BRICS pacts actually reached a major milestone right now as over 70 cooperation agreements were signed at the International Municipal BRICS Forum in St Petersburg. The event brought together representatives from 75 countries. It focused on financial partnerships, technological cooperation, and also cultural exchange among member nations. These BRICS pacts are advancing efforts toward de-dollarization and the promotion of trade in local currencies, which reduces dependence on the US dollar in cross-border transactions.

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BRICS Cooperation Pacts Advance De-Dollarization and Local Currency Trade

Economic Partnerships Expand Through New BRICS Pacts

The International Municipal BRICS Forum was concluded with significant outcomes that were aimed at strengthening multilateral cooperation through urban diplomacy, creative industries and even cultural exchange. According to TV BRICS, key issues such as financial and economic cooperation, digital transformation, and youth policy were addressed throughout the forum discussions.

During the panel session titled “Russia-China: Urban Diplomacy in an Era of Change,” it was revealed that bilateral economic cooperation between Russia and China has actually reached USD 104 billion at the time of writing. This demonstrates the growing economic ties among BRICS nations right now.

Du Jianqiang, Head of the Zhengzhou Municipal People’s Government (PBC), stated:

“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.”

Trade in Local Currencies Reduces Dollar Reliance

The cooperation pacts that were signed at the BRICS forum are structured to facilitate financial partnerships using local currencies instead of dollar-based systems. This approach is part of broader de-dollarization efforts among BRICS nations and their partners. Sergey Cheremin, Minister of the Moscow City Government, announced enhanced cooperation with Havana during the forum.

Governor of Havana Yanet Hernandez Perez had this to say:

“It is very important for us that Moscow can take part in the week dedicated to relations with Russia in May. We will prepare this event with all our warmth. We are a partner country, and with your support, we strive to become a full-fledged participant in BRICS.”

The growing focus on local currency trade is helping BRICS members reduce their exposure to US dollar fluctuations. Even more, they create more stable conditions for bilateral and multilateral commerce.

Creative Industries and Digital Cooperation Among BRICS Nations

Inna Svyatenko, Deputy Chair of the Federation Council, highlighted the growing significance of creative industries within the cooperation framework. She noted that the sector now accounts for over 3 percent of global GDP at the time of writing.

Svyatenko stated:

“For us, the export of creative industries abroad – animation, fashion, crafts, digital services – is extremely important.”

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Delegates from South Africa and also Rwanda emphasized cooperation in areas like digitalization, the environment, and volunteer programmes. The forum was supported by the Moscow City Government along with Russia’s top institutions. This demonstrates how local-level diplomacy can actually foster global partnerships. The TV BRICS International Media Network served as the international media partner of the forum.

The BRICS cooperation pacts that were signed represent practical steps toward implementing de-dollarization strategies. That’s possible through increased use of local currencies, development of alternative payment systems, and the creation of new financial institutions. These agreements position member countries and partners to reduce dollar dependency. This happens while maintaining economic growth through bilateral and multilateral cooperation frameworks that prioritize trade in local currencies over traditional dollar-denominated transactions.