BRICS Rebuffs De-Dollarization Claims Amid Summit Preparations

As the BRICS summit approaches in New Delhi, Brazilian Foreign Minister Mauro Vieira has clarified the group's stance on de-dollarization and a potential joint currency. He rejected claims that BRICS is challenging the US dollar or pursuing de-dollarization, saying 'it's not going away from the dollar; it's creating new ways to promote trade.'

Vieira highlighted efforts by BRICS countries to establish voluntary payment mechanisms allowing member states to settle bilateral trade in their preferred currency. He pointed out that this is not about replacing the US dollar but rather providing more flexibility for international transactions.

The Brazilian foreign minister also spoke about the potential of newer instant payment systems with lower transaction fees, such as Brazil's Pix and India's UPI. He noted that these systems are efficient, fast, and free, and could be used to facilitate trade among countries.