BRICS Seeking to Ditch US Dollar in Trade
TEHRAN (Tasnim) – An official at Iran-Iraq Joint Chamber of Commerce said the BRICS group of major emerging economies is drawing up plans to remove the US dollar from its financial transactions.
In an interview with IRNA, Hamid Hosseini said that the BRICS group holds 28 percent of the world’s economic power.
Activating the trade and economic capacity of the BRICS members and using the opportunity of membership in this important treaty will greatly improve Iran’s economy in the international arena, he added.
The BRICS group is of paramount importance for Iran, which has the lowest number of bilateral and multilateral trade agreements with the West Asian states, he noted.
Participation in multilateral treaties is a need for all countries in the contemporary world, Hosseini said, stressing that Iran has tried in recent years to join international treaties, including the Shanghai Cooperation Organization (SCO) and BRICS, and sign preferential and free trade agreements with the Eurasian Economic Union (EAEU) in line with expanding its economic relations with the world.
He also noted that launching a payment system as an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) and facilitating the money transfer among the BRICS member states have been put on the agenda.
Russia, China, India and Brazil founded BRICS in 2001 and South Africa joined the group later.
BRICS is an important grouping bringing together the major emerging economies from the world, comprising more than 51% of the world population, having 24% of the world gross domestic product (GDP) and over 16% share in the world trade.
BRICS countries have been the main engines of global economic growth over the years. BRICS countries have come together to deliberate on important issues under the three pillars of political and security, economic and financial and cultural and people to people exchanges.
