Paul Mashatile, the South African Deputy President said that the leaders of the BRICS countries — Brazil, Russia, India, China, and South Africa — will focus to lessen reliance on the dollar when they meet beginning on Tuesday.
The alliance of BRICS will also concern growth at the summit in South Africa’s biggest city, Johannesburg.
Bloomberg Economics estimates show that a big group would represent about half of international results by 2040, backtracking from the turn of this century.
The BRICS alliance anticipates their increasing heft to help lessen reliance on the greenback. Leaders will look at methods to increase costs in members’ currencies, part of a wider initiative to inquire into the geopolitical leadership of the US. Longer term, one idea is to establish a familiar currency to contest the dollar.
Mashatile told the World should take notice of this alliance because it’s at the forefront of the international discourse, to reduce reliance on the US currency, the dollar.
We are not here to compete with the West but we want our space in international business, he added.
