The use of the US dollar in trade between BRICS member states is decreasing as they move towards national currencies, Russian President Vladimir Putin said Tuesday. Speaking via video link to participants at the start of the three-day BRICS Summit in Johannesburg, South Africa, Putin said the objective and irreversible process of de-dollarization of BRICS economies is gaining pace. It currently makes up a quarter of the global economy, accounting for a fifth of global trade, and is home to more than 40% of the world’s population. Putin also said the BRICS countries are ahead of the G-7 in terms of purchasing power parity, which is forecast for 2023 at 31.5% against 30%. He further said that over the last decade, mutual investments among the BRICS countries have increased sixfold.
