BRICS Summit to discuss utilization of national currencies for trade

The 15th Brazil, China, and South Africa (BRICS) Summit discussions will also focus on the imminent expansion of the group

August 21, 2023

Deliberations concerning the expansion of BRICS have been ongoing for the past two years

Developing nations collectively decided to expand BRICS, aligning with their agendas and economic progress

The BRICS Summit scheduled from August 22-24 will encompass discussions on development dimensions and matters vital to the Global South

This is the first in-person meeting of leaders since the pandemic's onset

The 15th BRICS Summit will include crucial discussions such as expanding BRICS and utilizing national currencies for trade.

According to media reports, India’s BRICS Sherpa, Dammu Ravi, mentioned that numerous subjects will be addressed during the Summit, focusing on the imminent expansion of BRICS and the adoption of national currencies for economic interactions within the member nations.

Ravi further elaborated that deliberations concerning the expansion of BRICS have been ongoing for the past two years. He further mentioned that after recognizing the evolving 21st-century global landscape, developing nations collectively decided to expand BRICS, aligning with their agendas and economic progress. 

The collective decision of all BRICS nations will determine the feasibility of trading in national currencies within the BRICS bloc.

The BRICS Summit from August 22-24 will encompass discussions on development dimensions and matters vital to the Global South. Ravi highlighted the significance of this Summit being the first in-person meeting of leaders since the pandemic’s onset, underscoring the importance of this gathering.

Dammu Ravi also highlighted Indian Prime Minister Modi’s third visit to South Africa, marking the 30th anniversary of diplomatic relations between India and South Africa. He shared that many of Prime Minister Modi’s ideas are under consideration during the BRICS meetings.

Source: Business Standard

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