Important decisions expected at the Braxel summit in Brazil … what about the dollar?

Brazilian Foreign Minister Mauro Vieira announced that the BRICS leaders’ summit will be held on July 6 and 7 in Rio de Janeiro.
This year, the group presidency of the group, which includes emerging economies such as Russia, India, China and South Africa.

Braxel summit in Brazil

In a video posted by the mayor of Rio de Janeiro Eduardo Pais on “X”, Vieira said, “We will receive in the city of Rio de Janeiro, the heads of the twentieth countries that are formed in the categories of full membership and partner countries.”
He added, “In this meeting, we will take very important decisions to develop all these countries, cooperation, and improve the living conditions of all the population.”
On Thursday, US President Donald Trump reiterated his threat to impose 100% customs duties on the BRICS countries if they tried to end the dominance of the dollar internationally.

Development methods of payment

Trump had launched this threat in November, after the Group’s countries caused the possibility of abandoning the US dollar as a reference currency in exchanges at its last summit in Kazan in Russia in October.
The government of Brazilian President Luis Inacio Lula Da Silva said that the Brex group will focus during the Brazilian assumption of its chairmanship to enhance cooperation between the countries of the south and reform multilateral institutions.
The government mentioned among its priorities “developing payment methods” to facilitate trade and investment between member states.

Dollar replacement plan

In January, the Brazilian chief negotiator in the group, Eduardo Saboya, said that there is no plan to replace the dollar, but rather a discussion about the use of local currencies in transactions.
The Brex Group was established in 2009, and it was recently expanded to include countries such as Indonesia, Iran, Egypt and the United Arab Emirates.
This is in addition to dozens of partner countries, including Cuba, Bolivia, Nigeria, Algeria and Turkey.