BRICS: a step towards a new world order?

[nahtanbob]

Leaders of BRICS — Brazil, Russia, India, China and South Africa — gathered for a summit in Johannesburg last week. The group formed in 2009 by developing economies has got so much traction this time. The reason is that two of the key BRICS members —China and Russia — have long been at loggerheads with the US and as their tussle deepens there are concerns in the West that both these countries are pushing for a new global order.

The BRICS countries represent about 40% of the world’s population and a quarter of global GDP. At the 15th summit in Johannesburg, BRICS leaders finally agreed to expand the bloc with the inclusion of 6 new countries. Saudi Arabia, the UAE, Iran, Egypt, Ethiopia and Argentina will join BRICS from January 1, 2024. At least 40 countries have shown interest to be part of the BRICS. Organisers say that more countries would be admitted to the BRICS in the next phase. With the inclusion of 6 new members, the combined GDP size of BRICS-plus is close to $31 trillion. More than 80 per cent of oil exporting countries are now part of the BRICS.

The grouping already has the New Development Bank offering concessional loans to poor and developing countries. It is based in Shanghai and the purpose of the move is to set up financial institutions like the US-led IMF. The rationale behind this move is that the current global order led by the US is not equitable and only benefits the powerful and developed world. China and Russia through BRICS want to challenge the hegemony of the US. They believe that the global order shaped by the US after the Second World War is now a relic of the past.

Bloc heavyweight China has long pushed for expansion and views its deteriorating relations with Washington as well as heightened global tensions resulting from the Ukraine war as adding urgency to the enlargement project.

President Vladimir Putin, who is attending the summit virtually because of the fear of his arrest over the warrant issued by the International Criminal Court, has pushed for de-dollarisation. There has been a debate within BRICS to introduce a single currency or trade in their local currencies in order to reduce dependence on the US dollar.

Some BRICS countries are already trading in their local currencies. But the key challenge is: can they agree on a single currency that not only can be used for trade but as reserve currency also? The US Federal Reserve Research shows that 88 per cent global trade is still done through the US dollar. At least 58 per cent global reserves are in dollars. For the US, the de-dollarisation is not just an economic issue but national security and foreign policy matter. The de-dollarisation or less dependence on dollars in international trade will deprive the US of a key weapon to punish other countries. For example, if the world gets rid of the dollar as the main currency for international trade, the US sanctions on countries like Russia and Iran would become ineffective. When the US imposes economic sanctions on any other country, it deprives the sanctioned nation of dollars — something which is critical for any country to pay their import bills.

However, prospects of any idea seeking de-dollarisation getting through are slim as India, a key member of BRICS, may not back the proposal, as its interests are closely aligned with the US and West.

Some say that if BRICS’ ultimate aim is to seek a multipolar world and a new global system offering equal opportunity to all the nations then India may not fit in the alliance. The US is building close defence and economic cooperation with India to counter the very ambition of China to set up a parallel global financial order.

 

[ST1976]

BRICS expansion: A warning to the US, but not a ‘new Cold War’


BRICS is alluring to aspiring members precisely because it does not require them to commit to an alliance.

Last week, the bloc of nations known as the BRICS took the historic step of inviting six new countries for membership.

The grouping of Brazil, Russia, India, China and South Africa will be joined by Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, Argentina and Egypt as part of an expanded c

But these six new entrants are among dozens of countries that have expressed interest in joining the BRICS. Further expansions of an organisation many have touted as a systemic rival to the G7 seem almost certain to follow in future summits.

As economic tensions soar and geoeconomics becomes a battleground, countries of the Global South seem drawn to the BRICS group, which includes and is partially led by China.

So, why are so many countries, including many US partners, participating in this project and seeking to boost its mission?

Many argue we are in the midst of a new Cold War. Even members of the United States Congress have lent credence to that concept. But that is an imperfect analogy.

As many have pointed out, China is a peer economy to the US and is likely to overtake it in gross domestic product (GDP) soon, while the former Soviet Union’s economy was, at its peak, only a third that of the US. But what is critically different in the global landscape of alliances is that many countries are in a position to choose their alignment.

Scholars and analysts have been discussing the rise of the Global South for decades, especially since the 2008 financial crisis, pointing to how the unprecedented and sustained economic growth of many countries outside the West was redistributing global power.

Researchers have also concluded that while the global economy’s centre of gravity was in the Atlantic, between the US and Europe, in 1980, it had moved 4,800 miles (7,725km) to Izmir, Turkey, by 2008 and will likely lie somewhere between India and China by 2050.

This new environment presents the nations of the Global South with options about how to respond to growing friction among major powers and how to position their nations in the midst of great power competition.


During the Cold War, one could awkwardly divide the world into three camps: the Western bloc, the Soviet bloc and the countries that were part of the so-called non-aligned movement.



After the Cold War, many of the norms of the Western bloc formed what is often referred to as the liberal rules-based international order. This new order was enshrined into new organisations like the World Trade Organization and older venues like the United Nations during a “unipolar moment”, when democratic capitalism and trade liberalisation seemed to have vanquished every foe.

But today, the rising power balancing the US is not looking to form a Soviet-type bloc. The reasons are both material and ideational.

China does not have the military capacity to project power over large parts of the planet and make security guarantees to faraway friends. It also has a grim history with alliance politics – such as its fallout with the Soviet Union. So it eschews the kind of alliances that define the US’s relationship with its linchpin allies in Europe and East Asia. Beijing has many partners, even “comprehensive strategic partners”, but no allies.

Beijing also has a precarious relationship with the international order Washington built. The order is one designed and carried out with US interests and preferences in mind – and to a lesser extent those of its close allies. As China rises, the West, and the US in particular, jealously guard the rules they’ve crafted and the pegging order within those organisations.

China’s voting power and position in international fora are still extremely small compared with its economic weight. For example, China has a 5 percent voting share in the World Bank’s main lending arm despite representing 16 percent of the global GDP.



China has repeatedly asked for its voting power, and those of other emerging economies, to be increased to represent modern global economic distribution to no avail. This is a rather enticing combination to many countries of the Global South. Many of them also see their preferences and interests underrepresented or ignored in the world order as currently constituted.

Additionally, aligning with organisations like BRICS does not mean binding commitments to one side of the new Cold War. The Shanghai Cooperation Organization (SCO) may be a security cooperation forum like NATO but it lacks any Article 5 feature. If the worst-case scenario, a Sino-American military confrontation, came to pass, US allies would be expected to quickly join it in the war but China’s partners would not.

In fact, an increasingly large coalition of countries with competing and conflicting political systems, ideologies and approaches to the West may produce an increasingly unwieldy organisation and exacerbate its collective action problem.

But China is clearly gambling that a larger, more geographically and economically diverse set of countries can eventually be marshalled towards the goal of enhancing their collective representation in the world order. For example, the inclusion of more countries, especially major commodity exporters like Saudi Arabia, Iran and the United Arab Emirates, may make greater economic integration among BRICS states and the use of non-dollar currencies in trade among them more appetising.

Scholars who have examined Beijing’s relationship with the international order argue that China seeks to engage international institutions to argue for its preferences. But when it is denied what it sees as power commensurate with its global position, it seeks to create parallel institutions. This can be seen in the form of the Asian Infrastructure Investment Bank, the SCO and BRICS.

The US and its linchpin allies have common values and deep social interaction. More importantly, they have similar forms of government and economic management. This both binds them together and solves collective action problems regarding world affairs.

US partners in the Global South, however, are not under this umbrella and instead court multipolarity to maximise their bargaining position vis-à-vis duelling powers.

Joining a forum like the BRICS is less a declaration of alignment with Beijing and more an assertion by a country that they wish to remain neutral or play both sides in line with their specific national interest.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

BRICS expansion: A warning to the US, but not a ‘new Cold War’ | Politics | Al Jazeera

 

[ST1976]

BRICS considering alternative to SWIFT

October 3, 2023 - 10:27New payment system would be another step toward multilateralism

TEHRAN- Reports have emerged that the BRICS economic alliance is considering a new global payment system for international trade that would be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

The six-member group’s finance ministers are exploring the possibility of a unified payments network and will formally discuss the plan in Russia at the next annual meeting of the bloc in 2024.

The Russian Finance Minister, Anton Siluanov, says the network would boost independent efforts to create payment messaging systems.

“We are trying to introduce our financial messaging system, the SPFS, our Chinese colleagues have their own system, other BRICS countries also either have their systems or are creating them," Siluanov said.

He pointed out that it would allow the bloc to continue its de-dollarization efforts and move away from Western influence on global settlements.

He added, "This is why this issue is to be discussed by money authorities and financial agencies of BRICS member states.”

It comes after BRICS, which stands for the states of Brazil, Russia, India, China and South Africa, formally decided to expand the group to Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE.

Siluanov said the bloc is focused on “removing all ties from the West to the Southeast” in a growing trend that will “persist in the future.”

Experts say the West led by the United States and its closest Western allies has led to such a plan.

Analysts have been saying the world is swiftly evolving from the unipolar system to a multipolar one where the U.S. dollar as the world reserve currency will gradually see a decline in value and appeal.

This process won't happen overnight, but the proposals to have, for instance, a BRICS currency is viable, which is in the interests of BRICS members to avoid being subject to the U.S. dollar domination.

SWIFT is a component of the global banking system and is used by banks to securely send and receive financial transactions, but critics have accused the United States of abusing the system, depriving other countries and companies of legally trading with each other.

During the last BRICS summit In August, South Africa’s finance minister said a BRICS-based payments system would aim to strengthen trade in local currencies as opposed to the U.S. dollar, but noted that it would not be a competitor to SWIFT.

Brazil has also strongly pushed for a common currency to be used in transactions between member states.

Analysts say the idea is a logical process in the face of what has been taking place in the world.

At the present time, the United States is a major absorber of capital internationally but it is in so much debt that it is unable to finance its own investment by itself.

The U.S. is increasingly dependent on the survival of its own economy from the financial intake and investments of other countries. Money that belongs to other countries and

which can be invested domestically and help develop the domestic services of nations, rather than being sent to the U.S., where it is being invested on the basis of "faith".

That faith is now slowly eroding thanks to Washington's disastrously domestic and hawkish foreign policies.

Essentially, what Washington has been doing is calling on other nations to invest their funds in the United States and develop America's economy.

But today, that appears to be something that is not very much in the interests of the international community anymore.

BRICS, on the other hand, is developing a win-win relationship between countries.

With China being the largest economy, Beijing is also a massive exporter of funds, which enables it to assist other BRICS members.

The members of BRICS - Brazil, Russia, India, China and South Africa - as well as the six new invited members - Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE - do not necessarily have the same system of governance.

As it happens, there are differences between some of the members.

What they do have in common is an interest to focus on the expansion of their own national development rather than having their assets being held in the United States, a country that has proven to be an unreliable partner over the past decades.

New developing alliances and initiatives such as BRICS, the Shanghai Cooperation Organization or the Belt and Road Initiative are a breath of fresh air for the dozens of countries that have become members of such organizations or expressed an interest in becoming a member.

Critics accuse the U.S. of weaponizing its dollar as well as weaponizing the SWIFT payment system, which will sooner rather than later backfire on Washington.
If the U.S. had been neutral in its foreign economic policy, it would not have been facing any challenges, but the U.S. failed to do so.

Washington has used its dollar as a tool to force other countries to change their policies in line with that of the U.S. or face heavy punishment. The latest evidence of this is the Ukraine war.

But there are too many examples, which has made the U.S. dollar both dangerous and a threat to international peace and security.

Analysts have accused global financial institutions, such as SWIFT, the World Bank, and the International Monetary Fund of serving U.S. interests.

Weaponizing the SWIFT system and the U.S. dollar, in essence, is unilateral U.S. sanctions?, which affect not only countries that are subject to America's illegal sanction regime but international entities who are hit with sanctions for breaking unilateral U.S. sanctions, where, in fact, they are trading legally under international law.

This is why experts argue that the matter is urgent and has been recognized by many in the international community, including the U.S. allies who do not speak about the issue in public for fear of U.S. backlash.

BRICS is being seen as one of the most important organizations to counter this.

It is natural that every country puts its interests first, but every country takes exception to being put under economic pressure by Washington to readjust their own foreign policy agenda.

As a result, experts say it would be natural for a shift away from trading in the U.S. dollar that will see different countries forging closer and warmer relationships.

Experts argue that the process of de-dollarization will happen at some point, just like the British sterling was the global reserve currency before being taken over from that capacity by the U.S. dollar.

The U.S. has major domestic problems and major international problems by meddling in the affairs of other states, which has seen its credibility decline.

At the same time, America has a national debt of at least $33 trillion, which is growing every year, making investors increasingly skeptical about putting their investments in U.S. treasury bonds.

Russia has reportedly stated that BRICS is currently in discussion with BRICS members to create its own answer to SWIFT. This would present yet another opportunity for the bloc to create a multilateral world.

BRICS considering alternative to SWIFT - Tehran Times

 

[ST1976]

Infographics | Explaining the BRICS expansion

Six new members joined the BRICS group last week. We look at how this changes the group’s heft through four charts.


September 05, 2023 12:07 pm | Updated 12:51 pm IST

In a landmark decision, current members of the BRICS (Brazil, Russia, India, China, and South Africa) declared that the grouping would welcome six new countries into the fold. Prime Minister Narendra Modi said, towards the end of the 15th BRICS summit in Johannesburg, that the addition of new members would strengthen the grouping and increase confidence in the idea of a multipolar world order.

Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE are the six new additions to the BRICS.


BRICS Nations and prospective countries

Hover over a country to see their status. Zoom in for better view.



Founding member

New member

Prospective member

Explaining the BRICS expansion | Infographics - The Hindu

Explaining the BRICS expansion | Infographics - The Hindu
.

 

[ST1976]

Q&A: The BRICS expansion and the global balance of power​

MIT political scientist Taylor Fravel examines the potential and limitations of a bigger BRICS group of countries — and what it means for the U.S.

In early September, the BRICS group of countries with emerging economies — an informal alliance among Brazil, Russia, India, China, and South Africa — announced it would expand its ranks by six nations. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE are now set to join the BRICS group in the near future. This would loosely link together countries representing about 30 percent of global GDP and 43 percent of global oil production, and some experts have speculated about further expansion of the group in the longer term. To discuss the BRICS development, MIT News spoke with M. Taylor Fravel, an expert on China’s foreign policy and security strategy, who is the director of MIT’s Security Studies Program, as well as the Arthur and Ruth Sloan Professor in MIT’s Department of Political Science.

Q: Why is the BRICS expansion happening now?

A: There’s been interest in expanding for a while. The BRICS primarily appeals to the relatively developed economies in the developing world. But there are huge differences in economic and military power within even the five current BRICS countries. What initially brought them together is the idea that they had shared interests, especially in the economic domain. At the same time, some of these countries have desired to increase their influence in the developing world. You can see how China, Russia, and India have been independently engaging Africa in the last decade. So they each have this desire, and then by acting together they may have more heft, perhaps as a grouping that can represent the interests of the developing world. However, the BRICS is not yet a formal international organization. The BRICS is not yet institutionalized, and I don’t know that it ever will be.

Different states may have different motives for joining, too. For Iran, it gives them a lot more diplomatic space. Iran is a very interesting addition because it has been highly sanctioned by the United States, as Russia has been. That begs the question: What can BRICS do with the rest of the world? It may be more of a grouping that seeks to foster interactions among themselves, to enhance their heft vis-a-vis the world’s most advanced industrialized economies.

Q: On that note, given that BRICS is not formally institutionalized, what can it do?

A: Below the level of their [public] statements, a lot of what the BRICS group can actually do remains uncertain. It’s a consensus-based grouping. The more members you add, and the more heterogenous their interests, the harder it will be to reach consensus. China may want to increase its diplomatic heft through the BRICS and maybe its security role in the developing world, whereas others may want to just focus on maximizing their economic interests. Those are very different impulses, which means the larger it gets, the more watered-down decisions or positions are likely to be, if it’s a group that operates by consensus.

I think the purpose ultimately is to show the collective weight of this group such that their interests need to be taken into account by other states, especially in the West. And perhaps to serve as a vehicle to garner more support from the developing world.

Q: What’s the trajectory for additional growth? Could there be more and more BRICS expansion, in coming years?

A: It’s hard to say. One way to think about it is the BRICS is now roughly the G20, but without many advanced industrial economies [and also] Turkey, Mexico, and Indonesia. The BRICS looks like a G20 minus. That suggests it could grow, but then the group becomes even more diffuse because within BRICS, China will have serious disputes with India over the border, and with Indonesia over maritime boundaries [if Indonesia joined]. Saudi Arabia and the UAE are also important security partners with the United States and large recipients of U.S. foreign military sales. Saudi Arabia and Iran, despite their recent rapprochement, have very significant differences. There seem to be a lot of issues that would limit what even the BRICS-plus could do, and even further limit what a BRICS-plus-plus could do if more countries are included.

I suspect it could become one of these groupings with annual summit meetings and meetings at different levels of government that will issue a lot of statements about their collective interests — that is not unimportant. It could also create the basis for creating something more substantial in the future. Yet because it has no secretariat, and the summit meetings are organized and shaped by the host country, the BRICS plus would not be a grouping that China could easily shape unless it was serving as the host.

Q: Speaking of which: How much is the BRICS expansion driven by China, and serving its interests?

A: China is looking to carve out a much stronger leadership role beyond the OECD states, the advanced industrialized economies. There, I think it is approaching the limits of its diplomacy, especially as Europe becomes more concerned about the economic challenge it faces from China. Meanwhile China’s ties with the United States have never been more fractious, certainly since the end of the Cold War, if not since the normalization [of U.S.-China relations] that began in the 1970s. If China is looking for diplomatic support as ties with Europe and the E.U. deteriorate, the rest of the world beyond the OECD states is the place to go. But China is not putting all of its eggs in one basket, either. China is pursuing a diversified approach, including the BRICS, to see what might be most effective and to hedge its bets.

And of course, India also agreed to expand the BRICS, and India and China have a pretty frosty relationship at the moment. And Brazil agreed to expand, and they would like to deepen ties with the United States in the way that India would. All of that suggests there may be limits on how much China can drive the BRICS agenda to serve its own interests. But the BRICS could still pursue this broader goal of creating a sense of momentum around the wider economic interests these countries share.

Q: How should the U.S. respond, if at all? What kind of thinking is needed?

A: A BRICS as a diffuse grouping that is weakly institutionalized, if at all, does not pose a direct or serious threat to U.S. interests. At the same time, it probably underscores that the United States has neglected the interests of some of the states in the grouping. The U.S. has long under-invested in diplomacy as a way to pursue international influence. Yes, the United States has a tremendous amount of soft power despite this under-investment in diplomacy. But China now has more diplomatic missions abroad than the United States does — even though China has fewer bilateral relationships, because it doesn’t have ties with states that recognize Taiwan, and because China doesn’t have diplomatic missions to organizations like NATO and the OECD. Instead, the United States has relied on its military power and our economic heft while diplomacy has received less attention, especially within the developing world.

It’s a reminder that the U.S. needs to think more about how it’s engaging the rest of the world in a way that advances the interests of both [itself and other countries]. I don’t view this as a zero-sum situation. It would be counterproductive for the United States to take a hostile approach to the BRICS, in part because it has friends within it. If you’re thinking strategtically, having friends in the BRICS group is not a bad thing, so a low-key response is probably most effective.

Q&A: The BRICS expansion and the global balance of power

MIT political scientist Taylor Fravel describes the recent BRICS expansion and its implications for the United States.

news.mit.edu

Q&A: The BRICS expansion and the global balance of power

MIT political scientist Taylor Fravel describes the recent BRICS expansion and its implications for the United States.

news.mit.edu

 

[ST1976]

Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to become full members of BRICS

In a landmark decision, members of the BRICS (Brazil, Russia, India, China and South Africa) on Thursday declared expansion of the grouping by welcoming six new countries into the fold. Announcing the decision at the end of the 15th BRICS summit at Johannesburg, Prime Minister Narendra Modi said addition of new members would strengthen the outfit and increase confidence in the idea of multipolar world order.

South African President Cyril Ramaphosa, current Chair of BRICS, presented the Johannesburg Declaration - the outcome document of the summit - and made an indirect reference to the Ukraine conflict saying the grouping’s members had sought “peaceful resolution” of disputes.

“I am pleased that our teams have come to an agreement on the guiding principles, standards, criteria and procedures for expansion. And based on these, today we have agreed to welcome Argentina, Egypt, Iran, Saudi Arabia, Ethiopia, and UAE into BRICS,” Mr. Modi said, expressing confidence that together with the new members, BRICS would be able to have new dynamism and energy in its actions. Addition of Iran, Saudi Arabia and the UAE is of special significance as the three will represent both flanks of the energy-rich Gulf in the BRICS. Joining the BRICS is also the first time that Iran and Saudi Arabia took a common diplomatic decision months after they normalised relation in April this year.

The decision to expand BRICS was taken 13 years after the organisation was last expanded with the addition of South Africa in 2010. Originally consisting of Brazil, Russia, India, and China, BRICS was envisioned as a global-level outfit of major economies that are playing an increasingly important role in the post-Cold War world order.

Mr. Modi said India enjoys warm relations with the six countries who are set to be the new BRICS members from next January and added, “India is trying to build consensus so that some countries that have expressed desire to join BRICS can work as partner countries.”


BRICS Nations and prospective countries

Hover over a country to see their status. Zoom in for better view.

Founding member

New member

=> Prospective member


Apart from the main BRICS events, PM Modi held bilateral meetings with leaders from Senegal, Mozambique, Ethiopia and Iran and delivered a speech at BRICS-Africa Outreach and BRICS Plus dialogue session where he invited the participant countries to join International Solar Alliance, One Sun, One World, One Grid; Coalition for Disaster Resilient Infrastructure; One Earth, One Health; Big Cat Alliance and Global Centre for Traditional Medicine. After his meeting with Iranian President Ebrahim Raisi, PM Modi said in a social media message, “I am glad that Iran will be joining BRICS. Discussed ways to deepen trade and cultural cooperation between India and Iran.”

Mr. Ramaphosa announced that the BRICS had adopted the Johannesburg Declaration. “We reiterate our commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the United Nations Charter. We are concerned about the ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation,” Mr. Ramaphosa said. He also pointed at the growing disparity in the world which is yet to recover from the ravages of the global COVID-19 pandemic.

On the Ukraine crisis, the Declaration noted “With appreciation relevant proposals of mediation and goodoffices aimed at peaceful resolution of the conflict through dialogue and diplomacy, including the African Leaders Peace Mission and the proposed path for peace.” In his remarks at the meeting, UN Secretary General Antonio Guterres, sought stronger multilateralism adding global multipolarity should be accompanied by “strong and effective multilateral institutions”.

Mr. Ramaphosa announced that Dilma Roussef, president of the New Development Bank established by BRICS, has submitted a report about the scope of the bank and its vision. Mr. Modi thanked everyone at the BRICS for greeting India on the successful soft landing of Chandrayaan-3 on the south pole of the moon. He said the success of India’s Moon mission was an achievement of the scientific community of the world.

Brazil, India, China and South Africa have expressed their “full support to Russia” as it is scheduled to host the BRICS Chairship in 2024 and hold the 16th BRICS summit in Kazan. Following the summit, the BRICS leaders along with representatives of six new member countries and leaders of the ‘Guest Countries’ posed for a photograph which reflected the growing stature of the grouping.

BRICS agrees to welcome six new members, says PM Modi - The Hindu

 

[ST1976]

And not a single one is willing to give up the American dollar for the Chinese Ren, the Indian Ruppie, the Russian Rouble, the Brazillian Real

sir, in this The Hindu article of last post, we find the prospective members, Kazakhstan and Indonesia , Algeria would further help BRICS to balance, to have "religious balance" in world. with help of Egypt, UAE, Iran, and with expected Indonesia and Kazakhstan, the Saudi Arabia, the Khalifa of Arab League, and then we find Saudi Arabia having more weight in BRICS as compared to I or C or R, as a religious Islamic face.

the Prospective member list, as in the Hindu article's map, it add Cuba also, our NAM friend of past. Brazil is now doubled in BRICS map by adding Argentina's membership. we would definitely expect a soon possible BRICS currency with help of Brazil, who want to trade Argentina and China with this new currency. as mentioned in a news in this thread.

i think, Pakistan would also be invited to join BRICS. its nuclear deterrence, as officially supported/recognised in NPT by Indian government also, would further add a religious balance with this nuclear Islam state. the Khalifa of Arab League, Saudi Arabia, would further be strengthened with this world religion balance as compared to Christianity.

BRICS on right track....

 

[mulj]

probably yes, minus india under hindutva rulership, rest of the free world will gather around china and russia as more moral actors in world scene.

 

[ST1976]

sir, in this The Hindu article of last post, we find the prospective members, Kazakhstan and Indonesia , Algeria would further help BRICS to balance, to have "religious balance" in world. with help of Egypt, UAE, Iran, and with expected Indonesia and Kazakhstan, the Saudi Arabia, the Khalifa of Arab League, and then we find Saudi Arabia having more weight in BRICS as compared to I or C or R, as a religious Islamic face.

the Prospective member list, as in the Hindu article's map, it add Cuba also, our NAM friend of past. Brazil is now doubled in BRICS map by adding Argentina's membership. we would definitely expect a soon possible BRICS currency with help of Brazil, who want to trade Argentina and China with this new currency. as mentioned in a news in this thread.

i think, Pakistan would also be invited to join BRICS. its nuclear deterrence, as officially supported/recognised in NPT by Indian government also, would further add a religious balance with this nuclear Islam state. the Khalifa of Arab League, Saudi Arabia, would further be strengthened with this world religion balance as compared to Christianity.

BRICS on right track....

In a historic first,Pakistani Senator Mushahid Hussain Sayed addresses BRICS seminar in Johannesburg​

China played a pivotal role in a historic moment as Pakistan received its first-ever invitation to a BRICS seminar in Johannesburg, driven by Beijing’s intention to integrate Pakistan into the alliance. The seminar, attended by Senator Mushahid Hussain Syed, highlighted Pakistan’s willingness to embrace BRICS expansion and its eagerness to leverage China’s leadership in the coalition. China’s President Xi Jinping emphasized the importance of countering hegemony and obstruction, advocating for the inclusion of developing nations like Pakistan. The developments unfolded against a backdrop of shifting Indian support for expansion and other countries like Turkey and Saudi Arabia expressing interest in joining.

In a historic first, Pakistan received an invitation to attend a BRICS (Brazil-Russia-India-China-South Africa) seminar in Johannesburg ahead of the bloc’s meeting, The News reported Thursday.

Islamabad’s participation in the seminar was encouraged by Beijing, which wants to integrate Pakistan into the alliance, and XI Jinping’s efforts in this regard continue.

BRICS brings together five developing nations, representing 41% of the global population, and 24% of the global GDP.

In a statement from Johannesburg, Senator Mushahid Hussain Syed wrote: “Addressed BRICS Seminar in Johannesburg, just before BRICS Summit tomorrow, the first Pakistani to be invited at BRICS event, which is a growing body that now has 20 countries in queue for membership”

He further wrote: “[Pakistan has] welcomed BRICS expansion [and] urged BRICS to reject any New Cold War! Afro-Asian solidarity plus Brazil & Russia can play [a] key role in new emerging global order, based on multilateralism & regional connectivity.”

Moreover, it appears that India’s opposition to Pakistan joining the bloc is dying down — it has succeeded in the past to keep Pakistan out of the bloc.

On Tuesday, according to media reports, for the first time, Indian Prime Minister Modi has talked about BRICS expansion, and statements from the Indian Ministry of External Affairs mention India’s position, including its support for expansion.

Keeping this shift in mind, Senator Mushahid tweeted: “For starters, Pakistan should apply for membership in BRICS, where lead role is of China (if Bangladesh, Saudi Arabia, Egypt & UAE are keen to join, why not Pakistan?)

“Then in East Asia there’s Regional Comprehensive Economic Partnership (RCEP), again China is in the lead there, but Pakistan isn’t ‘Looking East’!Why? Somewhat inexplicable, not seizing opportunities when these arise,” he added.

On Tuesday, according to media reports, for the first time, Indian Prime Minister Modi talked about BRICS expansion, and even statements from the Indian Ministry of External Affairs mention India’s position, including its support for expansion.

Modi’s remarks for expansion were also welcomed by the South African president, who remarked, “Delighted to hear India supporting expansion of the BRICS”.

This development comes as China argues that the BRICS coalition should expand its membership to include more developing nations, using this rationale to advocate for Pakistan’s inclusion.

Speaking at the BRICS summit, China’s Xi Jinping remarked, “Some country, obsessed with maintaining its hegemony, has gone out of its way to cripple the emerging markets and developing countries. Whoever is developing fast becomes its target of containment; whoever is catching up becomes its target of obstruction. But this is futile, as I have said more than once that blowing out others’ lamp will not bring light to oneself.”

Apart from Pakistan, other nations, including Turkey and Saudi Arabia, expressed their interest in joining the bloc, a point raised at the Johannesburg summit.

Pakistan has maintained without naming India that one country is trying to keep it out of the bloc. Pakistan also expressed the resolve that it was ready to stand with all developing countries, including the BRICS members, to address the challenges faced by the global community.

Last year, the Foreign Office maintained, “We do hope that future engagement of the organisation would be based on the principles of inclusivity keeping in view the overall interests of the developing world and in a manner that is devoid of narrow geo-political considerations.”

Following a debate between BRICS leaders on the alliance’s expansion, as per the draft final document of the summit, Argentina, Iran, Saudi Arabia, Egypt, and the United Arab Emirates will be new BRICS members.

In a historic first,Pakistani Senator Mushahid Hussain Sayed addresses BRICS seminar in Johannesburg - China Pakistan Economic Corridor

In a historic first,Pakistani Senator Mushahid Hussain Sayed addresses BRICS seminar in Johannesburg

cpecinfo.com

In a historic first,Pakistani Senator Mushahid Hussain Sayed addresses BRICS seminar in Johannesburg - China Pakistan Economic Corridor

In a historic first,Pakistani Senator Mushahid Hussain Sayed addresses BRICS seminar in Johannesburg

cpecinfo.com

 

[Indos]

Indonesia and its bid for OECD membership | Lowy Institute

The benefits outweigh the costs for one of Southeast Asia’s most dynamic emerging economies to join the “club”.

www.lowyinstitute.org

 

[ST1976]

probably yes, minus india under hindutva rulership, rest of the free world will gather around china and russia as more moral actors in world scene.

its mis-perception that India try to pull down Pakistan.
India officially support Bangladeshi membership with BRICS, and with influence of China, Pakistan is also welcomed, as in news of last post#9.

 

[mulj]

its mis-perception that India try to pull down Pakistan.
India officially support Bangladeshi membership with BRICS, and with influence of China, Pakistan is also welcomed, as in news of last post#9.

i did not mean on pakistan particulary, goverment is to extreme and hindu supremacist at the moment to be considered as honest valuable partner for such project, also their lifting balls to usa and israel should be under suspicion, probably playing double game for now.

 

[Dalit]

Leaders of BRICS — Brazil, Russia, India, China and South Africa — gathered for a summit in Johannesburg last week. The group formed in 2009 by developing economies has got so much traction this time. The reason is that two of the key BRICS members —China and Russia — have long been at loggerheads with the US and as their tussle deepens there are concerns in the West that both these countries are pushing for a new global order.

The BRICS countries represent about 40% of the world’s population and a quarter of global GDP. At the 15th summit in Johannesburg, BRICS leaders finally agreed to expand the bloc with the inclusion of 6 new countries. Saudi Arabia, the UAE, Iran, Egypt, Ethiopia and Argentina will join BRICS from January 1, 2024. At least 40 countries have shown interest to be part of the BRICS. Organisers say that more countries would be admitted to the BRICS in the next phase. With the inclusion of 6 new members, the combined GDP size of BRICS-plus is close to $31 trillion. More than 80 per cent of oil exporting countries are now part of the BRICS.

The grouping already has the New Development Bank offering concessional loans to poor and developing countries. It is based in Shanghai and the purpose of the move is to set up financial institutions like the US-led IMF. The rationale behind this move is that the current global order led by the US is not equitable and only benefits the powerful and developed world. China and Russia through BRICS want to challenge the hegemony of the US. They believe that the global order shaped by the US after the Second World War is now a relic of the past.

Bloc heavyweight China has long pushed for expansion and views its deteriorating relations with Washington as well as heightened global tensions resulting from the Ukraine war as adding urgency to the enlargement project.

President Vladimir Putin, who is attending the summit virtually because of the fear of his arrest over the warrant issued by the International Criminal Court, has pushed for de-dollarisation. There has been a debate within BRICS to introduce a single currency or trade in their local currencies in order to reduce dependence on the US dollar.

Some BRICS countries are already trading in their local currencies. But the key challenge is: can they agree on a single currency that not only can be used for trade but as reserve currency also? The US Federal Reserve Research shows that 88 per cent global trade is still done through the US dollar. At least 58 per cent global reserves are in dollars. For the US, the de-dollarisation is not just an economic issue but national security and foreign policy matter. The de-dollarisation or less dependence on dollars in international trade will deprive the US of a key weapon to punish other countries. For example, if the world gets rid of the dollar as the main currency for international trade, the US sanctions on countries like Russia and Iran would become ineffective. When the US imposes economic sanctions on any other country, it deprives the sanctioned nation of dollars — something which is critical for any country to pay their import bills.

However, prospects of any idea seeking de-dollarisation getting through are slim as India, a key member of BRICS, may not back the proposal, as its interests are closely aligned with the US and West.

Some say that if BRICS’ ultimate aim is to seek a multipolar world and a new global system offering equal opportunity to all the nations then India may not fit in the alliance. The US is building close defence and economic cooperation with India to counter the very ambition of China to set up a parallel global financial order.

Why? No more Arab, Israel, US and India partnership?

its mis-perception that India try to pull down Pakistan.
India officially support Bangladeshi membership with BRICS, and with influence of China, Pakistan is also welcomed, as in news of last post#9.

Your BRICS has been nothing on offer. It has existed for many years without any tangible results.

New blocs are going to emerge. OBOR will become larger.

 

[mulj]

Why? No more Arab, Israel, US and India partnership?



Your BRICS has been nothing on offer. It has existed for many years without any tangible results.

New blocs are going to be emerge.

there was never such, only master slaves relations.

 

[Dalit]

there was never such, only master slaves relations.

Now they are back to their unreliable BRICS after the Saudis have put the relationship with the Israelis in storage.