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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...

China has authorized its BRICS counterpart, Brazil, to free market access to bypass US tariffs. Trump imposed 50% tariffs on Brazil, where coffee exporters are the hardest hit. One third of coffee supply to the US comes from Brazil, and coffee drinkers in America might see their brew turn expensive if importers don’t absorb the tariff costs. BRICS member China is helping other countries bypass the US tariffs by allowing free access to its market. China has granted 183 coffee companies in Brazil to export their coffee to the domestic market. No import duties will be imposed, making Brazilian coffee companies gain from the new trade development, reported Brazil’s local outlet Band News. Therefore, what Brazilian coffee firms spend to send to the US can be recovered from the Chinese markets. The move is a win-win situation for BRICS members China and Brazil, as it gives them the opportunity to bypass tariffs. The agreement is valid for the next five years until 2030, when Trump...

Ahead of the 17th BRICS summit in July, Russia and China have proposed to launch a new ‘investment platform’ to boost the growth of member nations and rival the Western-led financial system. The Presidents of both countries, Vladimir Putin and Xi Jinping laid out the proposal on Friday that focuses on growth in the global south. The strategic alignment between China and Russia is a new push to drift from the US dollar and Western dominance. Also Read: China Dumps $8.2 Billion US Treasury Bonds in BRICS Counter-Attack New BRICS ‘Investment Platform’: What Is It All About? Explained Source: News.Bitcoin.com The new BRICS investment platform revolves around strengthening ties around technology, education, trade, and finance. The proposal will likely be discussed at the upcoming summit where other member nations will share their consensus or disagreements. Putin and Jinping stressed that the alliance must invest in the platform and the amount will be distributed for ...