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| Source Credit- thehindu.com |
2024 Summit is shaping up to be a transformative year, with the alliance not only expanding but also redefining its global influence.
The BRICS+ member nations are Brazil, China, Egypt, Ethiopia, India, Iran, Russian Federation, South Africa, and United Arab Emirates, has significant in global geopolitics and economics. This group represents 40 percent of the global economy and almost half of the world's population.
Economic Goals and Strategic Partnerships
BRICS 2024 has set economic goals, focusing on creating a stronger financial alliance to counter West dominance. They will achieve this by increasing trade among member countries in local currencies and reducing dependency on the US dollar.
BRICS will focus on strengthening supply chains creating alternative trade routes and enhancing partnerships in critical industries like energy, technology, and infrastructure.
BRICS Payment Method
BRICS Pay is proposed as an international payment system for members of the BRICS group. It will use the already existing infrastructure and will be based on blockchain to validate transactions and ensure an efficient payment system.
BRICS Pay will be similar to Europe’s Society for Worldwide Interbank Financial Telecommunication(SWIFT) network and India’s UPI payment system.
The Modi-Xi Meeting
The most unexpected and most reported event of this 16th BRICS summit is the bilateral meeting between the Leaders of India and China after almost 5 years. It was also important for Russia that its two powerhouse members should not fight to make this summit successful.
Before the meeting China agreed to disengage on the border and to set proper rules for patrolling the LAC and satellite image confirmed the disengagement in Ladakh.
De-Dollarization
Can BRICS currency be an alternative to the dollar? I think BRICS currency will not replace the dollar but the payment method that BRICS countries are working on will reduce the dependence on the dollar.
The biggest problem for de-dollarization is the alternate currency of it and all member nations could be on the same page on this issue. India is against the use of the Chinese Yuan and promoting the use of local currency instead which failed during the Rupee Rubal time.
Failed West Narrative
When the Russia-Ukraine war started the West imposed sanctions on Russia to isolate it from the world and they have been promoting their narrative since then.
But at the recent BRICS summit, four additional countries have joined Egypt, Ethiopia, Iran, and the United Arab Emirates. 40 countries have shown interest in joining the BRICS and this has exposed their false narrative of isolating Russia.
Technological Innovation and Collaboration
The BRICS Innovation Network, a platform for research and development, is expected to host several joint projects this year, positioning BRICS as a hub for technological collaboration.
BRICS 2024 has shown a strong commitment to technological advancements and cooperation in fields such as AI, cybersecurity, and digital finance.
Problem of BRICS
BRICS countries share the goal of increasing their influence on the global stage but every country has its interests, priorities, and strategies. This lack of a unified strategic vision limits the group’s ability to act decisively.
BRICS has expressed interest in developing its financial systems to reduce reliance on the US dollar. However, not all members are equally committed to this goal. Some countries advocate for a shared currency or bank and others prioritize their own currency’s strength.
BRICS unites countries with vastly different political structures, from democratic India and Brazil to authoritarian China. These ideological differences can lead to disagreements on policy and decision-making, especially regarding international conflicts.
Final Thought
Although this BRICS summit was the most successful one, it was not short of Russia's power projection. Russia was trying to show the West it was not as isolated as it claimed.
But this summit did not revolve around Russia but has achieved some goals. Russia can make India and China sit together to resolve their border issue and a new payment system will be launched soon which is also a great achievement for Russia because it is out of the European SWIFT payment system.
Written by - Prashant Kumar
Disclaimer - This article has been authored exclusively by the writer and is being presented on Eat My News, which serves as a platform for the community to voice their perspectives. As an entity, Eat My News cannot be held liable for the content or its accuracy. The views expressed in this article solely pertain to the author or writer. For further queries about the article or its content, you can contact on this email address - prashantku36@gmail.com.
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