The BRICS 2025 summit could see several major changes in trade policies where national currencies will play a pivotal role. Russian Ambassador Denis Alipov confirmed that discussions will revolve around giving prominence to local currencies sidelining the US dollar. The alliance wants to strengthen its native economies by not allowing the US dollar to tower in the forex markets.
While BRICS has already started settling payments in national currencies, the scale might rapidly increase after the 2025 summit. At a conference co-hosted by the Embassy of Brazil and Centre for Global India Insights (GII), Alipov said the bloc will put across their local currencies for new trade deals between member nations.
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“Today, for now, we are only looking at trade settlement in national currencies. Harmonization of fiscal and monetary policies is very, very difficult to achieve,” he said. Therefore, it is much easier to use national currencies after the BRICS 2025 summit than to spend time thinking about how to bring the US dollar down as the world’s reserve currency.
BRICS members Russia and China will push for trade in national currencies in the upcoming 2025 summit. The development would benefit other member nations as their local currencies will be traded for goods and commodities. From oil payments to grains and hardware imports, skipping the US dollar for settlements will boost their GDP.
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National Currencies Will Take Centerstage at BRICS 2025 Summit
Apart from Russia and China – Iran, Ethiopia, and Egypt are eager to settle payments in local currencies. Moreover, these developing countries are the hardest hit under US policies as the dollar is wreaking havoc on their economies. The 17th BRICS summit is scheduled to be held on July 6 and 7, 2025, at Brazil’s Rio de Janeiro. Also, the steps taken at the summit will determine the future prospects of the US dollar and the American economy.