The 16th summit of BRICS is being held in Kazan, Russia. Prime Minister Narendra Modi has also reached Kazan to participate in it. When PM Modi reached Russia, the welcome ceremony for him started from the airport itself. He was welcomed in a traditional way at the airport, and after that, the citizens of Russia also sang Krishna Bhajans.
The international organization BRICS includes nine countries of the world, which are either strong economies of the world or are fast emerging economies. BRICS means Brazil, Russia, India, China and South Africa. This organization was named after the initials of these five countries. In January this year, four new member countries -- Ethiopia, Iran, Egypt and the United Arab Emirates -- were included in BRICS.
This time an important issue can be discussed in this meeting which is BRICS currency. Just like the Euro currency is used in European countries. Similarly, there is a discussion about introducing BRICS currency, so that trade between BRICS countries becomes easy. What is BRICS currency and is it possible to introduce it?
In such a situation, there is a discussion about introducing BRICS currency for trade between BRICS countries, which has its benefits. In the BRICS conference held in August 2023, the President of Brazil proposed to create a common currency for trade and economic cooperation between BRICS countries, although, before the 16th BRICS meeting, President Putin said that it is difficult to bring such a currency immediately. It is already believed that bringing this currency is not so easy.
It may be difficult to bring BRICS currency right now, but by adopting methods like separate digital platforms, and payment in their respective country's currencies, BRICS countries can gradually reduce their dependence on the dollar and the whole purpose of BRICS currency is to challenge the dominance of the dollar.
