BRICS Advocates Local Currency Payments

At its latest summit, the BRICS group expressed deep concern over the escalating unilateral customs and non-customs measures that hinder global trade. They called for efforts to facilitate payments among the ten member countries and to ease market restrictions, with a particular emphasis on reducing dependence on the Western-dominated financial system, especially the U.S. dollar. The group also proposed strengthening cooperation in trade, energy, and food security, supporting the expanded use of national currencies in commercial transactions, and highlighting the importance of linking central bank digital currencies to enhance the efficiency of cross-border payments. This comes in the context of the group's efforts to protect supply chains and promote economic cooperation among nearly half of the world's population.

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