BRICS Foreign Ministers pitch for use of local currencies in international trade

The foreign ministers of the BRICS countries  (Brazil, Russia, India, China and South Africa) have encouraged the use of local currencies in international trade, saying that the world economy has been complicated by sanctions and boycotts.

In a joint statement issued on Friday in the Foreign Ministers’ meeting in Cape Town, the ministers covered a range of topics from international trade to peace resolutions for the Ukraine conflict.

The joint statement reiterated China and Russia’s explicit support for India, Brazil and South Africa’s aspirations to play a greater role in the UN Security Council.

The joint statement also



expressed appreciation for proposals of mediation and peaceful resolution of the Ukraine conflict through dialogue and diplomacy.

The BRICS foreign ministers also called for greater use of local currencies in international trade. Ministers underscored the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners.

The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.