BRICS: News and Discussion

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Prem
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Re: BRICS: News and Discussion

Post by Prem »

CLOSED CIRCLE: BRICS blow to Pakistan
So to comb through the lengthy and verbose Goa Declaration issued after the weekend’s BRICS summit and look for specifics endorsing India’s position, especially on the issue of trans-national and cross-border terrorism emanating from Pakistan, would be akin to missing the woods for the trees.Or, to put it more bluntly, it would be silly.The main purpose behind Brazil, Russia, India, China and South Africa to come together on a common platform was to jointly pursue, to the extent possible, the goals of emerging economies.The main purpose behind Brazil, Russia, India, China and South Africa to come together on a common platform was to jointly pursue the goals of the emerging economies.The main purpose behind Brazil, Russia, India, China and South Africa to come together on a common platform was to jointly pursue the goals of the emerging economies
To facilitate that objective, BRICS was to create an alternative to the antiquated Bretton Woods financial architecture that does not quite meet the needs of these five countries representing 50 per cent of the global population and 25 per cent of the world’s GDP.Everything else, especially collaboration on geopolitical and geo-strategic issues, remains no more than dressing on the salad.Each of the member-states has its own national and regional concerns; their national interests do not coincide; and, multilateral action is not necessarily the sum total of bilateral relations.
So to presume that Brazil, Russia, India, China and South Africa, like Clifford, Arlington, Buckingham, Ashley and Lauderdale, would think and act like a cabal, united in ideology and purpose within the larger global council of states, would be entirely misplaced.As would be to attach extraordinary importance to the Goa Declaration in determining who stands with India in its opposition to Pakistan’s use of cross-border terrorism as an instrument of state policy.
http://www.dailymail.co.uk/indiahome/in ... z4NTJbXpgO
Last edited by ramana on 20 Oct 2016 02:50, edited 1 time in total.
Reason: Added bold and underlines. ramana
A_Gupta
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Re: BRICS: News and Discussion

Post by A_Gupta »

http://timesofindia.indiatimes.com/worl ... 294415.cms
Enhance cooperation to protect common interests, Xi Jinping tells BRICS
Briefing fellow BRICS leaders about China's blueprint for promoting cooperation among the member states during China's presidency of the bloc this year, Xi said Beijing will host the ninth BRICS leaders' summit in Xiamen, a coastal city in southeastern China's Fujian province in September this year.

The summit will focus on four aspects, deepening pragmatic cooperation for common development, enhancing global governance to jointly counter challenges, carrying out people- to-people exchanges to consolidate public support for cooperation and promoting mechanism-building to construct broader partnership, said Xi, also the General Secretary of the ruling Communist Party of China (CPC).
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Re: BRICS: News and Discussion

Post by Austin »

China to push 'sovereign' Internet vision at BRICS Summit
Defending its curbs on global websites such as Facebook and Twitter, China has released a new white paper on its cyber strategy that underlines Beijing's emphasis on "sovereignty" as opposed to a truly global Internet.

China's paper underlined how many countries, such as China and Russia, are pushing the vision of "sovereign" nationally-administered and controlled cyberspace communities, that are challenging the vision of a truly global and open worldwide web.

Chinese officials said on Thursday that as China hosts the BRICS Summit later this year, a cyber security working group will meet to discuss "cyberspace governance".

The "International Strategy of Cooperation on Cyberspace" is China's first policy paper on its Internet strategy, which it said was "based on peace, sovereignty, shared governance and shared benefits."

The paper defined China's "strategic goals" as "safeguarding of China's sovereignty, security and development interests in cyberspace; the secure and orderly flow of information on the Internet; improved global connectivity; and maintaining of peace, security and stability in cyberspace."

Cybersecurity officials on Thursday, in a rare meeting with journalists, stressed that China believed in its "sovereignty" over how it administered the Internet.

WEBSITES 'UNDERMINING' CHINA'S NATIONAL INTERESTS


While the white paper said China "supports a free and open Internet", its officials were asked why they blocked some of the most globally used websites such as Facebook, Twitter and YouTube. They suggested these sites were "undermining" China's national interests, presumably by allowing for the free flow of information.

"The Chinese Internet is fully open," said Wang Jianchao, International Cooperation Department of the Cyberspace Administration of China. "As long as they comply with Chinese laws and regulations, refrain from undermining China's national interests and interests of Chinese consumers, all Internet companies are welcome in China."

CHINA'S BIGGEST FEARS


One of China's big fears is social media being used both for terrorism and to coordinate mass protests, as was the case in Xinjiang in 2009, where riots prompted the blocking of Facebook and Twitter. Chinese authorities believed extremist groups were behind spreading information that led to the violence, that claimed at least 197 lives.

Long Zhou, Coordinator, Cyber affairs division of the Foreign Ministry, said China was "deeply worried that around the world cyber attacks are increasing".

When asked about allegations of Russian interference in the US election, Long said, "Especially in recent years, the number of cyber security events throughout the world increasing, posing challenges to all countries' efforts to maintain political, economic stability and protecting all citizens' rights and interests."

"Cyber attacks, cyber espionage, surveillance have become major realistic issues confronting all countries," he said. "Countries in the whole world have increasing concerns in this regard. Cyberspace should not be a space of no laws. At the same time, the international community is also discussing about whether we should produce new international legal instruments to deal with the security situation in cyberspace. For example, how we can crack down on cyber terror or cross-boundary cyber crimes."

China appears to be canvassing support for its view of the Internet among like-minded countries such as Russia. Later this year, as China hosts the BRICS Summit, a working group on cybersecurity will also meet, said Long.

"As BRICS host this year, China stands ready to work together with Russia and other BRICS partners", he said, to explore partnerships on cyber governance.

The white paper said China's "plan of action includes promoting the building of rule-based order in cyberspace, expanding partnership with other countries, boosting institutional reform in Internet governance, jointly combating cyber terrorism and crimes, and protecting individual privacy in cyberspace."
Austin
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Re: BRICS: News and Discussion

Post by Austin »

Brics Bank approves $400 million loans for India, Russia

Brics New Development Bank has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million
Beijing: The Shanghai-based Brics New Development Bank (NDB) has approved two infrastructure and sustainable development projects in India and Russia with loans of $400 million.The loans will be used to rehabilitate the Indira Gandhi canal system in India and to build a toll transport corridor connecting Ufa city centre to the M-5 federal highway in Russia.

“The NDB was established to mobilize resources for infrastructure and sustainable development in Brics and other emerging economies and developing countries, and the two projects approved today are fully in line with the bank’s mandate and national development plans of our member countries,” NDB president K.V. Kamath was quoted as saying by Xinhua news agency.

The NDB was set up with an initial authorized capital of $100 billion after leaders of Brazil, Russia, India, China, and South Africa (Brics) agreed on its establishment during the 6th Brics Summit in Fortaleza, Brazil, in 2014.

The bank officially opened in 2015. NDB had approved seven projects in 2016 with a total worth of $1.5 billion. The bank said sustainable infrastructure development will be the primary emphasis of its operations in the next five years. PTI
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Re: BRICS: News and Discussion

Post by Austin »

Russia in RSA

‏Verified account @EmbassyofRussia
3h3 hours ago

#BRICS Foreign Ministers reaffirmed their commitment for a political resolution of the conflict in #Syria, through an inclusive "Syrian-led, Syrian-owned" political process which safeguards the state sovereignty, independence and territorial integrity of Syria

Image
Vips
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Re: BRICS: News and Discussion

Post by Vips »

Austin wrote:China to push 'sovereign' Internet vision at BRICS Summit
Defending its curbs on global websites such as Facebook and Twitter, China has released a new white paper on its cyber strategy that underlines Beijing's emphasis on "sovereignty" as opposed to a truly global Internet.

China's paper underlined how many countries, such as China and Russia, are pushing the vision of "sovereign" nationally-administered and controlled cyberspace communities, that are challenging the vision of a truly global and open worldwide web.

Chinese officials said on Thursday that as China hosts the BRICS Summit later this year, a cyber security working group will meet to discuss "cyberspace governance".

The "International Strategy of Cooperation on Cyberspace" is China's first policy paper on its Internet strategy, which it said was "based on peace, sovereignty, shared governance and shared benefits."

The paper defined China's "strategic goals" as "safeguarding of China's sovereignty, security and development interests in cyberspace; the secure and orderly flow of information on the Internet; improved global connectivity; and maintaining of peace, security and stability in cyberspace."

Cybersecurity officials on Thursday, in a rare meeting with journalists, stressed that China believed in its "sovereignty" over how it administered the Internet.

WEBSITES 'UNDERMINING' CHINA'S NATIONAL INTERESTS


While the white paper said China "supports a free and open Internet", its officials were asked why they blocked some of the most globally used websites such as Facebook, Twitter and YouTube. They suggested these sites were "undermining" China's national interests, presumably by allowing for the free flow of information.

"The Chinese Internet is fully open," said Wang Jianchao, International Cooperation Department of the Cyberspace Administration of China. "As long as they comply with Chinese laws and regulations, refrain from undermining China's national interests and interests of Chinese consumers, all Internet companies are welcome in China."

CHINA'S BIGGEST FEARS


One of China's big fears is social media being used both for terrorism and to coordinate mass protests, as was the case in Xinjiang in 2009, where riots prompted the blocking of Facebook and Twitter. Chinese authorities believed extremist groups were behind spreading information that led to the violence, that claimed at least 197 lives.

Long Zhou, Coordinator, Cyber affairs division of the Foreign Ministry, said China was "deeply worried that around the world cyber attacks are increasing".

When asked about allegations of Russian interference in the US election, Long said, "Especially in recent years, the number of cyber security events throughout the world increasing, posing challenges to all countries' efforts to maintain political, economic stability and protecting all citizens' rights and interests."

"Cyber attacks, cyber espionage, surveillance have become major realistic issues confronting all countries," he said. "Countries in the whole world have increasing concerns in this regard. Cyberspace should not be a space of no laws. At the same time, the international community is also discussing about whether we should produce new international legal instruments to deal with the security situation in cyberspace. For example, how we can crack down on cyber terror or cross-boundary cyber crimes."

China appears to be canvassing support for its view of the Internet among like-minded countries such as Russia. Later this year, as China hosts the BRICS Summit, a working group on cybersecurity will also meet, said Long.

"As BRICS host this year, China stands ready to work together with Russia and other BRICS partners", he said, to explore partnerships on cyber governance.

The white paper said China's "plan of action includes promoting the building of rule-based order in cyberspace, expanding partnership with other countries, boosting institutional reform in Internet governance, jointly combating cyber terrorism and crimes, and protecting individual privacy in cyberspace."
All mumbo jumbo. This is actually an attempt by China/Russia to somehow blunt the softpower of USA and erode its stranglehold of the Internet. India needs to be careful and not get trapped in advocating a vision for Internet which is bound to be restrictive given the totalitarion/authoritarian ethos of China and Russia.
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Re: BRICS: News and Discussion

Post by Neshant »

Vips wrote: All mumbo jumbo. This is actually an attempt by China/Russia to somehow blunt the softpower of USA and erode its stranglehold of the Internet. India needs to be careful and not get trapped in advocating a vision for Internet which is bound to be restrictive given the totalitarion/authoritarian ethos of China and Russia.
China has gone to great extent to control it's population through extensive spying & record keeping on each individual.

The individual profile is used to deny govt services, job opportunities, impose a financial burden and cause hardship in general to those who do not tow the govts line on all issues. The objective being to keep the regime in power and ward off all threats to it's control.

However a similar situation is occurring the US.

The govt there using the NSA and other such alphabet soup agencies along with private companies (Google, Apple, Microsoft, Facebook, Whatsapp, email..etc) to build profiles on people and spy on them for economic enslavement and keeping the Federal Reserve bankster-corporate control in power.

Trace this issue to it's roots and you'll find this gradual enslavement of population begins with the monopolistic control of currency by a select few rather than the people who earned that wealth. It is something India must avoid or it's a case of Colonialism II.

US became rich on the strength of founders vision of individual financial freedoms and ownership of private property. It is becoming poor with bankster cronyism that tries to assert the wealth you have earned is not yours to keep. I.e theft through inflation, bailouts, taxes..etc. spying on people to build profiles on them to force them to support corrupt bankster goons who have hijacked govt machinery..etc.
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Re: BRICS: News and Discussion

Post by Austin »

Chinese president arrives in South Africa for state visit, BRICS summit

Austin
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Re: BRICS: News and Discussion

Post by Austin »

Brics bank opens its doors to all states, including nonmembers

https://www.businesslive.co.za/bd/natio ... onmembers/
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Re: BRICS: News and Discussion

Post by Austin »

PM Narendra Modi Arrives In South Africa To Attend BRICS Summit: LIVE Updates

https://www.ndtv.com/india-news/brics-s ... es-1889260
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Re: BRICS: News and Discussion

Post by ramana »

NaMo to meet Xi JinPing and Putin also.

In effect this is follow up to Helsinki
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Re: BRICS: News and Discussion

Post by Austin »

PM Narendra Modi arrives in South Africa for BRICS summit

Austin
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Re: BRICS: News and Discussion

Post by Austin »

BRICS SUMMIT 2018: Indian PM Modi Speech (July 26, 2018)



[ In Hindi ]
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Re: BRICS: News and Discussion

Post by Austin »

South Africa: Putin meets with Indian PM Modi on BRICS sidelines

Austin
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Re: BRICS: News and Discussion

Post by Austin »

PM Modi meets Chinese President Xi Jinping on sidelines of BRICS Summit

Austin
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Post by Austin »

In Depth - 10th BRICS Summit

Austin
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Post by Austin »

LIVE: 10th BRICS summit takes place in Johannesburg: day 2

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Re: BRICS: News and Discussion

Post by chetak »

twitter
Interesting photo from the Modi Xi meet in South Africa: seems like the Chinese side wanted to ensure Xi’s chair was higher than everyone else’s!

Image
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Re: BRICS: News and Discussion

Post by sanjaykumar »

Good catch. Or they padded his bottom. Or perhaps he has Hottentot blood in him, possibly courtesy of Admiral Zheng.
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Re: BRICS: News and Discussion

Post by Prem »

Per one gentleman, Xi is sitting on booster seat .
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Re: BRICS: News and Discussion

Post by kvraghav »

He is very tall person. Please check his height.
nam
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Re: BRICS: News and Discussion

Post by nam »

To achieve that height while sitting, the person must be 7 feet.. which is he not. There is video in the comments above, where he is probably 2-3 inches taller that modi, even that probably due to booster shoes.

Can be easily made out, the char has been lifted up.
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Re: BRICS: News and Discussion

Post by sanjaykumar »

Lest it be misconstrued, I mean NO disrespect for the Khoi people. I just reviewed the history of Sarah Baartman, it sickened me.
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Re: BRICS: News and Discussion

Post by disha »

Prem wrote:Per one gentleman, Xi is sitting on booster seat .
Looks like eleven pingping is wearing diapers!
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Re: BRICS: News and Discussion

Post by anupmisra »

There, judge for yourself. Modi, BTW, is 5'-7".

Image

http://www.dailymail.co.uk/news/article ... t-G20.html
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Re: BRICS: News and Discussion

Post by anupmisra »

kvraghav wrote:He is very tall person. Please check his height.
5'-9" per Daily Mail.
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Re: BRICS: News and Discussion

Post by anupmisra »

Is Xi doing a Zuckerberg?

Image
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Re: BRICS: News and Discussion

Post by yensoy »

sanjaykumar wrote:Good catch. ..., possibly courtesy of Admiral Zheng.
That would be especially interesting given that Admiral Zheng was an eunuch.
Prem wrote:Per one gentleman, Xi is sitting on booster seat .
This is beyond ridiculous. And we are supposed to take these jokers seriously?

I think Xi is really overextending himself in his unbridled ambition to be the father of Mao.
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Re: BRICS: News and Discussion

Post by disha »

anupmisra wrote:There, judge for yourself. Modi, BTW, is 5'-7".
Modi is 5'-9"
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Re: BRICS: News and Discussion

Post by anupmisra »

disha wrote:
anupmisra wrote:There, judge for yourself. Modi, BTW, is 5'-7".
Modi is 5'-9"
Not that it matters...but,

https://starsunfolded.com/narendra-modi/comment-page-2/
https://notednames.com/Politician/India ... ht-Height/
https://www.myfashioncampus.com/2018/06 ... t-age.html
ramana
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Re: BRICS: News and Discussion

Post by ramana »

The first post-Ukraine War BRICS summit will be held soon.
Time to revive this thread.
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Re: BRICS: News and Discussion

Post by g.sarkar »

As China is growing, so is Eleven.
Gautam
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Re: BRICS: News and Discussion

Post by Cyrano »

The million rupee question is will NaMo attend the summit in China while the border situation is unresolved!
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Re: BRICS: News and Discussion

Post by ramana »

It's virtual and yes NaMo will attend.
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Re: BRICS: News and Discussion

Post by g.sarkar »

https://www.france24.com/en/live-news/2 ... tate-media
Xi warns about 'expanding military alliances' at BRICS summit: state media
Issued on: 22/06/2022

Beijing (AFP) – Chinese President Xi Jinping warned against "expanding" military ties on Wednesday in a speech ahead of a virtual summit with top leaders from Russia, India, Brazil and South Africa.
Beijing is hosting the meeting of the influential club of BRICS emerging economies, which accounts for more than 40 percent of the global population and nearly a quarter of the world's gross domestic product.
Three of its members -- China, India and South Africa -- have abstained from voting on a United Nations resolution condemning Russia's invasion of Ukraine.
Xi told the BRICS business forum that the "Ukraine crisis is... a wake-up call" and warned against "expanding military alliances and seeking one's own security at the expense of other countries' security".
China and India have strong military links with Russia and buy large amounts of its oil and gas.
In a call last week, Xi assured his Russian counterpart Vladimir Putin that China would support Moscow's core interests in "sovereignty and security" -- leading the United States to warn Beijing that it risked ending up "on the wrong side of history".
South Africa, one of the few African countries wielding diplomatic influence outside the continent, has also not condemned the Russian military action.
Xi took a swipe at US and European Union sanctions on Russia in the speech on Wednesday, saying "sanctions are a boomerang and a double-edged sword".
......
Gautam
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Re: BRICS: News and Discussion

Post by ramana »

Prasar Bharati on latest summit.
BRICS summit concludes; PM Modi calls for reform of multilateral system


The two day 14th BRICS Summit concluded on June 24. Prime Minister Narendra Modi, President of China Xi Jinping, President Jair Bolsonaro of Brazil, President Vladimir Putin of Russia, and President Cyril Ramaphosa of South Africa participated in the Summit.

The High-level Dialogue on Global Development, non-BRICS engagement segment of the Summit, was held on 24 June. In his speech, PM Modi mentioned India’s development partnerships with Africa, Central Asia, Southeast Asia, and all the way down to the Caribbean; India’s commitment to a free, open, inclusive, and rules-based maritime space; respect for sovereignty and territorial integrity of all nations from the Indian Ocean Region to Pacific Ocean; and reform of the multilateral system as most of Asia and most of Africa and Latin America lack a voice in global decision-making. The Prime Minister noted the importance of the circular economy and invited citizens of participating countries to join the Lifestyle for Environment (LIFE) campaign.

On June 23, there was extensive discussion on counter-terrorism, trade, health, traditional medicine, the environment, science, technology & innovation, agriculture, technical & vocational education & training, as well as key issues in the global context, such as the reform of the multilateral system, COVID-19 pandemic and global economic recovery.

PM Modi called for strengthening of the BRICS identity and proposed establishment of an online database for BRICS documents, BRICS Railways Research Network and strengthening cooperation between MSMEs. India will be organizing a BRICS Startup event this year to strengthen connections between startups in BRICS countries.

As members of BRICS, the Prime minister emphasized the importance of understanding the security concerns of each other, providing mutual support, and avoiding politicization on this sensitive issue. At the conclusion of the Summit, BRICS Leaders adopted the ‘Beijing Declaration’.

The participating guest countries were Algeria, Argentina, Cambodia, Egypt, Ethiopia, Fiji, Indonesia, Iran, Kazakhstan,Malaysia, Senegal, Thailand and Uzbekistan.

Earlier, in the keynote speech delivered at the opening ceremony of BRICS Business Forum, Prime Minister appreciated BRICS Business Council and BRICS Women Business Alliance which continued their work despite COVID-19 Pandemic. He urged the BRICS business community to work together in the field of technology-based solutions for social and economic challenges, startups and MSMEs.

BRICS

BRICS is the acronym used to refer to Brazil, Russia, India, China, and South Africa. They have been the main engine of global economic growth over the past decades. Together, these countries make up 41% of the world’s population, around 25% of global GDP, and around 20% of world trade.

A focus on issues of common concern to all developing countries has prompted the BRICS countries to regularly request reform of the multilateral system in order to make it more representative and inclusive.
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Re: BRICS: News and Discussion

Post by NRao »

Russia, China, BRICS plan new int’l reserve currency
During the last month, the West has been struggling with red hot inflation and energy prices skyrocketing higher. Politicians in the UK, Europe, and the US have been trying to blame the economic calamity on a number of things like the Ukraine-Russia war and Covid-19.

Data from last month’s consumer prices in America and Europe have climbed to all-time highs and many analysts say Western countries are in a recession or about to experience one. Meanwhile, at the end of June, members of the BRICS nations met at the 14th BRICS Summit to discuss world affairs.

During the BRICS Summit, Russian President Vladimir Putin announced that the five-member economies — Brazil, Russia, India, China, and South Africa – plan to issue a “new global reserve currency”.

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin said at the time. “We are ready to openly work with all fair partners,” he added. Additionally, Turkey, Egypt, and Saudi Arabia are considering joining the BRICS group. Analysts believe the BRICS move to create a reserve currency is an attempt to undermine the US dollar and the IMF’s SDRs.

“This is a move to address the perceived US hegemony of the IMF,” ING Global Head of Markets Chris Turner, explained at the end of June. “It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.”

While the news of a reserve currency created by BRICS may be a surprise to some, specific accounts about the member countries countering the US dollar have been reported on for quite some time. At the end of May 2022, a Global Times report noted members were urged to end their dependence on the dollar’s global dominance.

Putin explained the following month that “contacts between Russian business circles and the business community of the BRICS countries have intensified”. The Russian President further noted that Indian retail chain stores would be hosted in Russia, and Chinese cars and hardware would be imported regularly. Putin’s recent statements and commentary at the BRICS Summit have made people believe the BRICS members are not “just a ‘talk shop’ anymore”.

In addition to South Africa, Russia has also increased foreign aid and has delivered weapons to Sub-Saharan African countries. Furthermore, Putin and other BRICS leaders have been targeting US hegemony and exceptionalism in specific statements published by the media.

At this year’s St. Petersburg International Economic Forum, Putin addressed the crowd with a 70-minute speech and talked about the US ruling the world’s financial system for years. “Nothing lasts forever,” Putin said. “(Americans) think of themselves as exceptional. And if they think they’re exceptional, that means everyone else is second class,” the Russian President told the forum attendees.

Speaking with Russian ambassadors in a biennial speech, Putin said the West was weakening a great deal in terms of economic power.

“Domestic socio-economic problems that have become worse in industrialised countries as a result of the (economic) crisis are weakening the dominant role of the so-called historical West,” Putin remarked to the ambassadors. “Be ready for any development of the situation, even for the most unfavorable development.”

Russia and Putin have been saying that the US dominance in the world of finance has been dying for years now. In October 2018, speaking at the Valdai forum, Putin said the US sanctioning specific countries (including Russia) would undermine trust in the US dollar.

The Russian President noted that most of the fallen empires have made the same mistake. “It’s a typical mistake of an empire,” the Russian leader declared at the time. “An empire always thinks that it can allow itself to make some little mistakes, take some extra costs, because its power is such that they don’t mean anything. But the quantity of those costs, those mistakes inevitably grows.” Putin continued:

“And the moment comes when it can’t handle them, neither in the security sphere or the economic sphere.”

Moreover, in June, Bloomberg published a report about the BRICS Summit and noted that China’s President Xi Jinping suggested that the North Atlantic Treaty Organiaation (NATO) was responsible for antagonising the Russian Federation. Xi also said that certain countries that bolster exceptionalism will falter by suffering from security vulnerabilities.

“Politicising, instrumentalising, and weaponising the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi detailed. “Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”

The strengthening of the BRICS nations has been going on well before the conflict in Ukraine began. For instance, in 2014, Russia fully developed ​​the System for Transfer of Financial Messages (SPFS), and later the Mir payment system was launched. That same year, in response to the annexation of Crimea, Russia started to stockpile gold in vast amounts.

China has been hoarding massive amounts of gold as well, as both countries hiked their gold reserve purchases a great deal a few years before the war. Russian banks also joined the China International Payments System (CIPS) making it easier for the two countries to trade. In April last year, China opened its borders to billions of dollars of gold imports, according to a report from Reuters.

Since World War I, the US dollar has been the world’s global reserve currency and America emerged as the largest international creditor. Fast forward to today, and the dollar is booming against a number of other currencies, and the US dollar is the most robust it has been in an entire generation. The US dollar currency index (DXY) gained over 10% this year and outpaced strong currencies like the Japanese yen.

Just recently, the euro met parity with the dollar, and other currencies like the Indian rupee, Polish zloty, Colombian peso, and the South African rand have faltered against the greenback in recent times. However, the Russian ruble has been a strong competitor to the dollar this year and has been one of the best-performing fiat currencies in 2022.

With inflation soaring and interest rates getting hiked by the Federal Reserve, Kamakshya Trivedi, the Co-Head of a market research group at Goldman Sachs stressed that it’s been a “pretty tough mix” to deal with. Despite the uncertainty, the analyst at Goldman Sachs thinks the dollar, at least for now, will remain robust. But in comparison to the greenback’s recent spike in value, most of that rise is in the past, Trivedi remarked.

“For now, we still expect the dollar to trade on the front foot,” Trivedi wrote on 16 July. “There might be a bit more to go, but probably the largest part of the dollar move may well be behind us.”

(This article was first published by Bitcoin.com News on 25 July)
Dilbu
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Re: BRICS: News and Discussion

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Emerging Markets Rush To Join BRICS Alliance As High Energy Prices Persist
As emerging markets recover from the Covid-19 pandemic and face financial headwinds due to interest rate hikes in the US, the BRICS group – Brazil, Russia, India, China, and South Africa – is looking to expand its membership to tackle shared challenges. At the 14th BRICS Summit held in July, China, Russia and India discussed the potential entry of Egypt, Saudi Arabia and Turkey, which are reportedly preparing applications.

This announcement came after the disclosure in June that Iran and Argentina had already applied with support from China. In addition, international media has reported that Algeria, Bangladesh, Indonesia, Mexico, Nigeria, Sudan, Syria, Pakistan, and Venezuela have expressed interest in joining the organization.

An online meeting hosted by China in May of potential BRICS+ applicants included the foreign ministers of Argentina, Egypt, Indonesia, Kazakhstan, Nigeria, the UAE, Saudi Arabia, Senegal and Thailand.

It is unclear who will join and when, as there is no formal process for welcoming new members, and any expansion would likely take place in a piecemeal fashion. However, BRICS expansion could offer emerging markets the opportunity to build new economic synergies.
Critics argue that this current push for BRICS expansion is driven by China’s intent to gain a larger footprint in the global economy, as it is once again president of the grouping. Whereas Russia and South Africa support expansion, Brazil and India have shown little enthusiasm.

Nevertheless, the urgency of solving global challenges of food security and climate change may outweigh such concerns and encourage cohesion among prospective BRICS members.

Concerns about global food security could prompt existing and new BRICS members to create a food exchange including members’ major exports such as Argentine corn, Indian rice and wheat, Russian barley and sunflower oil, Chinese grain and cotton, and Brazilian soybeans. Such an exchange could later include other emerging markets’ agriculture products.
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