In 2025, with Brazil taking over the BRICS presidency, the focus will be on developing alternative payment systems and reducing reliance on the US dollar. The goal is to boost economic cooperation among BRICS countries by facilitating trade in local currencies and creating financial mechanisms that bypass traditional Western-dominated systems.

🗣 Dmitry Suslov, Deputy Director of the Center for Comprehensive European and International Studies in Russia, confirmed that work on creating alternative payment and settlement systems will continue during Brazil's presidency. He pointed out that Brazil is focusing on giving the Global South a greater role in global governance.

🇧🇷 Brazilian President Luiz Inacio Lula da Silva seeks during his presidency to consolidate the financial reforms initiated by Russia, while facilitating trade using local currencies between BRICS countries and their partners. As of January 1, 2025, there will be wider participation of countries such as Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan in the group’s activities.

🤝 Suslov said the focus is on deepening relationships within the network rather than expanding the group’s membership at the moment. He added:

“The main focus will be on strengthening relations with partner countries rather than an imminent expansion of membership.”

📅 The upcoming BRICS summit in July is working to accelerate the implementation of initiatives and reduce the number of participants compared to the Russian presidency. However, reducing dependence on the US dollar remains a priority. Brazil is promoting alternative financial mechanisms that strengthen the influence of the Global South in global governance. Brazil’s transition from G20 leadership to BRICS presidency gives President Lula an opportunity to continue supporting economic development and financial sovereignty, and to strengthen economic independence from Western-dominated monetary systems.


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