The leaders of the BRICS nations will discuss ways to eliminate dependence on the US dollar during their meeting in Johannesburg this week, South African Deputy President Paul Mashatile has said.
The bloc comprising Brazil, Russia, India, China and South Africa has taken several steps towards reducing the share of the greenback in mutual settlements by boosting payments in members’ currencies.
“Today the world takes notice of this bloc because it’s at the forefront of the global discourse” to curb dependence on the dollar, Mashatile told business leaders from the BRICS countries in Johannesburg on Monday. “We are not here to compete with the West. We want our space in global business.”
Members of the bloc have floated the idea of creating a common currency for intra-member trade.
BRICS countries, which currently account for 40% of the world’s population and almost a third of the global economy, are also expected to discuss the addition of new members to the group.
An enlarged bloc would represent about half of global output by 2040, double the share of the Group of Seven (G7) of the world’s most developed countries, according to Bloomberg Economics estimates.
The 15th BRICS summit is taking place in Johannesburg, South Africa between August 22 and 24. More than 20 countries have formally applied to join BRICS, and several others have expressed an interest. In recent months, several countries, including Argentina, Algeria, Egypt and Türkiye, have hinted that they may seek BRICS membership.
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