BRICS will prioritise reducing dollar dependency

The BRICS nations have agreed to prioritise reducing their dependency on the dollar.

At its summit in Johannesburg, the five-country partnership will also discuss how to grow.

This week, the leaders of the BRICS countries will meet in Johannesburg to discuss how to stop using the U.S. dollar. South African Deputy President Paul Mashatile said the leaders will discuss ways to stop using the U.S. dollar.

By making more payments in members' currencies, the group of Brazil, Russia, India, China, and South Africa has taken several steps to reduce the role of the U.S. dollar in deals between them.

Mashatile told business leaders from the BRICS countries in Johannesburg on Monday, "Today, the world takes notice of this bloc because it's at the forefront of the global conversation" about reducing dependence on the dollar. "We're not here to compete with the West. We want to have a place in the world of business."

Members of the bloc have talked about making a shared currency to trade with each other.

The BRICS countries, which have 40% of the world's people and almost a third of the world's economy, will also discuss adding new members to the group.

Bloomberg Economics believes an expanded bloc would make up about half of the world's output by 2040, twice as much as the Group of Seven (G7), which comprises the world's most developed countries.

Between August 22 and 24, the 15th BRICS meeting takes place in Johannesburg, South Africa. More than 20 countries have officially asked to join BRICS, and many more have said they are interested. In the past few months, Argentina, Algeria, Egypt, and Türkiye have all hinted that they might want to join BRICS.