Global South nations are increasingly moving trade away from the US dollar to bypass Washington’s policy of economic warfare
Russian President Vladimir Putin hailed the efforts of Shanghai Cooperation Organization (SCO) member states to settle bilateral trade in their national currencies instead of the US dollar.
..On 4 July during a meeting of the SCO Council of Heads in Astana, Kazakhstan.... [Putin] also reiterated Russia’s proposal to create an independent mechanism for settling payments among SCO members.
In his speech, Putin also welcomed the role of the Eurasian bloc in bringing about a multipolar world order.
“Today, as the world goes through rapid and irreversible changes, the SCO’s proactive position in international affairs is much needed. A multipolar world is already a reality,” he pointed out.
“We are convinced that along with BRICS, the Shanghai Cooperation Organization is a pillar of the emerging world order. These two organizations serve as a powerful driving force behind global development processes and efforts to ensure true multipolarity,” Putin added.
The SCO is a Eurasian cooperation bloc created in 2001 by Russia, China, and several former Soviet states in Central Asia. On Thursday, the bloc welcomed Belarus as its latest member state, one year after Iran gained full membership.
Other member states include India, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan. Afghanistan and Mongolia are observer countries, while the organization has six dialogue partners: Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka, and Turkiye [Turkey].
Moscow, Beijing, and Tehran have led efforts in both the SCO and BRICS to move trade away from the greenback to negate the west’s coercive economic sanctions. Member states from the Association of Southeast Asian Nations (ASEAN) have also followed suit.
🔗SOURCE ➡️ The Cradle
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"Columnist at Foreign Policy and fellow for international political economy at the Council on Foreign Relations, Zongyuan Zoe Liu, published the following article in September of 2022
”China Is Quietly Trying to Dethrone the Dollar”...
”Regional groups and small banks are helping insulate Beijing against sanctions.
At their recent summit in Uzbekistan, members of the Shanghai Cooperation Organisation (SCO... agreed on a road map to expanding trade in local currencies. A road map for using local currencies in trade and developing alternative payment and settlement systems has been part of the SCO’s economic plan for years.
This agenda is in line with individual policies on the part of the group’s most prominent members, including Russia’s attempt to cushion the blow of Western sanctions, China’s deteriorating relations with the United States, India’s use of nondollar currencies in its trade with Russia, and Iran’s recent proposal for a single SCO currency."
...As you can see the first quarter of 2023 saw rapid momentum in expression of interest to join BRICS. More countries sought to coordinate intentions to join BRICS+ as well as seeking greater cooperation with alternative institutions challenging the west such as the Shanghai Cooperation Organization(SCO) and New Development Bank(NDB).
....And interest in BRICS and BRICS adjacent organizations such as the Shanghai Cooperative Organisation (SCO) and New Development Bank(NDB) would keep growing, as would bilateral trade in national currencies.
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