BRICS In Process To Launch Alternative Trading Platform: Diplomat
Russian Foreign Minister Sergey Lavrov confirmed that BRICS is in the process of launching an alternative trading platform. The alliance is accelerating the de-dollarization process by excluding the US dollar for cross-border transactions. “The trend towards creating alternative platforms and payment and other logistics mechanisms necessary for normal trade is ongoing,” he said. BRICS launching a new trading platform to settle payments could reform the financial sector. The alliance has been warning the US not to weaponize the US dollar or face consequences. Emerging economies are exploring local currencies as the primary payment, not the US dollar. The global trade could experience a tangible shift where developing countries could call the shots. Also Read: New Zealand Must Apply For BRICS Membership, Urges Professor BRICS Alternative Trading Platform Could Dethrone the US Dollar Source: theconversation.com Lavrov revealed that the upcoming BRICS trading platform could upr...