Reuters-
Metropolis Desk-
The era of the US dollar dominating commerce among the BRICS nations is coming to an end, according to Russian President Vladimir Putin on Tuesday.
Putin stated during the summit of the group that the BRICS New Development Bank would play a significant role in discussions about moving trade away from the dollar and toward national currencies.
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum,” he declared.
In Johannesburg, where South African President Cyril Ramaphosa is entertaining nearly 50 other world leaders, including Brazilian President Luiz Inacio Lula da Silva, Chinese President Xi Jinping, and Indian Prime Minister Narendra Modi, security has been stepped up.
Saudi Arabia’s delegation at the summit, where the group of sizable emerging countries seeks to assert its voice as a counterweight to the Western-driven world order, is being led by Saudi Foreign Minister Prince Farhan bin Faisal. Brazil, Russia, India, China, and South Africa, the members of the BRICS, account for more than 40% of the global population.
Due to an arrest warrant issued by the International Criminal Court, Putin was unable to attend in person and spoke at the conference via video. He claimed that the bloc was on track to fulfill the goals of the vast majority of people on earth.
“We cooperate on the principles of equality, partnership support, and respect for each other’s interests, and this is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority,” he said.
Putin rejected the dollar, while Brazilian President Lula da Silva stated that the main purpose of a uniform BRICS trading currency would be to facilitate commerce between developing countries. Lula stated, “We do not want to be a counterweight to the G7, G20, or the US. We merely desire to order ourselves.
In addition, Lula argued that more nations should join the coalition and suggested Indonesia as one such country.
Calls for greater economic cooperation and coordination in areas like health, education, and climate change will be heard during the three-day summit, but there is a growing perception that Western-led institutions are failing to meet the needs of the developing world.
In separate meetings with Xi in Pretoria, the president of South Africa, Cyril Ramaphosa, stated that he was looking for “Chinese support for South Africa and Africa’s call for the reform of global governance institutions, particularly the UN Security Council.”
Source- Arab News
