Russian President Vladimir Putin, the use of the US dollar in commerce between BRICS members is declining as they switch to national currencies.
Use US dollar in trade declining Putin: At the beginning of the three-day BRICS Summit in Johannesburg, South Africa, Putin addressed attendees via video link and stated that the objective and irreversible process of de-dollarization of the BRICS economies is gaining momentum.
“It was just 28.7% last year. In addition, during this summit, we will go over in great depth every aspect of the switch to national currencies in all sectors of economic cooperation among our five countries,” he added.
As an alternative to Western financial institutions, he claimed the BRICS New Development Bank had a significant role to play in these initiatives.
Due to international warrants for alleged war crimes in Ukraine, the leader of Russia could not attend the event in person.
Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, Chinese President Xi Jinping, and Brazilian President Luiz Inacio Lula da Silva are personally attending the meeting.
The BRICS group of developing nations consists of South Africa, Brazil, Russia, India, and China. More than 40% of the world’s population resides there, and it currently accounts for a quarter of global trade and a fifth of the global economy.
With a combined population of 3 billion, the BRICS countries now make up roughly 26% of the world’s gross domestic product, Putin noted.
Key Points from Putin’s Remarks at BRICS Meeting
“In terms of purchasing power parity, which is anticipate to be 31.5% versus 30% in 2023, Putin also claimed that the BRICS nations outperforme the G-7.”
He added that reciprocal investments among the BRICS nations had multiplied six-fold during the past ten years.
Putin stated that the foundation of collaboration among the BRICS members rests on the values of equality, support for partners, and respect for each other’s interests.
He also condemned the sanctions imposed on his nation, claiming that they have a major negative impact on the status of the world’s economy. He also condemned the illegal freeze of sovereign governments’ assets.