TEHRAN, September 25 (MNA) – The US dollar is often used as a coercion weapon on a state level, but it will be over soon enough, as other options for international trade will emerge, Venezuelan Foreign Minister Yvan Gil said.
At the BRICS summit in Johannesburg in late August, the bloc's leaders adopted a declaration that calls for using local currencies in mutual trade and the "strengthening of correspondent banking networks between the BRICS countries and enabling settlement in local currencies." "Establishing a new world order will certainly contribute to the dollar no longer being the only currency in international trade.
We can already see how day after day products like energy carriers are increasingly often being traded in currencies other than the dollar," Gil told Sputnik on the sidelines of the UN General Assembly High-Level Week in New York.
He said large Latin American food exporters like Argentina and Brazil are also starting to use non-dollar currencies more often.
"I think that soon enough we will see other options in international trade, and the dollar's hegemony will dwindle, which is something we all want.
Because the dollar today is being used as a coercion weapon against countries, this balance, this emerging currency basket, will be very good for global trade exactly because it would provide stability to all our countries," the top Venezuelan diplomat said.
Earlier in September, geopolitical analyst Pepe Escobar told Sputnik that the countries of the BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - should work on a unification of payment systems and a mechanism to trade in national currencies to boost mutual trade and be more independent.