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BRICS Cooperation Pacts Advance De-Dollarization and Local Currency Trade
Economic Partnerships Expand Through New BRICS Pacts
The International Municipal BRICS Forum was concluded with significant outcomes that were aimed at strengthening multilateral cooperation through urban diplomacy, creative industries and even cultural exchange. According to TV BRICS, key issues such as financial and economic cooperation, digital transformation, and youth policy were addressed throughout the forum discussions.
During the panel session titled “Russia-China: Urban Diplomacy in an Era of Change,” it was revealed that bilateral economic cooperation between Russia and China has actually reached USD 104 billion at the time of writing. This demonstrates the growing economic ties among BRICS nations right now.
Du Jianqiang, Head of the Zhengzhou Municipal People’s Government (PBC), stated:
Trade in Local Currencies Reduces Dollar Reliance
The cooperation pacts that were signed at the BRICS forum are structured to facilitate financial partnerships using local currencies instead of dollar-based systems. This approach is part of broader de-dollarization efforts among BRICS nations and their partners. Sergey Cheremin, Minister of the Moscow City Government, announced enhanced cooperation with Havana during the forum.
Governor of Havana Yanet Hernandez Perez had this to say:
The growing focus on local currency trade is helping BRICS members reduce their exposure to US dollar fluctuations. Even more, they create more stable conditions for bilateral and multilateral commerce.
Creative Industries and Digital Cooperation Among BRICS Nations
Inna Svyatenko, Deputy Chair of the Federation Council, highlighted the growing significance of creative industries within the cooperation framework. She noted that the sector now accounts for over 3 percent of global GDP at the time of writing.
Svyatenko stated:
Delegates from South Africa and also Rwanda emphasized cooperation in areas like digitalization, the environment, and volunteer programmes. The forum was supported by the Moscow City Government along with Russia’s top institutions. This demonstrates how local-level diplomacy can actually foster global partnerships. The TV BRICS International Media Network served as the international media partner of the forum.
The BRICS cooperation pacts that were signed represent practical steps toward implementing de-dollarization strategies. That’s possible through increased use of local currencies, development of alternative payment systems, and the creation of new financial institutions. These agreements position member countries and partners to reduce dollar dependency. This happens while maintaining economic growth through bilateral and multilateral cooperation frameworks that prioritize trade in local currencies over traditional dollar-denominated transactions.
