Leaders of the BRICS bloc – Brazil, Russia, India, China, and South Africa- will put reducing the dependence on the US dollar in the focus of their discussion during the bloc’s 15. Summit that started today in Johannesburg, South Africa, South African Deputy President Paul Mashatile said.
Bloomberg Economics estimates show that an enlarged BRICS – expansion will also be discussed at the summit – would represent about half of global output by 2040 and that their growth will help reduce dependence on the greenback.
BRICS leaders will also look at an important aspect of the wider ambition to challenge the US geopolitical leadership – ways to boost payments in members’ national currencies, with one of the ideas being to challenge the dollar by launching a common currency.
Noting that BRISC is at the forefront of the global discourse to reduce dependence on the dollar, Mashatile also stressed that they’re not here to compete with the West but only want their space in global business.