The development of alternative payment systems and reducing reliance on the U.S. dollar will be central to BRICS initiatives in 2025 as Brazil takes over the group's presidency.
BRICS (Brazil, Russia, India, China, and South Africa) will prioritize the development of alternative payment systems in 2025, aiming to reduce reliance on the U.S. dollar and boost trade in local currencies. This initiative will be a key focus during Brazil’s presidency of the group.
The move is intended to strengthen economic cooperation among BRICS nations and their partners by facilitating trade in local currencies and creating financial mechanisms that bypass traditional Western-dominated systems.
According to Tass, Dmitry Suslov, deputy director at Russia’s Center for Comprehensive European and International Studies at the National Research University Higher School of Economics, highlighted this priority in an interview. He noted that Brazil’s focus on alternative payment systems aligns with the direction set by Russia during its BRICS presidency.
“The work on the creation of alternative payment systems and alternative settlement systems will continue throughout the Brazilian presidency,” Suslov said. “Also, the Brazilian presidency will press for a greater role of the Global South in global governance.”
Brazilian President Luiz Inacio Lula da Silva’s administration will continue advancing financial reforms initiated under Russia’s presidency, with a particular focus on facilitating trade in local currencies among BRICS nations and their partners. As of January 1, 2025, partner nations such as Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan will engage more actively in BRICS activities.
Suslov emphasized that the goal is to deepen cooperation within this network rather than expanding BRICS membership in the near term. He stressed the importance of focusing on partnership and engagement with partner countries.
“The upcoming BRICS summit in July shortens the timeline for implementing initiatives, limiting the number of engagements compared to Russia’s tenure, which saw over 250 events,” the report adds. “Despite this, reducing reliance on the U.S. dollar remains a top priority, with Brazil expected to promote alternative financial mechanisms that enhance the Global South’s influence in global governance.”
The transition from leading the G20 to chairing BRICS allows President Lula to maintain focus on economic development and financial sovereignty, reinforcing his administration’s push for stronger economic independence from Western-dominated monetary systems.
