OREANDA-NEWS  The use of alternative currencies between the BRICS member countries will help reduce their dependence on the dollar and the euro, Libyan economic expert Abdul Hamid al-Fadhil shared his opinion with RIA Novosti.

The BRICS Summit is taking place on July 6-7 in Rio de Janeiro. The main plenary session of the summit is devoted to the topic of peace and security, as well as global governance reform.

"The use of local currencies in transactions between member states can reduce dependence on the dollar and the euro," says Fadhil.

The agency's interlocutor also stressed that the expansion of the BRICS will help move towards a diversified global economic system and strengthen the role of small economies in restructuring the rules of global trade. He also noted that there is a redistribution of economic influence from the traditional system through the creation of new trade alliances.

"The success of the association still depends on the ability of the member states to create strong and integrated financial institutions to maintain their vector," the expert believes.

On Monday, US President Donald Trump said that additional trade duties of 10% would be imposed on any country that supports the BRICS anti-American policy.

Starting in 2024, the BRICS includes, in addition to the founding countries, Egypt, the United Arab Emirates, Ethiopia, Iran, and starting in January 2025, Indonesia. Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam cooperate with the bloc as partners.