BRICS members at Tuesday's meeting will mainly focus on reducing the bloc's dependence on the greenback, South African Deputy President Paul Mashatile said.
“Today the world takes notice of this bloc because it’s at the forefront of the global discourse,” to reduce dependence on the dollar, according to the South African deputy president, quoted by western media.
As the agency noted, BRICS leaders, in particular, will consider ways to boost the number of payments in their national currencies.
The BRICS summit is taking place in South Africa, running from August 22 to 24. Russia is being represented at the event by Foreign Minister Sergey Lavrov, while Russian President Vladimir Putin will participate in the summit via video link. Expectations are that the main topics on the leaders' agenda will be the club's expansion and the transition to national currencies.
In July 2014, the New BRICS Development Bank was established. Its principal aim is to finance stable infrastructure and development projects in BRICS's member states and developing countries in general. The bank's goal is to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.