BRICS nations pursue de-dollarisation and local currency trade

BRICS nations are intensifying efforts to establish a multipolar economic system through de-dollarisation, local currency settlements, and enhanced technological cooperation. Ahead of the 18th BRICS Summit in New Delhi, discussions have focused on the POWER framework and the potential for member states to settle up to 90% of trade in national currencies to reduce transaction costs and bypass Western financial influence.

India is advancing the BRICS Economic Partnership Strategy 2030 to promote supply-chain and digital-commerce cooperation. While the bloc has expanded to 11 members, representing nearly 30% of global GDP, challenges remain regarding China's economic dominance and the lack of a formal institutional structure to enforce collective decisions.

Russia is also seeking to leverage the bloc to bolster its high-tech industries, proposing integrated technological solutions in sectors like nuclear energy and medical isotopes for members such as Ethiopia and Bolivia. Additionally, trade dynamics are shifting significantly, evidenced by Russia now accounting for 40% of India's petroleum imports.