BRICS will continue talks on use of local currencies: South Africa president

South African President Cyril Ramaphosa says the BRICS group of nations will continue discussions on the use of local currencies to facilitate trade and investment flows. 

Ramaphosa made the remarks while opening the second day of the 15th BRICS Summit in Johannesburg on Wednesday. 

Ramaphosa said the group of emerging markets stands for an equitable and multipolar world - in contrast to Western dominance.

He said there was a need for BRICS countries to advance the development interests of the Global South.

The South African president lamented that traditional financial institutions are being weaponized against the Global South and being used as "instruments of geopolitical contestation.”

Russian President Vladimir Putin, who attended the summit via video link, also voiced support for greater use of national currencies in commercial transactions, saying BRICS countries should expand the number of settlements made in national currencies and interbank cooperation so they can avoid the US dollar.  

Putin also said that every country has the right to defend its own traditions and plan its own models of economic development. 

'Common BRICS currency'

In the meeting, Brazilian President Luiz Inácio Lula da Silva advocated for a common BRICS currency, saying this would reduce members’ vulnerabilities. 

"The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities," he said at the opening plenary of the summit in Johannesburg. 

De-dollarization among BRICS members ‘irreversible’: Putin

Russia

On Ukraine war: Russia blames West as Brazil voices readiness for peace efforts 

Speaking on the conflict with Ukraine, Putin said the desire of several Western countries to maintain their hegemony in the world led to the crisis in Ukraine.  

He said Russia's actions in this conflict were dictated only by the desire to end the war “unleashed by the West and its satellites” in Ukraine. Putin said is grateful to partnering countries in the group for attempting to resolve it. 

The Brazilian president said they were ready to join efforts to end the conflict in Ukraine, calling for an immediate cease-fire and peace. 

He said the Ukrainian war also showed the limitations of the United Nations Security Council. He added that many other conflicts in the world did not receive the due attention and caused massive suffering for its people. 

South Africa hosting BRICS summit amid expansion plan

Johannesburg is hosting a summit of the leaders of BRICS nations, namely Brazil, Russia, India, China and South Africa, with the bloc

Lula called on the BRICS nations to lead the process of peace initiatives throughout the world, warning of a second Cold War should hegemony continue. 

“Everyone and all nations deserve to live in peace. The quest for peace is a collective effort,” he said. 

He also added that it was very difficult for some nations to fight climate change when many countries were still fighting poverty, hunger and other challenges. 

Need for closer political, security coop.  

Chinese President Xi Jinping said the BRICS nations should expand political and security cooperation to uphold peace and tranquillity throughout the world as the geopolitical situation was getting “intense”. 

Xi said the world entered a new era of turbulence and called on the BRICS family to remain united and be ready to play a vital role in helping to stabilize the world. 

“Development is not a privilege of a few but should be spread around so all can benefit,” he said. 

The BRICS Summit 2023, which started on Tuesday, is expected to be attended by over 40 heads of state, scores of government representatives, as well as local and international dignitaries and summit delegates.

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