The BRICS countries—Brazil, Russia, India, China, and South Africa—are increasingly moving away from dependence on the U.S. dollar in international trade, according to Sameep Shastri, Vice Chairman of the BRICS Chamber of Commerce and Industry. Shastri recently discussed this shift in an interview, emphasizing the bloc’s growing preference for conducting trade using their own national currencies, such as the Russian ruble, Indian rupee, and Chinese yuan.
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Shastri noted that this trend is part of a broader strategy towards economic self-reliance within the BRICS nations, challenging the longstanding dominance of Western economies. “We should not be dependent on one single currency,” Shastri asserted, highlighting the need for BRICS countries to strengthen their own currencies and economies.
The BRICS bloc, which expanded earlier this year to include Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia, is increasingly positioning itself as a counterbalance to Western economic power. Shastri pointed out the significant influence of Russia, India, and China, describing them as key players among the world’s emerging economies.
“India has become the fifth largest economy, so we are proving to the world that self-reliance is very important now,” Shastri added, emphasizing the strategic and sustainable growth being experienced by BRICS nations. Despite the geographic diversity of its members, BRICS is united in its pursuit of economic independence and influence on the global stage.
