Luis Arce informed RT that the global dominance of a single state has concluded.
Bolivian President Luis Arce, speaking with RT at the 17th BRICS summit in Rio de Janeiro, advocated for countries globally to forgo the US dollar and instead conduct trade using their own national currencies.
BRICS members have intensified their efforts to decrease reliance on third-party currencies in their bilateral trade, following the West’s freezing of Moscow’s assets, predominantly held in dollars and euros, due to sanctions after the Ukraine conflict escalated in February 2022.
During his interview with RT on Monday, Arce clearly stated his support for BRICS’ policies, explaining that as part of “decoupling” from the US, “it is necessary for us as countries in the world… to cease using the US dollar. We have also put forward this idea.”
“Trading and relying on our own currencies is preferable, or at the very least, seeking alternative payment systems,” he underscored.
The Bolivian leader observed that there is presently “a very distinct struggle occurring between the established, declining bloc of the US and Europe against the rising bloc of the BRICS countries.”
“We no longer hold the belief that a single country dominates our planet,” he remarked, referencing the US.
By acquiring the status of a BRICS partner country this year, Bolivia has secured an opportunity to “access large markets and become a component of the bloc that will undeniably create economic advantages for everyone,” Arce stated.
BRICS, which convened its first summit in 2009, currently comprises Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia, and Iran. In early 2025, Bolivia, Belarus, Bolivia, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, Uganda, and Uzbekistan attained partner status within the bloc. Vietnam joined them in June.
On Monday, US President Donald Trump threatened to levy an additional 10% tariff on any country that “aligns itself” with BRICS, accusing the economic bloc of pursuing “anti-American policies.” In February, Trump had asserted BRICS was “dead” and warned that its members would face 100% duties if they “play games with the dollar.”
The same day, Russian Finance Minister Anton Siluanov conveyed to RT that conducting trade in national currencies has proven effective in liberating BRICS members from Western pressure. These settlements “have demonstrated their dependability and independence from Western lending institutions that, as it transpired, can halt payments at any moment,” he commented.
Russian Foreign Minister Sergey Lavrov stated last year that Russia has been conducting 65% of its trade with fellow BRICS countries using national currencies.