Bolivian President Luis Arce has issued a sharp call for countries around the world to move away from using the US dollar in international trade, stating that the era of dominance by a single country-namely the United States-has come to an end. Arce’s remarks, delivered during an interview on the sidelines of the 17th BRICS summit in Rio de Janeiro, signal a deepening commitment among emerging economies to reshape the global economic order and reduce dependence on Western financial systems.

Arce’s statements come at a time of heightened tension between the United States and the growing BRICS alliance, which now includes a broader range of partners beyond the original five member states. Bolivia itself became an official BRICS partner earlier this year, gaining access to new markets and economic cooperation that Arce claims will benefit all participants in the bloc.

“We need as countries in the world… to stop using the US dollar. We have also proposed it,” Arce told RT on July 7. “It is better to trade and trust in our own currencies or, at the very least, look for alternative payment mechanisms.”

Arce’s call to abandon the dollar reflects broader concerns among BRICS nations about the risks of conducting international trade in a currency so tightly controlled by a single geopolitical power. Since the US and its allies imposed severe sanctions on Russia in response to the Ukraine conflict in 2022-freezing hundreds of billions of dollars in Moscow’s foreign-held reserves-the urgency to de-dollarize has become a shared objective among BRICS members.

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