Executive Summary Intra-BRICS trade was growing well before recent trade tensions, but U.S tariff escalations have accelerated efforts by BRICS+ members to diversify away from U.S.-centered trade. Trade among BRICS countries increased from $84 billion in 2003 to $1.17 trillion in 2024, at an annual rate of 13.3 percent—more than twice the pace of global … Continue reading
Tag Archives: BRICS
BRICS and Currency Diversification Challenge the Dollar
Executive Summary The U.S. dollar’s position as the preeminent global reserve currency for international trade and transactions is under threat from countries across the world – particularly Brazil, Russia, India, China, and South Africa (BRICS) – that seek greater economic autonomy. BRICS nations plan to become less reliant on the U.S. dollar by circumventing it … Continue reading
“De-Dollarization”: BRICS Countries Propose New Currency
Executive Summary In late March, Russian officials announced that the BRICS (Brazil, Russia, India, China, and South Africa) countries are working on creating a new currency for use in international trade. BRICS has developed deep ties since its inception in 2009 through expanded access in trade, annual diplomatic summits, and the creation of the New Development Bank. … Continue reading
