With the BRICS countries’ unilateral trade hitting a record high, the US dollar takes yet another hit.
The Emirates News Agency reports that trade has crossed $50 billion for the first time between two of the most well-known nations in the union.
The goal of the intergovernmental organization BRICS is to strengthen the bonds among its member countries and work together to expand their economies through trade and other means. Watcher Guru said it was aimed at counterbalancing Western partnerships.
In the first quarter of this year, the record-breaking bilateral commerce between Russia and India reached $17.5 billion.
The US dollar’s position in the global economy has been impacted by the more than 5% increase in trade between them in their local currencies.
In the first quarter, Russia sent over $16 billion worth of commodities to India, while the latter’s exports hit $1 billion, up 22% over the previous year.
Furthermore, according to reports, the BRICS nations are in the process of creating their own currency, which will expedite a number of their de-dollarization efforts.
Additionally, gold holdings have increased to all-time highs.
The BRICS nations have not wavered in their desire to move away from the currency since their founding. Furthermore, the coalition has done a good job of positioning itself as the main rival to Western alliances.
