Chinese President Xi Jinping has stated that BRICS is poised to positively impact the global economy.
He envisions the group as a stabilising force that will continue to expand and support global economic stability.
BRICS has long aimed to reduce dependence on the US dollar in international trade.
The member countries are working to use their own currencies for trade among themselves and are developing new payment systems to bypass the SWIFT network.
There is also talk of creating a new reserve currency supported by their combined currencies, alongside efforts to integrate their currency and bond markets more closely.
The goal is to establish a unified system for settling currency trades and linking bond markets, which could enhance liquidity and keep trade surpluses within the bloc.
The bloc is also working on a blockchain-based payment system called the BRICS Bridge.
This system is designed to connect the financial systems of BRICS member states, facilitating transactions in their central bank digital currencies through secure gateways.
The BRICS group is expanding, with Egypt, Ethiopia, the UAE, and Iran joining this year.
Belarus is also seeking membership, with President Alexander Lukashenko suggesting that joining BRICS could revive Belarus’s economy and bring economic stability.
Lukashenko remarked:
“We are interested in getting involved in integration processes in that space. BRICS is another footing to help us maintain balance and economic stability.”
China supports Malaysia’s bid to join BRICS, with Malaysian Prime Minister Anwar Ibrahim having submitted an application to Russia’s President Vladimir Putin, who currently leads the group.
Chinese foreign ministry spokesperson Lin Jian expressed support for the expansion, stating:
“We welcome more like-minded partners joining BRICS and working together to make the international order more just and equitable.”
Lin added that the expansion of BRICS is a step towards a more multipolar world and greater democracy in international relations, noting the growing interest from emerging markets and developing countries like Malaysia.
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