Cape Town – The 15th Brics Summit, held in Sandton, marked by a Business Forum, failed to reach a consensus on the de-dollarisation of Brics economies.
The forum, attended by entrepreneurs, policymakers, academics, and businesspeople, discussed the transition away from the US dollar as the primary trade currency and the potential introduction of Brics currencies.
Countries like China, Russia, and Brazil supported this move.
However, according to Times Live, the forum couldn’t agree on the matter.
Standard Bank CEO Sim Tshabalala reported that strong opinions were expressed both for and against the idea of a Brics currency, leading to little consensus.
“Participants also debated the question of whether a Brics currency is possible or even desirable, with strong views expressed both for and against and little consensus reached,” the report quoted Tshabalala as saying.
Russian President Vladimir Putin, addressing the summit through a pre-recorded message due to an international arrest warrant, emphasised the irreversible nature of de-dollarisation.
He highlighted that Brics nations account for around 26% of global GDP and possess greater purchasing power parity than the G7 countries.
Putin video address at the BRICS Business Forum 2023 pic.twitter.com/tNEErvTrhX
— COMBATE |🇵🇷 (@upholdreality) August 22, 2023
“The objectives and irreversible process of de-dollarisation of our economic ties is gaining pace. We are working to fine tune effective mechanism, mutual settlements and monitoring financial control.
“As a result, the share of the US dollar export and import operations within Brics is declining. Last year it was only 28.7%. In fact, this summit is to discuss the detail, the entire range of issues related to the transition to national currencies in all areas of economic co-operation between our five nations,” said Putin.
Compiled by Betha Madhomu