BRICS Summit 2024: Steering Towards Currency Trade and Global Influence
The upcoming BRICS summit in Rio de Janeiro will prioritize trade using national currencies amidst U.S. tariff policies. While a BRICS common currency remains unlikely due to structural challenges, the summit draws focus on strengthening multilateral cooperation with inclusive governance. New members like Indonesia emphasize systemic reform, urging for better global representation.
- Country:
- India
Weeks ahead of the pivotal BRICS summit in Rio de Janeiro, influential envoys hinted at a strategic shift towards using national currencies for trade amid uncertainties brought by US tariff policies. The focus resonates with Russia's strong backing for non-dollar trade within the BRICS bloc.
Although the introduction of a BRICS common currency remains distant, largely due to the substantial reforms required, the summit serves as a crucial platform for addressing joint economic challenges. Discussions are also steering clear of confrontational issues, spotlighting consensus-driven cooperation.
New members like Indonesia advocate for fundamental reforms to the international order, calling for improved representation and accountability in multilateral bodies. This shift is essential as BRICS expands its economic and demographic reach, pledging heightened engagement in climate finance, humanitarian relief, and data equity.
(With inputs from agencies.)
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