BRICS seeks to dethrone dollar; Lavrov: The US has disrupted global trade

Pars Today - The Russian Foreign Minister, referring to the need to reform the UN Security Council, said: BRICS supports the increase in representation of Asian, African and Latin American countries in this institution.

Sergey Lavrov, in his recent interview with TV BRICS, announced the group's plans to create independent financial and payment systems, as well as reforms in global institutions such as the International Monetary Fund (IMF) and the World Trade Organization (WTO).

According to Pars Today, Lavrov said: BRICS countries are seeking to review the voting share of countries in these institutions and play a role proportionate to their economic position in the global economy.

According to the Russian Foreign Minister, the United States, with its veto power, has blocked the necessary changes and prevented the fair participation of developing countries.

Lavrov added: "The votes of BRICS countries and other developing countries in the International Monetary Fund are unfairly lower than their actual share in the global economy."

Lavrov also referred to the role of the United States in disrupting the functioning of the WTO and added: "The World Trade Organization was established to resolve trade disputes, but the United States, by preventing the formation of its sessions, has prevented the resolution of issues such as dumping and unfair tariffs."

In the face of these conditions, BRICS is seeking to create alternative financial systems and reduce dependence on the dollar. Lavrov stated that the dollar has been turned into a weapon by the United States to control the global economy, and BRICS, by launching payment mechanisms based on national currencies, wants to prevent existing risks.

He said: "The instrumental use of the dollar is a threat to global stability, and we are looking for parallel systems that reduce dependence on the dollar."

Another economic program of BRICS is to create new platforms for economic interactions. Lavrov, referring to Russia's proposal to launch a grain exchange and investment platforms, added that these plans have been welcomed by African BRICS countries. He said: "The creation of these platforms is an opportunity for developing countries to make better use of their economic capacities."

Lavrov also referred to the recent expansion of BRICS and the joining of countries such as Iran, Saudi Arabia, and the United Arab Emirates, saying: "These new members, with their international reputation, have increased BRICS' position." He said about Iran: "The Islamic Republic of Iran has joined BRICS as an important economic power and plays an effective role in strengthening the group's position."

The Russian Foreign Minister, referring to the cultural impact of BRICS, announced the holding of the first BRICS sports tournament in the summer and said that these competitions were held with the participation of more than 80 countries. He added: "These games were a great opportunity to strengthen cultural ties and solidarity among member countries."

Lavrov also referred to the need to reform the UN Security Council and said that BRICS supports the increase in representation of Asian, African, and Latin American countries in this institution. He stated that the presence of Western countries in the Security Council is unfairly higher than it should be, and BRICS supports reforms that would increase the representation of developing countries.

Key phrases: BRICS, Russia, Sergey Lavrov, de-dollarization    

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