BRICS Begins Reducing Dollar Dependence, But Obstacles Remain
BRICS leaders discussed expanding local-currency trade and cross-border payment systems, while experts highlighted obstacles to replacing the US dollar.
BRICS leaders discussed expanding local-currency trade and cross-border payment systems, while experts highlighted obstacles to replacing the US dollar.
At the 18th BRICS summit in New Delhi, Malaysian Prime Minister Anwar Ibrahim shared social media posts pairing photographs with Indian leaders and BRICS participants with popular Bollywood songs, while India highlighted the summit’s consensus outcomes.
The BRICS New Delhi Declaration, adopted under India’s chairship, outlines an actionable agenda for business and developing economies, but implementation through working groups, action plans, and pilot projects will determine its impact.
As BRICS expansion strengthens the bloc’s geopolitical weight, it also tests its cohesion in an increasingly unstable international environment.
India’s engineering export promotion body urged BRICS nations to remove non-tariff barriers and streamline cross-border payments to boost trade.
India’s External Affairs Ministry clarified that Bangladesh’s Prime Minister received separate invitations for a bilateral visit and for the BRICS Summit as BIMSTEC chair.
In a TV BRICS interview for the Global Media Meeting project marking BRICS’ 20th anniversary, Brasil 247 editorial secretary Leonardo Sobreira discusses media cooperation among BRICS+ countries, multipolar global communications, and a shared agenda for telling positive development stories from the Global South.
A Middle East analyst said BRICS could gradually reduce U.S. economic dominance by lowering dependence on the dollar rather than through direct confrontation.
The 18th BRICS Summit final declaration centers on global governance reform, New Development Bank expansion, payment interoperability, trade cooperation, and support for the Global South.