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The BRICS summit for emerging economies recommends exchanging in local currencies instead of the dollar.

The BRICS summit for emerging economies recommends exchanging in local currencies instead of the dollar.

By Mohamed Nassar

Published: August 23, 2023


The BRICS summit for emerging economies continues for the second consecutive day in Johannesburg, with leaders from Brazil, Russia, India, China, and South Africa participating.

In his opening speech at the BRICS summit in Johannesburg, South African President Cyril Ramaphosa said:

We aim to enhance cooperation between BRICS countries and the African continent.
We are working to protect the interests of the Global South and call on major countries to do the same.

We aim to strengthen the use of local currencies among BRICS countries.
We are concerned about the use of global financial institutions in political conflict tools.

For his part, Brazilian President Luiz Inácio Lula da Silva stated:

The BRICS group has become stronger, but it faces very complex scenarios.
BRICS countries represent 41 percent of the world's population and more than 30 percent of the global output.
The Ukrainian war has shown how limited the United Nations Security Council is.
Many UN bodies do not wield much influence.
What is happening in Ukraine has global repercussions.
The pursuit of peace is a shared commitment; the BRICS group must act as a force to achieve that and cooperate among us.

Following this, Russian President Vladimir Putin mentioned via video:

The BRICS group has proven its credibility before the international community.
BRICS supports a multipolar society that respects international law.
We reject the attempts of some countries to enhance their hegemony and restore their colonial policies.
We seek to establish a new global order that respects international law.
We aim to stop the war initiated by the West against the "Donbas people".
Anyone who rejected the previous coup in Ukraine faced war.
We seek to exclude the dollar from trade transactions among BRICS countries and replace it with local currencies.

After Putin, Indian Prime Minister Narendra Modi said:

We have worked to create economic safety nets through various initiatives.
We are working as much as possible to bring positive change to the lives of citizens in BRICS countries.
Cooperation between BRICS countries in education, technology, and space must be enhanced.
India supports the expansion of the BRICS group.
We proposed permanent membership for the African Union in BRICS to enhance the presence of the Global South.
We must prepare all our communities for the future.
In conclusion, Chinese President Xi Jinping stated:

The world is facing significant changes and major challenges.
BRICS countries will strengthen through cooperation and solidarity.
We must provide the world with more certainty, stability, and positive energy.
The economic recovery is still precarious.
Military cooperation among BRICS countries must be enhanced in light of the current Cold War mentality.
BRICS countries must assist developing countries in facing challenges.
We seek to increase cooperation among BRICS countries commercially and in various fields.
Our partnership can benefit us all.
Artificial intelligence is a new area for development and can generate significant returns, but it carries many risks.

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