The vice chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, has highlighted the economic bloc’s shift away from reliance on the U.S. dollar, opting instead to trade using their national currencies like the Russian ruble, Indian rupee, and Chinese yuan. He underscored the importance of economic self-reliance and the challenge to Western economic dominance, pointing out that Russia, India, and China are particularly strong among the world’s growing economies.
BRICS Countries Deem US Dollar Less Important in Global Trade, Says Indian Expert
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BRICS Nations Shift Towards Economic Self-Reliance, Moving Away From US Dollar
Sameep Shastri, Vice Chairman of the BRICS Chamber of Commerce and Industry, discussed the changing economic dynamics within the BRICS nations in an interview with Tass publication on Monday. The BRICS Chamber of Commerce and Industry facilitates trade, commerce, and economic cooperation among the BRICS nations.
Shastri emphasized that BRICS countries are moving away from relying on the U.S. dollar, choosing instead to conduct trade using their national currencies such as the Russian ruble, Indian rupee, and Chinese yuan. He stressed:
I think we are going to see dedollarization soon. We have already started our trade using rubles and rupee and yuan and rupee, our own currencies, and we do not attach much value to dollar anymore.
He highlighted the importance of countries strengthening their own currencies and economies, stating: “We should not be dependent on one single currency. We should be dependent on our own currency, and we should make it strong and make our economy strong.”
The BRICS economic bloc expanded its membership earlier this year to include Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia, alongside its original members: Brazil, Russia, India, China, and South Africa.
Shastri also challenged the belief that Western nations are the strongest economies, arguing that the balance of economic power is shifting towards the Global South. He pointed to the growing influence of Russia, India, and China within the global economy, emphasizing:
If you just look at Russia, India, and China — we are very strong three nations among the growing economies.
He further underscored the importance of self-reliance, stating: “India has become the fifth largest economy, so we are proving to the world that self-reliance is very important now.” Despite geographic distances, Shastri affirmed that BRICS countries are experiencing strategic and sustainable growth, positioning them as key players on the global stage.
What do you think about BRICS nations moving away from the U.S. dollar and focusing on economic self-reliance? Let us know in the comments section below.
