BRICS is not seeking to abandon the use of the US dollar in trade since the majority of the financial reserves of the community members are kept in the American currency, said Eduardo Paes Saboia, Secretary of the Brazilian Ministry of Foreign Affairs for the Asia-Pacific region.
“This would not make sense, since the BRICS countries are large holders of dollar reserves. Our discussions in BRICS are aimed at facilitating transactions,” he said “Nothing that is being worked on in BRICS is aimed at opposing anyone,” according to Fakti.
At the same time, the diplomat noted that the community emerged at a time when it became necessary to restart the global economy after the global financial crisis that erupted in 2008. According to Saboya, during its existence, the bloc was able to achieve international recognition and authority. “Today we live in a different reality and with a different configuration of international relations. BRICS participates in the formation of the G20 agenda, in discussions within the UN, this process will continue,” he concluded.
Earlier, US President-elect Donald Trump said that he would impose 100% trade duties on goods from BRICS countries if they created a new currency or abandoned the dollar. After that, Indian Foreign Minister Subrahmanyam Jaishankar noted that the republic “has never been a supporter of de-dollarization.” Deputy Minister of Foreign Affairs of the Russian Federation Sergey Ryabkov also emphasized that BRICS is ready to explain to Trump that the community is not encroaching on the dollar, but is drawing conclusions from Washington’s erroneous policies.
