The BRICS nations are keen to reduce their dependence on the US dollar, which is used for nearly 80% of global trade, due to its dominance.
Most economists agree that the dollar-dominated financial system gives the United States economic advantages, including lower borrowing costs and the ability to impose sanctions.
BRICS nations have accused Washington of 'weaponizing' the dollar, demanding that rivals operate within a framework defined by US interests and limitations.
The possibility of creating a common BRICS currency was first discussed after the 2008/9 financial crisis, highlighting concerns over exposure to dollar-related risks.
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