Brazil’s stance on BRICS, trade and currency reforms

Source: The Straits Times | Original Published At: 2026-09-08 13:55:00 UTC

Key Points

• Brazilian Foreign Minister Mauro Vieira said BRICS is not seeking de-dollarisation or creating a joint BRICS currency ahead of the 18th BRICS Summit in New Delhi.
• He said BRICS countries are working on voluntary, low-cost payment mechanisms that allow bilateral trade to be settled in currencies chosen by member states.
• Vieira pointed to Brazil’s Pix and India’s UPI as examples of fast, efficient payment systems that could inspire future cross-border payment arrangements.
• He noted differences within BRICS, saying some members under Western sanctions lean toward a more confrontational stance, while Brazil and India favour non-alignment and economic realism.
• Vieira cited the New Development Bank as a BRICS institution designed for equitable governance and inclusive institutional design.
• During his visit to Singapore, he also discussed Brazil’s engagement with ASEAN and the Mercosur-Singapore Free Trade Agreement.