Era For Global Development News Today : Breaking News, Live Updates & Top Stories | Vimarsana

After World War II, several bilateral and multilateral agencies (IMF, WB, ADB, WTO, WHO, Paris Club, etc.) were...

BRICS nations have been seeking to shift further from the US dollar in mutual trade

BRICS nations may discuss the establishment of long-term payment systems for cross-border commerce at next month's summit in Johannesburg, according to the Russian Foreign Ministry. The organisation has been seeking to move away from the US dollar in mutual trade, as the de-dollarisation trend has accelerated following sanctions which have impacted the bloc. Restricted convertibility and higher volatility than the US dollar have hindered the use of national currencies in cross-border commerce, according to the ministry.

Get latest articles and stories on World at LatestLY. Minister of External Affairs S Jaishankar on Thursday attended the BRICS Foreign Ministers virtual summit, focussing on the annual summit in South Africa next month. World News | EAM Jaishankar Virtually Attends BRICS Foreign Minister Summit.

Get latest articles and stories on World at LatestLY. “BRICS countries now form one of the world’s most important economic blocs, representing more than one quarter of global GDP which stands at 31.5 per cent and 16 per cent of the world trade and 43 per cent of the world population,” MoS Lekhi said. World News | “BRICS Countries Form One of World’s Most Important Economic Blocs”: MoS Lekhi.