BRICS news and updates

BRICS has unveiled significant details about its new payment system, aimed at enhancing financial cooperation among its member countries—Brazil, Russia, India, China, and South Africa. This initiative is part of a broader strategy to reduce reliance on the US dollar and challenge the dominance of Western financial systems like SWIFT.

Key Features of the BRICS Payment System​

• Decentralization: The system is designed to distribute financial flows among multiple participants, minimizing the risk of central failures and enhancing stability and transparency
• Interoperability: Utilizing open APIs, the BRICS payment platform will allow seamless transactions across different payment systems, enabling faster and more secure fund transfers
• Digital Currencies: Settlements will be conducted using national currencies or a new digital currency developed specifically for BRICS. The platform will support transactions in local currencies, facilitating easier cross-border trade without needing to convert to US dollars
• Blockchain Technology: The payment system will leverage blockchain to ensure secure and transparent transactions. This technology aims to streamline processes that traditionally involve multiple intermediaries, thus speeding up transaction times significantly
  
  

  Adoption and Impact​

  • Widespread Interest: Reports indicate that 159 countries are interested in adopting this payment system, highlighting its potential to reshape global trade dynamics and enhance economic sovereignty for participating nations
  • Launch Timeline: The BRICS payment system is expected to be officially launched at the upcoming BRICS summit in October 2024. This timing aligns with ongoing discussions about enhancing financial independence from Western systems

Strategic Importance​

The establishment of this payment system is seen as a crucial step for BRICS nations to bolster their economic ties and facilitate smoother trade interactions. By promoting local currency usage and reducing transaction costs, the BRICS payment platform could significantly alter the landscape of international finance, particularly for countries seeking alternatives to Western-dominated financial mechanisms.

https://twitter.com/x/status/1840389358144061882

 

[sidkhan2]

Sri Lanka has officially announced its intention to apply for membership in the BRICS group, which includes Brazil, Russia, India, China, and South Africa. This decision was communicated by Sri Lankan Foreign Minister Vijitha Herath, who stated that the application will be submitted during the upcoming BRICS summit in Kazan, Russia, scheduled for October 23-24, 2024.

Objectives of Membership​

The move to join BRICS reflects Sri Lanka's desire to strengthen ties with emerging economies and diversify its international relationships. Herath emphasized that BRICS represents an effective platform for fostering mutually beneficial cooperation, peace, and development through inclusive multilateralism. The country aims to enhance its engagement with developing economies and align itself with a group that seeks to challenge the dominance of Western financial institutions.

Representation at the Summit​

Due to upcoming parliamentary elections in Sri Lanka, neither Foreign Minister Herath nor President Anura Kumara Dissanayake will attend the summit. Instead, Sri Lanka will be represented by First Deputy Foreign Minister Aruni Wijewardane, who will formally lodge the application for membership. Herath has already reached out to counterparts in BRICS member states to garner support for Sri Lanka's bid.

Context of BRICS​

BRICS was originally formed as BRIC in 2006 and expanded to include South Africa in 2010. The organization aims to enhance economic cooperation among its members and increase their political influence on the global stage. Recently, BRICS has welcomed new members, including Iran and Saudi Arabia, as part of its strategy to create a multipolar world order.Sri Lanka's application is a significant step as it seeks to navigate its post-economic crisis landscape while aligning with nations that share similar developmental aspirations. The upcoming summit in Kazan will be a crucial platform for Sri Lanka to present its case for membership in this influential block.

https://twitter.com/x/status/1846045879146631379

 

[sidkhan2]

Pakistan is set to join BRICS during the upcoming summit in Kazan, Russia, scheduled for October 22-24, 2024. This significant move comes after Pakistan formally applied for membership in the BRICS group, which includes Brazil, Russia, India, China, and South Africa, in August 2023.

Support from Russia​

Russia has expressed its support for Pakistan's bid to join BRICS. Russian Deputy Prime Minister Alexei Overchuk confirmed this during a recent visit to Islamabad, where he emphasized the need for consensus among existing members for new entries. Overchuk's comments reflect a growing partnership between Russia and Pakistan, particularly as both nations seek to enhance their economic and political ties.

Strategic Importance​

Joining BRICS is seen as a strategic opportunity for Pakistan to strengthen its economic position and engage with emerging economies. The group aims to provide a platform for cooperation among developing nations and challenge the dominance of Western-led institutions. Pakistan's inclusion could facilitate greater trade relations and investment opportunities within the bloc.

Challenges Ahead​

Despite the backing from Russia, Pakistan faces challenges in securing its membership. The approval process requires consensus from all current BRICS members, including India, which may oppose Pakistan's entry due to longstanding geopolitical tensions. Analysts suggest that while Russia's support is crucial, India's stance will play a significant role in determining the outcome of Pakistan's application.

Conclusion​

As the BRICS summit approaches, Pakistan's potential membership could reshape its international relations and enhance its engagement with other emerging economies. The outcome will depend on diplomatic negotiations and the willingness of existing members to embrace new entrants into the group.

 

[sidkhan2]

The BRICS Summit taking place today in Kazan, Russia, serves multiple significant purposes as it marks the first meeting since the group's expansion earlier this year. Here are the key objectives and themes of the summit:
Key Objectives of the BRICS Summit

1. Strengthening Multilateralism: The summit is themed "Strengthening Multilateralism for Just Global Development and Security," emphasizing the need for collaborative approaches to global challenges and promoting a multipolar world order that counters Western dominance.
2. Economic Cooperation: Leaders will discuss enhancing economic ties among member nations, particularly in light of recent global economic shifts and sanctions affecting some members like Russia. There is a strong focus on developing new financial. instruments and payment systems that are less dependent on Western financial systems.
3. Bilateral Meetings: Prime Minister Narendra Modi is expected to hold bilateral discussions with various leaders, including Russian President Vladimir Putin and Chinese President Xi Jinping, to address specific regional and global issues, including the ongoing conflicts in Gaza and Ukraine.
4. Adoption of the Kazan Declaration: The leaders aim to adopt a declaration that outlines future initiatives and collaborative efforts among BRICS nations, reflecting their collective stance on global governance reforms and economic development strategies
5. Addressing Global Issues: The agenda includes discussions on pressing international matters such as climate change, sustainable development, and security concerns, highlighting the bloc's role in fostering dialogue on these critical topics.
6. Inclusion of New Members: This summit is notable for being the first after BRICS expanded its membership to include new countries like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This expansion aims to enhance the group's inclusivity and collective influence on global affairs.

Conclusion
The Kazan summit represents a pivotal moment for BRICS as it seeks to solidify its role as a counterbalance to Western-led initiatives while fostering greater cooperation among emerging economies. The outcomes from this gathering will likely shape the future direction of BRICS in addressing both regional and global challenges.

https://twitter.com/x/status/1848597257798471795

 

[HamzaWaseem]

The BRICS Summit taking place today in Kazan, Russia, serves multiple significant purposes as it marks the first meeting since the group's expansion earlier this year. Here are the key objectives and themes of the summit:
Key Objectives of the BRICS Summit

1. Strengthening Multilateralism: The summit is themed "Strengthening Multilateralism for Just Global Development and Security," emphasizing the need for collaborative approaches to global challenges and promoting a multipolar world order that counters Western dominance.
2. Economic Cooperation: Leaders will discuss enhancing economic ties among member nations, particularly in light of recent global economic shifts and sanctions affecting some members like Russia. There is a strong focus on developing new financial. instruments and payment systems that are less dependent on Western financial systems.
3. Bilateral Meetings: Prime Minister Narendra Modi is expected to hold bilateral discussions with various leaders, including Russian President Vladimir Putin and Chinese President Xi Jinping, to address specific regional and global issues, including the ongoing conflicts in Gaza and Ukraine.
4. Adoption of the Kazan Declaration: The leaders aim to adopt a declaration that outlines future initiatives and collaborative efforts among BRICS nations, reflecting their collective stance on global governance reforms and economic development strategies
5. Addressing Global Issues: The agenda includes discussions on pressing international matters such as climate change, sustainable development, and security concerns, highlighting the bloc's role in fostering dialogue on these critical topics.
6. Inclusion of New Members: This summit is notable for being the first after BRICS expanded its membership to include new countries like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This expansion aims to enhance the group's inclusivity and collective influence on global affairs.

Conclusion
The Kazan summit represents a pivotal moment for BRICS as it seeks to solidify its role as a counterbalance to Western-led initiatives while fostering greater cooperation among emerging economies. The outcomes from this gathering will likely shape the future direction of BRICS in addressing both regional and global challenges.

https://twitter.com/x/status/1848597257798471795

United Nations Secretary-General Antonio Guterres to attend BRICS Summit in Russia.
In June, the UN Secretary General declined Ukraine's invitation
to the first Global Peace Summit in Switzerland

 

[HaiderAfan]

President Putin held a meeting with his UAE counterpart Al Nahyan
ahead of the 16th BRICS Summit in Kazan, Russia.

https://twitter.com/x/status/1848343395741155654

 

[Akbar26]

BRICS countries now control over 20% of world's gold reserves. A recent report
from the World Gold Council reveals that the BRICS nations (Brazil, Russia, India,
China, and South Africa) collectively hold over 20% of the world's gold reserves.

The BRICS Summit taking place today in Kazan, Russia, serves multiple significant purposes as it marks the first meeting since the group's expansion earlier this year. Here are the key objectives and themes of the summit:
Key Objectives of the BRICS Summit

1. Strengthening Multilateralism: The summit is themed "Strengthening Multilateralism for Just Global Development and Security," emphasizing the need for collaborative approaches to global challenges and promoting a multipolar world order that counters Western dominance.
2. Economic Cooperation: Leaders will discuss enhancing economic ties among member nations, particularly in light of recent global economic shifts and sanctions affecting some members like Russia. There is a strong focus on developing new financial. instruments and payment systems that are less dependent on Western financial systems.
3. Bilateral Meetings: Prime Minister Narendra Modi is expected to hold bilateral discussions with various leaders, including Russian President Vladimir Putin and Chinese President Xi Jinping, to address specific regional and global issues, including the ongoing conflicts in Gaza and Ukraine.
4. Adoption of the Kazan Declaration: The leaders aim to adopt a declaration that outlines future initiatives and collaborative efforts among BRICS nations, reflecting their collective stance on global governance reforms and economic development strategies
5. Addressing Global Issues: The agenda includes discussions on pressing international matters such as climate change, sustainable development, and security concerns, highlighting the bloc's role in fostering dialogue on these critical topics.
6. Inclusion of New Members: This summit is notable for being the first after BRICS expanded its membership to include new countries like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This expansion aims to enhance the group's inclusivity and collective influence on global affairs.

Conclusion
The Kazan summit represents a pivotal moment for BRICS as it seeks to solidify its role as a counterbalance to Western-led initiatives while fostering greater cooperation among emerging economies. The outcomes from this gathering will likely shape the future direction of BRICS in addressing both regional and global challenges.

https://twitter.com/x/status/1848597257798471795

BREAKING NEWS:-

India will support Pakistan's membership in BRICS during the summit in Kazan, Russia.

Source: ABP News.

 

[Akbar26]

Russia is actively leveraging the BRICS+ Financial Alliance to challenge the dominance of the US dollar, euro, and Western banks. This initiative is part of a broader strategy to create an alternative financial system that can help member countries evade Western sanctions and reduce reliance on traditional financial structures.
Key Developments:

• Formation of an Alternative Payment System: Russia has been working on establishing a payment system among BRICS nations, which was a significant focus at the recent BRICS summit in Kazan. The goal is to create mechanisms that allow transactions in local currencies rather than the US dollar, thereby diminishing Western financial influence.
• Encouragement to Move Away from the Dollar: Russian President Vladimir Putin has emphasized the need for BRICS members to develop their own financial instruments and clearing systems to minimize dependence on Western currencies. This includes exploring the use of national currencies and potentially a BRICS digital currency.
• Expansion of BRICS Membership: The group has expanded from five to nine members, now including countries like Iran and Saudi Arabia. This expansion aims to strengthen the bloc's collective economic weight and geopolitical influence, thereby presenting a united front against Western economic dominance.
• Challenges Ahead: Despite these ambitions, experts caution that internal rivalries among BRICS members could complicate efforts to establish a cohesive alternative financial system. Different economic interests and levels of dependence on Western markets may hinder the group's ability to act decisively.
• Geopolitical Implications: The BRICS summit serves as a platform for Russia to showcase its resilience against Western sanctions and its commitment to fostering a multipolar world order. Analysts suggest that while the initiative may provide some benefits, it faces significant hurdles in effectively challenging established global financial norms.

In summary, Russia's push through the BRICS+ Financial Alliance represents a strategic effort to undermine Western financial hegemony while fostering greater economic cooperation among emerging economies. However, achieving these goals will require overcoming substantial geopolitical and economic challenges.