Published October 17,2024
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The upcoming BRICS summit, set to be held on Oct. 22-24 in Kazan, Russia, will deal with key points corresponding to financing, expertise, meals commerce, and increasing the union’s membership. Hosted within the semi-autonomous Russian Republic of Tatarstan, the occasion is anticipated to attract representatives from 32 international locations, together with 24 state leaders, in keeping with the Kremlin.
Key attendees will embody UN Secretary-General Antonio Guterres, Shanghai Cooperation Organization (SCO) Secretary-General Zhang Ming, and New Development Bank (NDB) President Dilma Rousseff, alongside officers from the Commonwealth of Independent States (CIS) and the Eurasian Economic Union.
BRICS, comprising Brazil, Russia, India, China, and South Africa, just lately expanded to incorporate Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Russian President Vladimir Putin beforehand revealed that 34 extra international locations have expressed curiosity in becoming a member of, together with Türkiye.
Experts anticipate that the summit will place important deal with BRICS growth, with Russian officers noting the union’s adaptability and long-standing agenda of progress.
– DE-DOLLARIZATON IN TRADE AND ALTERNATIVE PAYMENT SYSTEMS
With Russia dealing with quite a few sanctions from Western international locations, BRICS nations are pushing to cut back reliance on the US greenback in commerce. President Putin famous that, by 2023, using the US greenback and euro in Russia’s exports had halved, whereas the Russian ruble’s share in exports and imports surged to 40%.
Russia now conducts commerce with China, India, Central Asia, and Africa in native currencies. The BRICS Bridge challenge, at the moment below improvement, goals to determine a multilateral digital cost platform to additional scale back greenback dependence. The system is anticipated to include blockchain expertise and align with central financial institution digital currencies.
– BRICS’ ROLE IN THE GLOBAL ECONOMY
Initially coined as “BRIC” by British economist Jim O’Neill, the acronym represented the expansion potential of Brazil, Russia, India, and China. It was later expanded to incorporate South Africa, turning into BRICS.
Since its formal institution in 2009, BRICS has sought to counterbalance the worldwide dominance of the US and Western powers. With the addition of 4 new members this yr, the union now contains 9 international locations, holding an more and more important position within the international financial system.
BRICS nations account for about 30% of the world’s land space, 45% of the worldwide inhabitants, and 45% of world oil manufacturing. Together, they facilitate a couple of quarter of the world’s commerce.
Source: www.anews.com.tr