Minister of International Relations and Cooperation, Naledi Pandor, revealed that discussions within the BRICS bloc have revolved around enhancing the use of local currencies in trade, with a focus on minimizing the US dollar’s dominance.
In an interview with SABC ahead of the 15th BRICS summit, Pandor emphasized that the goal is not to replace the dollar but to mitigate the impact of sanctions on member nations.
“The primary topic has been the amplified adoption of local currencies for global trade.
Our interest lies in diminishing the dollar’s stranglehold on trade, which often results in collateral damage due to unilateral sanctions.
We aim to devise a model that reduces economic vulnerabilities, especially for more fragile economies,” Pandor explained.
Pandor dismissed concerns about South Africa’s BRICS alliance negatively affecting its Western diplomatic relations, pointing out that various diplomatic partnerships exist globally.
“Labeling it as harmful is misguided. Across the world, we witness formations like the Indo-Pacific alliance involving the US, as well as the quad comprising Australia, the UK, and the US. These collaborations represent countries with shared interests in specific areas, and we view them as complementary rather than hostile,” Pandor affirmed.
