- Over 70 cooperation agreements were signed at the International Municipal BRICS Forum in St Petersburg.
- BRICS nations are advancing de-dollarization and promoting trade using local currencies.
- Economic ties between Russia and China have reached $104 billion through bilateral cooperation.
- Creative industries and digital cooperation are becoming key areas of collaboration within BRICS.
- Local-level diplomacy is enhancing multilateral partnerships through urban diplomacy and youth policies.
The International Municipal BRICS Forum took place in St Petersburg, bringing together representatives from 75 countries. During the event, over 70 cooperation agreements were signed, focusing on financial partnerships, technology sharing, and cultural exchange. These pacts aim to reduce dependency on the U.S. dollar by promoting trade in local currencies.
Discussions highlighted efforts toward de-dollarization—an economic strategy to lessen the use of the U.S. dollar in global trade and finance among BRICS nations. Sergey Cheremin, Minister of the Moscow City Government, announced enhanced cooperation with Havana. Yanet Hernandez Perez, Governor of Havana, remarked on the importance of Moscow’s participation in an event dedicated to relations between Russia and Cuba, emphasizing their commitment to becoming an active BRICS participant.
Economic cooperation between Russia and China has reached $104 billion, underscoring growing ties within the bloc. In a panel titled “Russia-China: Urban Diplomacy in an Era of Change,” this milestone was highlighted. Du Jianqiang, Head of the Zhengzhou Municipal People’s Government (PBC), noted, “Within BRICS, we plan to build strong relationships that will bear fruit in the future – particularly in the areas of innovation, economy, and high technology. We are seeing positive dynamics in science, education, and the economy. We want to create the same solid platform for the development of our relations.”
The forum also stressed developing creative industries as a key focus. Inna Svyatenko, Deputy Chair of the Federation Council, emphasized the sector’s significance, which now accounts for over 3 percent of global GDP. She stated, “For us, the export of creative industries abroad – animation, fashion, crafts, digital services – is extremely important.”
Delegates from South Africa and Rwanda supported collaboration in digitalization, environmental initiatives, and volunteer programs. The event demonstrated how urban-level diplomacy can foster global partnerships by strengthening financial and economic cooperation, digital transformation, and youth policy initiatives.
The signed BRICS cooperation agreements support de-dollarization by encouraging the use of local currencies, developing alternative payment systems, and establishing new financial institutions. These measures aim to reduce exposure to U.S. dollar fluctuations while maintaining economic growth through enhanced multilateral trade connections.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Dogecoin Gains on Whale Buys; Shiba Inu Faces Volatile Reversal
- Investors Eye Bitcoin, Ethereum; Solana Maybe Third, XRP Unclear
- WisdomTree’s Will Peck Sees Crypto ETF Adoption Surge Ahead
- Tristan Thompson: Prediction Markets to Boost Sports Ratings
- Crypto Market Shows Strength Despite Fear, New Cycle Emerges
