The BRICS Summit 2012 Determined to end the hegemony of rich Western nations in navigating global economic policies, the BRICS nations, on March 29, 2012, signed two key accords to promote trade among them in their local currencies and explore the possibility of setting up a development bank for mobilising resources for infrastructure and sustainable development projects.
The Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement are being seen as a major step towards replacing the dollar as the main currency for trading amongst the five nations.