The bloc will revive the idea of reducing the dollar’s dominance in payments, mooted at previous summits.
South Africa hosts a summit of the Brics group of nations and others in the Global South next week who are seeking to balance Western dominance of the world order while dealing with their own internal divisions. At least 40 heads of state and government will join South Africa’s Cyril Ramaphosa, China’s Xi Jinping, India’s Narendra Modi and Brazil’s Luiz Inacio Lula da Silva in Johannesburg.
New Development Bank Trade between Brics members surged 56% to $422 billion over the past five years, and their collective nominal gross domestic product of $25.9 trillion equated to 25.7% of global output, data from the Higher School of Economics in Moscow show. The New Development Bank, which would be a conduit for such transactions, has estimated that at least one third of lending will be in local currencies by 2026, Sooklal said.
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