BRICS: News and Discussion

[Tanaji]

As I said before the vidhwavilaap earlier was Modi must resign if there is no consensus statement at G20. Now that we have one, the randi ronaa from Britshit newspapers is that it happened because the bar was too low.

Shameless…

[drnayar]

As I said before the vidhwavilaap earlier was Modi must resign if there is no consensus statement at G20. Now that we have one, the randi ronaa from Britshit newspapers is that it happened because the bar was too low.

Shameless…

absolutely .. the rhona dhona about "poverty" "religion" "violence" .. hash and rehash .. https://www.thetimes.co.uk/article/insi ... -6qdv6crvp

its the ukies swan song before the dumps hit them.. just give it 5 years.. they would join the western bottom feeders.. some already likening it to becoming like S Africa of all places.

[bala]

often mistaken as the symbol of love, it was, in fact, a symbol of Mughal power, a megalomaniacs erection depicted in marble

Chetak, saar, Taj Mahal needs to be renamed as Tejo Mahalaya, similar to how India became bharat. There is too many evidences that gives away the structure, the 4 mini-minars are not standard fare .. the blue mosque in instanbul (also 4 minars) was formerly a church and prior to that a hindu structure.

[chetak]

often mistaken as the symbol of love, it was, in fact, a symbol of Mughal power, a megalomaniacs erection depicted in marble

Chetak, saar, Taj Mahal needs to be renamed as Tejo Mahalaya, similar to how India became bharat. There is too many evidences that gives away the structure, the 4 mini-minars are not standard fare .. the blue mosque in instanbul (also 4 minars) was formerly a church and prior to that a hindu structure.

bala saar,

Right on

BTW, it's not even oriented in the direction of their holy city and it's definitely not theirs

why would anyone build such a grandiose structure and not even take care of the basic and fundamental requirement of such structures by failing to point it in the right direction

black lentils onlee

[chetak]

https://www.youtube.com/watch?v=lZbhQCmeCvg


'WORST (CANADIAN) GOV'T I'VE EVER SEEN': Trudeau blasted by Russell Brand over democracy hypocrisy

[chetak]

https://www.youtube.com/watch?v=YvOCA4jls5Q


LILLEY UNLEASHED: Trudeau’s second trip to India went as just as well as you would think

[NRao]

With the election of a right-wing Prez, Argentine seems to prefer not to join the BRICS. This Prez favors the US dollar.

[chanakyaa]

Good riddance. Argentina really does not have anything to offer and never really had anything to offer. In terms of defaults and IMF handouts, the country competes with Pakistan, Zimbabwe etc. Javier Milei is another puppet who will turn the keys of Argentinian treasury to foreigners. Economist by trade and zero experience in governance. Just like many central American countries where effective currency usage is USD, Argentina heading the same way. Good that they are not part of BRICS.

Dollarization for Argentina?

[NRao]

Well, India and China opposed Argentina based on your (^^^^^) arguments. Brazil insisted and now has egg all over her face.

It will be interesting to see how anti-BRICS spin this.

However, this incident will now force a more strict entrance procedure. Good.

[Yagnasri]

Every setback will be a lesson. BRICS lose nothing if they join or do not join. One can be very sure when the US finish with it they will come back and beg to join.

[bala]

EAM speech at joint meeting at BRICS Nov, 21, 2023

[ricky_v]

https://au.news.yahoo.com/south-africa- ... 38296.html

JOHANNESBURG (Reuters) - Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have confirmed they are joining the BRICS bloc after being invited last year, South Africa's Foreign Minister Naledi Pandor said on Wednesday.

With respect to the BRICS confirmations, five out of the six have confirmed. That is Saudi Arabia, UAE, Ethiopia, Iran ... and Egypt," Pandor told a news conference on Wednesday.

"Argentina has written to indicate that they will not act on this successful application by the previous administration to become full members of BRICS, and we accept their decision."

[Cyrano]

Argentina has junked it's own currency and adopted the USD and even closed it's central bank iirc. The new president Mellei is doing quite an experiment - not compatible with brics agenda, so its good they chose to stay out

[SRajesh]

BRICS is increasing becoming Chinese organisations.
SA are getting quite vociferous and egged on by the Chinese.
They have recently riled aginst Isreal.
Not long before Unkil and We find similar mentions by the SA.
Indians have colonial connotations to the native SA given earlier British and Aparteid regime labelling Indians as coloured and above the native blacks.
Plus they have had the grouse of Indian controlling the econimic interests far beyond their polulation numbers.
SA and other munnas like Iran, Ethiopia will be used by Chinese.
And if they allow Pakistanis, Turkey, Beedis etc it will be Chinese checkers!!

[Aldonkar]

BRICS is increasing becoming Chinese organisations.
...
Indians have colonial connotations to the native SA given earlier British and Aparteid regime labelling Indians as coloured and above the native blacks.
...

The Apartheid regime in SA labelled Indians as Indians. The Coloureds were white/black or white/malay (especially in Cape Town) or sometimes all three. Indians were relatively late on the scene in S. Africa having being brought in to work (as indentured labourers) on the sugar plantations of Natal. A few came over and became involved in retail. The Zulu natives in Natal were too proud to work as labourers on the European sugar plantations being primarily herdsmen. There were states, such as Orange Free State (under apartheid), where Indians were prohibited from living.

[ernest]

Indians dominate the economy of SA, and wield a great deal of influence in politics. It would be tough for China to convince them to go against India

[ricky_v]

https://asiatimes.com/2024/06/southeast ... -to-brics/

In recent days, Malaysia detailed its ambitions to join Brazil, Russia, India, China and South Africa. Thailand and Vietnam are also among the Association of Southeast Asian Nations members expressing similar interest.

In Indonesia, there’s growing awareness that Argentina, Egypt, Ethiopia, Iran, United Arab Emirates, Saudi Arabia and other “Global South” nations have a point in vying to join this burgeoning intergovernmental organization.

During an interview with Chinese media ahead of Li Qiang’s visit to Malaysia, Prime Minister Anwar Ibrahim declared his intention to join the bloc after it doubled in size over the last year. That dynamic is luring Global South nations — partly by offering access to financing but also by offering a political movement independent of Washington’s influence.

“We have made our policy clear and we have made our decision,” Anwar tells Chinese media outlet Guancha. “We will start the formal process soon. As far as the Global South is concerned, we are fully supportive.”

Anwar gave a shoutout to Brazilian President Luiz Inacio Lula da Silva, who is determined to end the dollar’s dominance.

“Last year, Malaysia had the highest investment ever, but the currency was still attacked,” Anwar explains. “Well, it has eased in the past few weeks. But it doesn’t make sense, it goes against basic economic principles.”

Anwar notes that the question is: Why? “A currency that is completely outside the trade system of the two countries and is irrelevant in terms of economic activities in the country, has become dominant, purely because it is used as an international currency,” he says.

In late May, Thailand announced it’s applying for BRICS inclusion in part to boost its presence on the world stage. If approved, Bangkok would likely become the first ASEAN economy added.

“Thailand views that BRICS has an important role to play in strengthening the multilateral system and economic cooperation between countries in the Global South, which aligns with our national interests,” notes Foreign Ministry spokesperson Nikorndej Balankura. “As for economic and political benefits, joining BRICS would reinforce Thailand’s role on the global stage, and strengthen its international cooperation with emerging economies, especially in trade, investment and food and energy security.”

Soumya Bhowmick, an associate fellow at the Observer Research Foundation think tank, says Thailand’s bid supports Beijing’s broader strategic goals of expanding Chinese economic influence in Southeast Asia.

[sanman]

Is Yemen Entering BRICS?

[sanman]

How EU Is Trying to Keep Turkey Away from BRICS

[sanman]

[Rakesh]

VIDEO: https://x.com/Sputnik_India/status/1834181926011404677 ---> "There was G7 club, but you wouldn't let anybody else into it - so we created our own club." Jaishankar on BRICS creation.

[bala]

Putin holding a meeting with BRICS national security advisors

[ricky_v]

https://asiatimes.com/2024/09/bric-by-b ... r-of-time/

Trump made his announcement on the eve of the highly anticipated annual BRICS summit, scheduled for October 22-24 in Kazan, Russia. Crucially, the meeting may announce a roadmap for developing an alternative to the current dollar-centric global financial system.

Details are still scarce but some observers expect the meeting will announce a multicurrency payment platform. Some BRICS watchers even predict the announcement of a roadmap for a gold-backed BRICS trading currency.

The decision had major consequences. Freed from the constraints imposed by the gold standard, the US government lost its financial discipline and went on a decades-long spending spree. From 1971 to 2024, the US national debt grew from $400 billion to $35 trillion.

Servicing the national debt has become the biggest line item on the US national budget, even larger than annual defense spending, prompting a growing number of high-profile economists and business leaders to sound the alarm. Tesla CEO Elon Musk recently warned: “At current rates of government spending, America is in the fast lane to bankruptcy.”

Designing a financial or monetary architecture for countries as diverse as BRICS members is complex but there are several templates. The deputy foreign minister of the Russian Federation, Sergei Ryabkov, called recently for a monetary unit similar to the European Currency Unit (ECU), the precursor to the Euro.

The ECU was conceived in 1979 in response to Nixon’s decision to close the gold window. No longer pegged to gold, the European currency started to fluctuate wildly. The ECU thus created a shared unit of account that stabilized currency markets.

Another template being mentioned is the “bancor,” a currency unit proposed by economist John Maynard Keynes during the Bretton Woods Conference.

Keynes envisioned the bancor as a supranational unit of account, tied to a basket of essential commodities like oil and wheat. This would ensure that the bancor’s value was based on real economic resources rather than fluctuating national currencies.

Keynes also proposed penalties for countries with persistent trade surpluses or deficits, in a bid to encourage balanced global trade. The US rejected the bancor as cumbersome and a hindrance to free trade. But today’s chronic imbalances—particularly the US’s massive trade deficit with China—validate Keynes’s foresight.

BRICS could decide to launch a currency unit partially backed by gold and natural resources like oil, minerals and metals. The group has considerable leverage considering it controls a large and growing part of the world’s natural resources, enough to dictate global prices.

One indication that BRICS is preparing for such a financial reset is its unprecedented hoarding of gold. In the past two years, BRICS members have bought gold at record levels. The monetary metal has historically been used to recalibrate currencies following a financial or monetary crisis.

To be sure, a transformation of the now 80-year-old global financial system is inevitable. Bretton Woods was a neo-colonial makeover of the British Empire that modernized the financial system and moved the seat of power from London to New York.

[sanman]

[ricky_v]

https://www.foreignaffairs.com/russia/battle-brics

looks at current brics from the pov of members

In late October, the group of countries known as the BRICS will convene in the Russian city of Kazan for its annual summit.

Together, these ten countries represent 35.6 percent of global GDP in purchasing power parity terms (more than the G-7’s 30.3 percent) and 45 percent of the world’s population (the G-7 represents less than ten percent). In the coming years, BRICS is likely to expand further, with more than 40 countries expressing interest in joining, including emerging powers such as Indonesia.

THE KREMLIN’S BRICOLAGE
The BRICS summit in Kazan follows years of diplomatic efforts by the Kremlin to turn this alphabet soup of a group first cooked up by Goldman Sachs analysts into a proactive global organization. In 2006, Russia assembled the first meeting of BRIC foreign ministers in New York during the UN General Assembly. In June 2009, Russian President Dmitry Medvedev hosted the leaders of Brazil, China, and India for an inaugural summit in Yekaterinburg. And in 2010, the group added South Africa, completing the acronym as it is known today.


Back then, however, Moscow and its partners largely worked to improve the existing order, not torpedo it. BRICS announced the New Development Bank (NDB) in 2014 to complement existing international institutions and to set up a financial safety net that offered liquidity should any of its members face short-term difficulties. It was meant to supplement, not rival, the World Bank and the IMF.

Russia saw greater purpose and value in BRICS following the annexation of Crimea in 2014, the war in eastern Ukraine, and the coordinated Western sanctions against Russia that followed. Russia portrayed the BRICS summit it hosted in 2015 as a sign that it was not isolated, and that the group could serve as an alternative to the G-7—formerly the G-8, from which Russia had just been evicted. The Kremlin’s sense that BRICS can be a refuge from the domineering hegemony of the United States has only grown more pronounced since the 2022 invasion of Ukraine.

Those punitive restrictions also apply to the NDB, which Russia had hoped would serve as a source of funding as Western sanctions shut off other avenues, but the BRICS bank has frozen all projects in Russia.

These complications notwithstanding, BRICS still plays a major role in Russia’s evolving grand strategy. Before February 2022, Moscow hoped for a multipolar order in which Russia could balance relations with the two most powerful countries, China and the United States. The war in Ukraine has smashed the remnants of pragmatism in the Kremlin’s foreign policy. Since Putin perceives the war as part of a broader confrontation with the West, he now seeks to undermine the United States’ positions wherever he can—including by undermining various aspects of current global institutions and by helping to strengthen China’s challenge to U.S. hegemony. This approach can be seen in multiple areas, including Russia’s sharing of advanced military technology with China, Iran, and North Korea; its work to destroy the UN sanctions regime against Pyongyang; and its tireless promotion of payment schemes that can bypass instruments under Western control. Putin summarized the agenda of Russia’s BRICS presidency in remarks in July as part of a “painful process” to overthrow the “classic colonialism” of the U.S.-led order, calling for an end to Washington’s “monopoly” on setting the rules of the road.

In this fight against the Western “monopoly,” Putin identified the most important campaign as the quest to weaken the dominion of the dollar over international financial transactions. This focus is a direct result of Russia’s experience with Western sanctions. Russia hopes that it can build a truly sanctions-proof payments system and financial infrastructure through BRICS, involving all member countries. The United States may be able to pressure Russia’s partners one by one, but that will be much harder or even impossible if these countries have joined an alternative system that features important U.S. partners, such as Brazil, India, and Saudi Arabia. The NDB’s decision to suspend projects in Russia served as a potent reminder that BRICS needs to evolve further to reduce its members’ vulnerabilities to Western sanctions.

CHINA AT THE HELM
Russia may be the angry vocal spearhead of the bid to use BRICS to create an alternative to the U.S.-led global order, but China is the real driving force behind the grouping’s expansion. During the global financial crisis of 2008–10, Beijing shared Moscow’s desire to make BRICS more relevant. China wanted to position itself as part of a dynamic group of developing countries that sought to gradually rebalance global institutions to more fairly reflect shifts in economic and technological power. Under Chinese President Hu Jintao, however, Beijing was unwilling to claim leadership of the grouping, still guided by Deng Xiaoping’s formula of “keeping a low profile.”

Things started to change soon after Xi Jinping became China’s paramount leader, in 2012. In 2013, Beijing concocted an ambitious project that became the Belt and Road Initiative, a vast global infrastructure investment program. Around the same time, China helped launch regional financial institutions in which it would have strong influence: first came the NDB, in 2014, then the Asian Infrastructure Investment Bank, set up in 2016. The People's Bank of China also pushed the internationalization of the yuan by expanding the use of the Chinese currency in settling trade, extending national currency swaps with other central banks to boost the global liquidity of the yuan, and lobbying for the inclusion of the yuan in the IMF’s special drawing rights basket, making it the only nonconvertible global reserve currency. Through the NDB, through initiatives to use local currencies in bilateral trade, and through efforts to create a pool of national reserve currencies, BRICS plays a significant role in building the multilateral institutions that increase Chinese clout inside the current global order.

Like Putin, Xi casts this effort in moral terms. As he said at a BRICS summit in 2023, “We do not barter away principles, succumb to external pressure, or act as vassals of others. International rules must be written and upheld jointly by all countries based on the purposes and principles of the UN Charter, rather than dictated by those with the strongest muscles or the loudest voice.”

THE SEARCH FOR MIDDLE GROUND
The fissure is apparent among the bloc’s founding members. China and Russia may be on the same page, but Brazil and India remain largely committed to pursuing the reform of global governance without trying to assail the international system as it is currently constructed. Decision-makers in Brasília and New Delhi are keen to take a nonaligned stance and find a middle ground between the West, on the one hand, and Russia and China, on the other. Both Brazil and India have largely sat on the fence when it comes to the war in Ukraine, reluctant to support the West's attempts to isolate Russia but equally unwilling to explicitly side with Moscow, recognizing that the invasion amounts to a flagrant violation of international law. Both countries have benefited in economic terms from the trade diversion caused by Western sanctions against Russia. Brazil purchases discounted Russian fertilizer and last year was one of the biggest buyers of Russian diesel. India, too, buys discounted Russian energy commodities. But neither country desires to cut ties with the West or consign itself to an anti-Western bloc.


Brazil appreciates the chance to deepen ties with other BRICS member states and the added leverage it brings to negotiations with Washington and Brussels. BRICS membership has also helped countries such as Brazil and South Africa, whose bureaucracy had limited knowledge about the non-Western world, adjust to a multipolar order. And it comes with significant face time with Xi and other Chinese decision-makers—a perk that is far from trivial, considering how important Chinese investment and trade have become for countries across the global South.

The BRICS grouping, despite its internal tensions, remains a key platform for actively shaping this process. Indeed, seen from capitals across the global South, multipolarity is the safest way to constrain hegemonic power, which, unrestrained, represents a threat to international rules and norms and to global stability. Western policymakers often overlook this baseline agreement among BRICS countries and the part it has played in keeping all members committed to the grouping since its inception.

[sanman]

BRICS meeting coming up in Kazan

New payment system in the offing

[Cyrano]

Very poor analysis. But not everyone can be an expert on everything!

[NRao]

BRICS Unveils Long-Awaited Payment System At New Summit

[ricky_v]

https://www.geopoliticalmonitor.com/why ... ing-brics/

The country is the largest economy in Central Asia, driven by its abundant natural resources and economic liberalization. Its GDP reached almost $260 billion in 2023, up from just $11.3 billion in 1993. With vast reserves of oil, gas, minerals, and critical raw materials. Kazakhstan has attracted significant foreign investment, contributing to its rise as an emerging economic powerhouse in the region. These factors have made Kazakhstan a desired candidate for joining BRICS (Brazil, Russia, India, China, and South Africa), as its economic success aligns with the organization’s focus on fostering cooperation among developing nations with high growth potential.

In recent years, discussions around Kazakhstan’s potential accession to BRICS have gained traction, with both China and Russia showing support for the country’s bid. However, on October 16, Kazakh President Kassym-Jomart Tokayev’s spokesperson, Berik Uali, announced that Kazakhstan will most likely refrain from submitting an application to BRICS, at least in the near future. This decision, while somewhat surprising given the recent expansion of BRICS, reflects Kazakhstan’s broader foreign policy goals.

One of the primary reasons behind Astana’s decision lies in its support for the United Nations as the leading international body governing global affairs. President Tokayev has regularly emphasized that the UN Charter must serve as the foundation of international law, highlighting the importance of adhering to its principles to ensure a just global order.

Kazakhstan’s geographical position, sandwiched between major powers like China and Russia, requires a careful balancing act. The country has adopted what it describes as a “balanced and pragmatic” approach to diplomacy, engaging with both Western and Eastern powers without aligning too closely with any single bloc.

Joining BRICS could tilt Kazakhstan’s foreign policy too heavily towards an alignment with China and Russia. Such a shift could risk alienating Kazakhstan’s other strategic partners, including the United States and the European Union, with whom it has developed strong trade and diplomatic relations. By refraining from BRICS membership, Kazakhstan can continue to navigate its delicate position between East and West.

President Tokayev has frequently called for enhancing relations with both China and Russia. Kazakhstan is also a member of other regional organizations that include both states, such as the Shanghai Cooperation Organization (SCO) and the Conference on Interaction and Confidence-Building Measures in Asia (CICA). It’s also a founding member of the Eurasian Economic Union (EAEU), together with Russia and several other member-states. These platforms provide ample opportunities for Kazakhstan to cooperate with China and Russia on regional security and economic development, without the need to formally join BRICS.

From a broader geopolitical perspective, Kazakhstan’s decision to refrain from joining BRICS could be seen as a strategic move to prevent the organization from becoming overly weighted by Eurasian countries. BRICS, originally conceived as a grouping of emerging economies from diverse regions, risks losing its global balance if it were to include Kazakhstan, another Eurasian country in addition to Russia and China. Belarus is hoping to join the organization after the BRICS Summit in Kazan on October 24. Such a shift could undermine BRICS’ credibility as a truly global structure, detracting from its ability to represent a broad spectrum of emerging nations.

Kazakhstan’s location at the crossroads of Asia and Europe gives it a unique role to facilitate trade and cooperation between the two continents, including through projects such as China’s Belt and Road Initiative (the New Silk Road) and the Trans-Caspian International Transport Route (TITR), which starts from Southeast Asia and China, and runs through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and further to European countries.

[nandakumar]

BRICS Unveils Long-Awaited Payment System At New Summit

I read through the article. It is not clear as to how the intervention 'store of value ' for facilitating seamless transactions would work. Let us assume that I am low ranked member of the Indian delegation. I want to buy a glass of fruit juice. I can no doubt pay units of the new BRICS currency. But for me to acquire those BRICS units I must tender some other currency. What would that be? Currently I tender my rupees to acquire dollars and in turn it could be tendered in exchange for any currency usually dollars, or gold. What would the new unit be? Would it be acceptable to all? I mention this because we had a workable solution for a tripartite deal with Russia and UAE. Our sum total of earninings from export of goods and remittances from NRIs is greater than what we import from UAE, basically crude.But for transactions with Russia is in deficit. But Russia has a surplus with UAE. The beauty is there is rough parity taking all three foreign exchange transactions. So it was possible to work out an arrangement bypassing dollar altogether. But UAE other than a few symbolic transactions didn't make it a formal system. I learnt that they were scared of incurring the wrath of Americans. Which is why I am sceptical about a formal institutional arrangement for a common unit of 'store of value' for international transactions among BRICS members if it is not to be dollars

[Amber G.]

Countries invited at BRICS Kazan summit (including members)
Russia (host)
Brazil
China
Egypt
Ethiopia
India
Iran
Saudi Arabia
South Africa
UAE
Algeria
Armenia
Azerbaijan
Bahrain
Belarus
Bolivia
Congo
Cuba
Indonesia
Kazakhstan
Kyrgyzstan
Laos
Malaysia
Mauritania
Mexico
Mongolia
Morocco
Nicaragua
Sri Lanka
Tajikistan
Thailand
Turkiye
Turkmenistan
Uzbekistan
Venezuela
Vietnam
Serbia
Palestine
(Tauba Tauba NoBakistan)

[drnayar]

BRICS Unveils Long-Awaited Payment System At New Summit

I read through the article. It is not clear as to how the intervention 'store of value ' for facilitating seamless transactions would work. Let us assume that I am low ranked member of the Indian delegation. I want to buy a glass of fruit juice. I can no doubt pay units of the new BRICS currency. But for me to acquire those BRICS units I must tender some other currency. What would that be? Currently I tender my rupees to acquire dollars and in turn it could be tendered in exchange for any currency usually dollars, or gold. What would the new unit be? Would it be acceptable to all? I mention this because we had a workable solution for a tripartite deal with Russia and UAE. Our sum total of earninings from export of goods and remittances from NRIs is greater than what we import from UAE, basically crude.But for transactions with Russia is in deficit. But Russia has a surplus with UAE. The beauty is there is rough parity taking all three foreign exchange transactions. So it was possible to work out an arrangement bypassing dollar altogether. But UAE other than a few symbolic transactions didn't make it a formal system. I learnt that they were scared of incurring the wrath of Americans. Which is why I am sceptical about a formal institutional arrangement for a common unit of 'store of value' for international transactions among BRICS members if it is not to be dollars

"BRICS Pay utilizes blockchain technology and smart contracts to enable transparent and decentralized decision-making."

I think, but needs to verify is the backing by Gold.

[Amber G.]

BREAKING: Agreement made at the BRICS summit in Russia:

INDIA & CHINA REACH AN AGREEMENT TO END BORDER CRISIS

(Both nations to start patrolling along the Line of Actual Control -- says Foreign Secretary Vikram Misri.)

[VKumar]

If Kazakhstan were to join it would become
BRICKS

[Rakesh]

BREAKING: Agreement made at the BRICS summit in Russia:

INDIA & CHINA REACH AN AGREEMENT TO END BORDER CRISIS

(Both nations to start patrolling along the Line of Actual Control -- says Foreign Secretary Vikram Misri.)

BRICS: China, India Reach Key Agreement Ahead of 2024 Summit
https://watcher.guru/news/brics-china-i ... 024-summit
21 Oct 2024

[Cyrano]

I'm guessing China and Russia will expect India to go along with the BRICS payments system, some form of common currency mechanism which will accelerate dedollarisation which will help them, as quid pro quo from India, having first created an unprovoked border aggression and now allowing patrolling like it was done before until 2020. This is not a gain for India. It's just a pickpocket returning your stolen wallet he stole and claiming a reward.

Additionally they hope to drive a wedge between India and the US which will again play into their objectives.

I'm sure MADS are very much aware of this, it will be very interesting to see what comes out of Kazan.

[Aditya_V]

The Problem is bot US-NATO are hammering us and using every tool Manipur- Naxals , NGO , Pliable Political parties etc, similarly China also does not want us to Progress. Both these have burnt a bit by Propping the Pakis- BD and other neighbors in the Past. But somehow we to cross this Minefield till we Militarily Independent and Strong enough and gaining economic heft along the way.

[Rakesh]

VIDEO: https://x.com/BowesChay/status/1848659420995113280 ---> Looks who's arriving in "Isolated Russia" for the huge BRICS summit. The leaders of the biggest economies and democracies on Earth. Maybe time to ask, who's really isolated?

[Rakesh]

https://x.com/sidhant/status/1848655030607642837 ---> BRICS has already surpassed G7 in terms of economic size. BRICS accounts for 35.6% of the global GDP, while the G7 accounts for 30.3%

[Kati]

I thought the new currency "BRICS" would be pegged against gold, and all these five countries have hoarded enough gold as reserve to back that new currency. No?

I read through the article. It is not clear as to how the intervention 'store of value ' for facilitating seamless transactions would work. Let us assume that I am low ranked member of the Indian delegation. I want to buy a glass of fruit juice. I can no doubt pay units of the new BRICS currency. But for me to acquire those BRICS units I must tender some other currency. What would that be? Currently I tender my rupees to acquire dollars and in turn it could be tendered in exchange for any currency usually dollars, or gold. What would the new unit be? Would it be acceptable to all? I mention this because we had a workable solution for a tripartite deal with Russia and UAE. Our sum total of earninings from export of goods and remittances from NRIs is greater than what we import from UAE, basically crude.But for transactions with Russia is in deficit. But Russia has a surplus with UAE. The beauty is there is rough parity taking all three foreign exchange transactions. So it was possible to work out an arrangement bypassing dollar altogether. But UAE other than a few symbolic transactions didn't make it a formal system. I learnt that they were scared of incurring the wrath of Americans. Which is why I am sceptical about a formal institutional arrangement for a common unit of 'store of value' for international transactions among BRICS members if it is not to be dollars

"BRICS Pay utilizes blockchain technology and smart contracts to enable transparent and decentralized decision-making."

I think, but needs to verify is the backing by Gold.