Decade-Old Local Currency Push by BRICS Is Still a Pipe Dream

A plenary session at the BRICS Summit in Rio de Janeiro on July 6. — A plenary session at the BRICS Summit in Rio de Janeiro on July 6.Photographer: Dado Galdieri/Bloomberg

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By Martha Beck and Mirette Magdy

July 6, 2025 at 9:01 PM UTC

BRICS countries once again failed to make significant strides in the cross-border payments system for trade and investment they’ve been discussing for a decade.

In a statement released as they kicked off their meeting in Brazil Sunday, leaders committed to additional talks on the potential for greater trade integration of the 10-nation bloc.