A quick update on the BRICS

‘Despite rapid growth in the last two decades, the scale of intra-BRICS trade remains small compared to the economic size and trade capacity of members. Collectively, members account for 27 per cent of global GDP and 68 per cent of the GDP of the global South. In total exports, they have 24 per cent of the global share and 53 per cent of the global South share. But intra-BRICS trade only comprised about 5 per cent of world trade and 20 per cent of South–South trade as of 2024.’ From page 14-5 of https://unctad.org/system/files/official-document/tdr2025ch4_en.pdf

De-dollarization (in favour of a new BRICS reserve currency, or the Chinese currency or trading mainly in the currencies of the group) would make them less open to Western sanctions, fluctuations in the value of the dollar and changes in the interest rate on their public debts.  There is growing trade in the BRICS currncies within the group, however, a major shift hasn’t happened yet and still seems hard to achieve. Most trade in a reserve currency is still in dollars with a slight growth in trade in the Euro. https://www.bricsforum.in/media-center/news/brics-virtual-summit-strengthens-push-for-intra-bloc-trade-amid-global-protectionism-26

https://ifsa-network.com/publications/the-dollar-dilemma-how-a-brics-currency-may-affect-the-global-dollar-influence/

https://www.cadtm.org/The-BRICS-and-de-dollarisation#:~:text=Many%20perceive%20the%20BRICS%20countries,dollarisation%20remains%20a%20distant%20prospect.