The goal is not to compete with the dollar but to leverage the dynamism of emerging economies, Ambassador Saboia stated.

In 2025, Brazil, which holds the presidency of the BRICS, will focus on promoting trade in local currencies among the bloc’s members. The goal is not to compete with the U.S. dollar but to leverage the dynamism of emerging economies.

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“The aim is to pursue reform that fosters a more robust economy, one that functions well and addresses the current economic realities of the world,” said Eduardo Saboia, Brazil’s ambassador and head of its delegation to the bloc, which Brazil co-founded in 2009 alongside Russia, India, China, and South Africa.

Saboia emphasized that the discussion about local currencies does not hide “any intent to disrupt the order” but is instead an alternative to “stimulate trade, investments, and transactions” among the member countries.

He dismissed concerns expressed by U.S. President-elect Donald Trump, who threatened to impose extraordinary tariffs on BRICS countries if they adopted a new currency—something that is not part of the bloc’s plans. Saboia said that the way transactions are conducted has changed to the extent that even digital currencies are now considered, and the discussions within BRICS are “technical and measured.”

He also underscored that emerging economies hold significant reserves in dollars, which should dispel any doubts about the alleged but denied intention to create a new currency.

The Challenge of Trump’s Return

The Brazilian diplomat also stated that Trump’s return to power on January 20 will not hinder the BRICS agenda, which has remained fundamentally unchanged since the bloc’s founding.

“The idea behind BRICS has never been to tear everything down and start from scratch,” he explained, adding that the group’s focus is “a commitment to multilateralism, the United Nations Charter, and other principles of cooperation that remain valid.”

He stressed that reforming global governance and international financial institutions is urgent to better reflect the current world, which “is very different from the post-war era” and the Bretton Woods agreements that created structures still in place today.

Saboia also noted that BRICS has “navigated through different political moments,” including changes in U.S. and European governments as well as shifts within the bloc itself. Even so, “BRICS has stood the test of time and strengthened,” he said, noting its ability to attract new members—a process that operates “within a framework that transcends turbulence and will continue.”

Expansion Guided by the Global South

By 2025, BRICS includes new members aligned with the interests of the Global South: Egypt, the United Arab Emirates, Ethiopia, Iran, Indonesia, and Saudi Arabia.

Additionally, at the last summit held in the Russian city of Kazan in 2024, the bloc created the status of associate state. This status is currently held by Bolivia and Cuba from Latin America, along with Belarus, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

The diplomat acknowledged that “other countries have been invited” to join BRICS but explained that the list has not been disclosed due to the possibility that “some may decline.” While Saboia did not mention it, there is a precedent with Argentina, which had agreed to join under progressive President Alberto Fernandez but withdrew after the far-right Javier Milei took office in December 2023.

According to Saboia, expansion can continue but only under certain criteria, including adherence to initiatives for reforming global governance, rejection of unilateral sanctions, and the requirement that candidates “maintain good relations with all BRICS countries.”

teleSUR/ JF Source: EFE

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