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Brazilian President Luiz Inácio Lula da Silva has reaffirmed BRICS’ commitment to reducing reliance on the US dollar in international trade, emphasizing that the bloc remains steadfast in its pursuit of alternative payment platforms.
Speaking on the matter, Lula da Silva dismissed concerns over US President Donald Trump’s threats of tariffs, asserting that such measures would not deter BRICS from advancing its economic agenda. “No matter what, we will continue working towards financial independence among BRICS nations,” he stated.
The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—has been pushing for de-dollarization in global trade. The group has explored using local currencies and expanding the role of institutions like the New Development Bank to facilitate transactions without relying on the US dollar.
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Economic analysts suggest that the push to move away from the dollar could reshape global trade dynamics, particularly as BRICS strengthens financial cooperation.
However, the strategy faces challenges, including ensuring liquidity, stability, and global acceptance of alternative currencies. Lula’s remarks come amid growing tensions between BRICS and the US, with Trump’s administration considering economic measures to counter the bloc’s influence.
Despite this, BRICS leaders remain committed to developing independent financial systems to bolster economic sovereignty.
