The bloc comprising Brazil, Russia, India, China and South Africa has taken several steps towards reducing the share of the greenback in mutual settlements by boosting payments in members’ currencies, Paul Mashatile noted on Tuesday.
“Today the world takes notice of this bloc because it’s at the forefront of the global discourse” to curb dependence on the dollar, Mashatile told business leaders from the BRICS countries in Johannesburg on Monday.
“We are not here to compete with the West. We want our space in global business.”
Members of the bloc have floated the idea of creating a common currency for intra-member trade, RT reported.
BRICS countries, which currently account for 40% of the world’s population and almost a third of the global economy, are also expected to discuss the addition of new members to the group.