Luis Arce Advocates for Global Shift from US Dollar to National Currencies at BRICS Summit

At the 17th BRICS summit in Rio de Janeiro, Bolivian President Luis Arce expressed the need for countries worldwide to transition from the US dollar to their own national currencies for trade. He supported the BRICS initiative to decrease dependence on third-party currencies, particularly in light of the financial sanctions imposed on Russia by the West due to the ongoing conflict in Ukraine that began in February 2022.

Arce underscored the importance of "decoupling" from the US influence, arguing for enhanced trust and reliance on local currencies or alternative payment systems. He articulated a growing divide between the diminishing influence of the US and Europe and the rising power of BRICS nations, affirming that the era of one nation's dominance is over.

With Bolivia recently acquiring the status of a BRICS partner, Arce pointed out the advantages this membership offers, including access to expansive markets and the potential for collective economic benefits. The BRICS coalition, which began its first summit in 2009, now comprises several countries, with new partners joining in early 2025, including Bolivia and others.

Amidst these developments, US President Donald Trump has threatened additional tariffs against nations aligning with BRICS, labeling the group as pursuing anti-American policies. Contrastingly, Russian officials, including Finance Minister Anton Siluanov, have touted the effectiveness of trading in national currencies as a means to escape Western economic pressures, stating that such practices have proven reliable and free from Western banking constraints.