BRICS seeks to use national currency in trade
BRICS member countries are trying to create a system for making payments with their national currencies in commercial and economic relations among themselves.
According to Russian Foreign Minister Sergei Lavrof, members of this group are actively working to implement the decisions taken in this area in Johannesburg last year. Speaking at the BRICS Foreign Ministers meeting in Russia, Lavrof emphasized that BRICS member countries are actively creating a platform for payment in national currencies in mutual trade and taking this process seriously.
According to political observers, dollarization in trade between BRICS members is important for several reasons; the first is that BRICS strongly stabilizes its independence in international decisions, especially economic decisions; second, that individual BRICS members reduce their dependence on the West and their financial vulnerabilities; The third is to achieve BRICS goals by moving away from the West and creating a strong East.
International affairs expert Muhsin Ruyisefat says the following on this subject: Undoubtedly, one of the most important goals of BRICS is to strengthen the position of the east against the west, and one of the requirements and components for the realization of this goal is to reduce the use of western currencies in commercial relations between BRICS members.
Of course, dollarization in world trade started much earlier and this decision of BRICS strengthens this action. That is why the Russian foreign minister also stated at the BRICS summit held in Johannesburg last year that active efforts are being made to implement decisions, especially on the improvement of the international monetary system and the formation of a system for payment in national currencies in mutual trade, and that member countries will soon use national currencies in mutual trade. He said that they can use it and that this situation can help countries strengthen the value of their national currencies in the field of world trade.
Given the dollar's increasingly diminishing position on global stock markets, countries' use of national currencies would mean that no country's position in world trade would be degraded and would also prevent the United States from continuing to use the dollar as a tool of economic and financial pressure in political and even security relations. Therefore, it can be said that BRICS has chosen the right path in the use of national currencies in order to achieve its goals in the international arena and to strengthen and accelerate the power of the East against the West.
Meanwhile, the possibility of America using the dollar as a tool of pressure against BRICS in the future is not a remote possibility. Therefore, its approach to the use of national currencies in mutual trade relations in the future may eliminate such a tool of pressure in the hands of America.
In any case, one of the tools and pressure tools of America's financial management in the global financial arena is the use of the dollar, and as its power in financial markets decreases, America's position and global hegemony will also decrease. Therefore, the correct path for BRICS to follow is to ensure mutual trade by using the national currencies of its members./
