Trade between BRICS countries shows marked increase
The 18th BRICS Summit in New Delhi is set to focus on reducing global reliance on the U.S. dollar and enhancing cross-border payment systems among its 10 member nations. Finance officials have been coordinating to strengthen national currencies and facilitate trade within the Global South.
Why it matters
The shift toward alternative payment systems by BRICS represents a significant challenge to the traditional dominance of the U.S. dollar in global finance.
Reducing global dependence on the U.S. dollar is expected to be a key part of the discussions in the 18th BRICS Summit, chaired by India, happening in New Delhi on September 12 and 13, 2026. Finance ministries’ and central bank governors from BRICS countries met in August to discuss the facilitation of cross-border payments and strengthening of national currencies.
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