BRICS Summit dollar discussion 1/3
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JOHANNESBURG - The BRICS Summit in Kazan, Russia has resulted in the most voluminous declaration of the bloc thus far.
It details agreements on multilateralism, politics, security, finance and humanitarian efforts.
The Kazan Declaration shows the intent to reduce reliance on old western institutions like the IMF and World Bank.
At the same time, the bloc is calling for the reform of these institutions to make them more equitable.
On the sidelines, China and Russia agreed to ditch the US Dollar for trade with each other.
More deals like this could see the almighty Dollar lose value.
We get the insights of David Monyae from the Centre for Africa-China Studies at the University of Johannesburg.