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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kazan Summit: How far has BRICS moved from slogans to actions?

    Rocky
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    Kazan Summit: How far has BRICS moved from slogans to actions? Empty Kazan Summit: How far has BRICS moved from slogans to actions?

    Post by Rocky Mon 21 Oct 2024, 5:19 am

    Kazan Summit: How far has BRICS moved from slogans to actions?

    Kazan Summit: How far has BRICS moved from slogans to actions? 53700



    Arabic and international
       


    Economy News - Follow-up
    [rtl] As the crisis between Russia and the West continues, Moscow is betting on achieving a new breakthrough in its approach to laying the foundations for a new global financial system, through the BRICS summit scheduled to be held in Kazan (the capital of Tatarstan, Russia, east of Moscow) from October 22 to 24.[/rtl]
    [rtl]According to Russian observers, the upcoming summit is part of a series of goals that include, among other things, setting the stage for launching a new currency for the group’s countries and a new international financial settlement system.[/rtl]

    [rtl]Goals and challenges[/rtl]

    [size]
    [rtl]BRICS emerged in response to the global financial crisis of 2008-2009 as a reaction by developing countries to what they saw as irresponsibility on the part of the Western system, particularly the United States, which - according to them - demonstrated a lack of control over its financial institutions, which unleashed a severe financial crisis.[/rtl]
    [rtl]If developing countries are the most affected by the global financial crisis, Russia has become the most affected within the group after the Western sanctions taken against it since 2014, due to the annexation of Crimea and the war with Ukraine in 2022.[/rtl]
    [rtl]Because of these sanctions, Russia faces unprecedented financial sanctions in terms of strength and number from Western countries. Currently, about 7,700 Russian individuals and legal entities are subject to sanctions, and the country faces an unprecedented freeze on what it calls the “theft” of its foreign assets (worth about $300 billion), with its accounts and payments in global markets frozen by Western financial institutions.[/rtl]
    [rtl]It was also denied access to the international payment system SWIFT. Moreover, the West, with the threat of secondary sanctions, began to force neutral or friendly countries to Moscow to prevent financial settlements with it.[/rtl]
    [/size]

    [rtl]Account inventory[/rtl]

    [size]
    [rtl]The upcoming Kazan Summit also represents an opportunity to assess the success or failure of the group’s basic projects and initiatives on the economic and financial fronts, especially with regard to the New Development Bank, dealing in national currencies instead of the dollar, and the issue of a unified currency and international payment system.[/rtl]
    [rtl]Russian Foreign Minister Sergei Lavrov had previously stated that a report would be prepared for the summit on options for creating alternative payment platforms for settlements between the organization's countries.[/rtl]
    [rtl]According to economic researcher Vladimir Olchenko, the whole world has seen how Western countries can unite against any country that does not agree with their policies, as happened with Russia, which opened the eyes of many countries and made them think about whether the current global financial system, based on the dominance of the dollar and the euro, is fair and viable.[/rtl]
    [rtl]He explained to Al Jazeera Net that a process of rapprochement has been taking hold among developing countries for several years, towards getting rid of the dollar in their international payments and moving away from the dollar and the euro in their countries’ financial reserves. He said that BRICS, in his opinion, has begun working as a coordination platform to unify these countries in this process, as indicated by the numbers and the list of countries seeking to join the organization.[/rtl]
    [/size]

    [rtl]Solutions and alternatives[/rtl]

    [size]
    [rtl]Researcher Olchenko continues that Russia has made important strides in its efforts to redirect trade to new reliable partners, including four of the world's fastest-growing economies, despite the intense pressure it is facing from the Western system.[/rtl]
    [rtl]According to him, the new payment system will begin to crystallize more clearly after the conclusion of the summit, as it will examine the strengths or weaknesses that have emerged over the past years of its work, to help move forward to reduce the BRICS economies' dependence on the dollar.[/rtl]
    [rtl]He adds that the share of national currencies in the accounts of the organization's participants has reached 65%. Although the complete abandonment of the dollar will lead to the imposition of new sanctions by the United States, this does not mean that we should sit idly by, as we can introduce a non-cash currency that transcends national borders.[/rtl]
    [/size]

    [rtl]Not just a brand[/rtl]

    [size]
    [rtl]For his part, economic affairs writer Vladislav Dyashov told Al Jazeera Net that the organization is not just a brand name, but rather a suitable framework for major and medium powers to enhance economic and trade cooperation among themselves, increase their political capital in the external arena, and strengthen their negotiating positions with larger powers.[/rtl]
    [rtl]In his opinion, the talk in the Western media - that BRICS is economically stagnant and has failed to achieve its goals because its motives are purely political - does not match reality, as brown trade between BRICS countries has noticeably recovered.[/rtl]
    [rtl]He explains that skeptics ignore the necessary time factor required to formulate a new international economic system, which is a mandatory stage that all international organizations went through when they were established, including the Group of Seven.[/rtl]
    [rtl]He believes that the concerns of the Western system that prompted it to issue threats to some of the BRICS are the greatest evidence of the danger posed by the establishment of a new global development bank for the group, which primarily means gradually abandoning the euro and the dollar in payments and strengthening national currencies.[/rtl]
    [rtl]He points out that even if the agreement to develop financial cooperation and provide mutual credit lines in national currencies between members is of a general framework nature, the first step towards eliminating “dollarization” has still to be taken.[/rtl]
    [rtl]The last BRICS summit in Johannesburg, South Africa, last year was supposed to discuss the possibility of creating a single currency for member states, but this did not happen. The issue is expected to return to the Kazan summit.[/rtl]
    [rtl]In this regard, Alexander Pankin, Deputy Minister of Foreign Affairs of Russia, said that work is underway to move towards a unified currency for use within the BRICS framework, but this process faces some complications due to legislation, as each country has its own national circumstances in this regard, according to his expression.[/rtl][/size]


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    Added 10/21/2024 - 9:17 AM
    https://economy-news.net/content.php?id=48956
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