As the BRICS summit approaches, all eyes, from stock market players across the world to heads of powerful central banks, would be on any moves by these emerging economies to dethrone the US dollar in global trade and financial settlements.

De-dollarisation as a process has come into focus despite its slow progress, mainly on account of statements by US President Donald Trump targeting the BRICS group of nations threatening to slap 100 per cent tariffs if they seek to replace the primacy of the dollar in global trade.

All ministers and officials concerned with managing the money and trade markets of Moscow, New Delhi or Beijing have repeatedly insisted that none of the BRICS countries are in any way pursuing any form of ideological war against the dollar. However, the practical effect of their policies, to cushion trade from geopolitical risks, has certainly worked to chip away at the financial architecture that has underpinned the international order since the Second World War.

While de-dollarisation may not be explicitly discussed at the BRICS summit slated for the end of this week, currency swaps and trade architecture are more than likely to figure in country to country negotiations on the sidelines of the conference. The leaders of the original members – India, Russia, China, Brazil and South Africa – are expected to hold several significant bilateral talks among themselves and with the leaders of a number of other countries which have recently joined BRICS such as Iran, Saudi Arabia, Egypt, Indonesia, UAE and Ethiopia.

Intra-BRICS trade was estimated to have been worth USD 1.17 trillion in 2024, and is believed to be growing at an annual average rate of 13 per........

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