegation to the summit, where the bloc of strong emerging countries is attempting to project itself as a counterweight to the Western-led world system. The BRICS countries — Brazil, Russia, India, China, and South Africa — account for more than 40% of the world’s population.
Putin, who was unable to attend in person due to an International Criminal Court arrest warrant, delivered a video message to the meeting. He stated that the bloc was on track to meet the ambitions of the majority of the world’s population.
“We cooperate on the principles of equality, partnership support, and respect for each other’s interests,” he said. “This is the essence of our association’s future-oriented strategic course, a course that meets the aspirations of the world community’s main part, the so-called global majority.”
Despite Putin’s rejection of the dollar, Brazilian President Lula da Silva stated that a shared BRICS trading currency would be only for the purpose of facilitating commerce between emerging economies. “We do not want to be a counterpoint to the G7, G20, or the US,” Lula stated. “We just want to organise ourselves.”
Lula also stated his support for other countries joining the alliance, including Indonesia as a possible new member.
The three-day summit will hear appeals for greater economic cooperation and coordination in areas including as health, education, and climate change — but with a growing sense that Western-led institutions are failing the developing world.
Separate meetings with Xi were held in Pretoria by South African President Cyril Ramaphosa, who stated that he was seeking “Chinese support for South Africa and Africa’s call for the reform of global governance institutions, particularly the UN Security Council.”
Source: Arab News
