BRICS Summit Ends With a Bang

Admitted Saudi Arabia and the United Arab Emirates as members, with Iran, Argentina, Egypt, and Ethiopia scheduled for the following year.
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum, and efforts are being made to work out effective mechanisms for mutual settlements and monetary and financial control,” Putin said. “As a result, the share of the dollar in export-import transactions within the BRICS is declining: last year it amounted to only 28.7 percent.”
“The creation of a currency for commercial transactions and investments between BRICS members improves our payment conditions and reduces our vulnerabilities,” said Brazilian President Luiz Inacio Lula da Silva.
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