The BRICS economic alliance has targeted yet another sector to eliminate the US dollar. The grouping has targeted the greenback and sought to lessen international reliance on the currency. Its latest plans introduce another industry that could be massively affected by those goals.
Earlier this year, the bloc agreed on a massive trade agreement. Specifically, it saw all BRICS nations, and six partner countries agree to increase trade in local currencies. Now, the collective is set to develop an exchange that would remove the influence of the Western currency in a massive way.
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BRICS De-Dollarization Extends as Latest Plan Targets Major Industry
Concerns have been growing in oil trade, as Saudi Arabia is potentially looking to deal the resource in other currencies. The BRICS bloc is carrying on that mission, as it courses global trade to enact similar safeguards. Subsequently, one of the bloc’s most prominent members is set to introduce a key de-dollarization plan.
BRICS are set to target another major sector to eliminate the US dollar, this time being the grain market. Indeed, Russian officials are seeking to create a grain exchange that will allow the direct purchase of grain from producers. Additionally, it would allow for nations to agree on non-dollar settlements.
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“We are grateful to all BRICS member countries… for their support of the Russian initiatives to create the BRICS grain exchange,” Russia’s Agricultural Minister Oksana Lut told state media. “Now, in accordance with the instruction of the President of the Russian Federation Vladimir Vladimirovich Putin, we will work together with our colleagues on the creation and development of this platform and the development of the possibilities or settlements in national currencies of the BRICS nations,” they added.
Lut noted that the BRICS countries “jointly produce about 40% of grain crops.” Moreover, they noted this highlights the bloc’s importance. The introduction of a grain exchange would be huge. Not only for local currencies, but for US dollar reliance. It would bring forth another instance where the collective is doing away with the currency as a necessity in global economics.