BRICS countries will establish local currency electronic trading bridge

Egypt, member states of the BRICS countries and its partner Belarus, have agreed to establish an electronic trade bridge to promote local currency trade. Major export products include Belarusian dairy products, wood and feed additives to Egypt, as well as Egyptian pureed fruit juice concentrates, polymers and seeds to Belarus. The initiative aims to reduce dependence on the US dollar, strengthen local economies, and promote GDP growth, reflecting a general trend in emerging economies to trade using local currency settlement.