Bolivian Leader asks nations to stop their dependence on US
(MENAFN) Bolivian President Luis Arce called on nations around the world to move away from dependence on the U.S. dollar in international trade, advocating instead for the use of national currencies or alternative payment systems. His remarks were made during an interview on the sidelines of the 17th BRICS summit in Rio de Janeiro.
Arce voiced strong support for BRICS' growing efforts to reduce reliance on third-party currencies in bilateral and multilateral trade. These efforts have intensified since the West froze Russian assets — largely held in dollars and euros — in response to the escalation of the conflict in Ukraine in early 2022.
As part of this push toward economic independence, Arce said, “we need as countries in the world… to stop using the US dollar. We have also proposed it.” He emphasized that it is more beneficial for countries to engage in trade using their own currencies or, at the very least, adopt alternative systems for settling transactions. “It is better to trade and trust in our own currencies or, at the very least, look for alternative payment mechanisms,” he said.
Arce framed the current global environment as one of economic transition. According to him, there is “a very clear struggle between the old, declining bloc of the US and Europe versus the emerging bloc of the BRICS countries.” He added, “We no longer believe that there is dominance by a single country on our planet,” referencing the United States.
With Bolivia gaining BRICS partner status this year, Arce highlighted the potential for expanded trade and integration with emerging economies. He described the move as a key opportunity for his country to “access large markets and become part of the bloc that will undoubtedly generate economic benefits for everyone.”
BRICS, which first convened in 2009, currently includes Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. In early 2025, Bolivia, Belarus, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan became official partners, with Vietnam joining in June.
Meanwhile, U.S. President Donald Trump issued a warning on Monday, stating that any nation aligning with BRICS would face a 10% tariff, accusing the bloc of promoting “anti-American policies.” Earlier in February, Trump declared BRICS “dead” and threatened 100% tariffs on countries he claimed were “playing games with the dollar.”
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