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Spotlight on BRICS Summit 2024Spotlight on BRICS Summit 2024
Economic 2024/10/30
The BRICS summit concluded its 16th meeting last week in Russia, this time with the participation of more than 32 countries represented by their presidents and international organizations.
The BRICS summit gains its importance through the expansion of the bloc with the joining of four new countries, reaching 9 countries: Egypt, Iran, the United Arab Emirates and Ethiopia. There are many requests to join, including Turkey, Malaysia and Thailand. It is noteworthy that Saudi Arabia did not participate in this summit in order not to lose its relationship with America, as each country seeks according to its interests.
Russia finds this event an opportunity to break its isolation due to US sanctions following its war with Ukraine.
It is worth noting that the BRICS group represents 45 percent of the world's population and 35 percent of the global gross domestic product, making it one of the most important engines of the global economy and the locomotive that is relied upon to lead it to break America's hegemony over the global financial system.
The ambitions of these countries meet in their dissatisfaction with the current financial system controlled by America, but their opinions differ on the nature of targeting this system between those who want to improve it, such as India, those who want to destroy it, such as Russia, and those who want to dominate the new system, such as China.
The BRICS group seeks, within its declared goals, to establish a new financial system parallel to the existing system, as well as to find an alternative payment system to the SWIFT system that dominates global transactions.
Perhaps the important step is the experiment of establishing the Bank for International Settlements between China, the Emirates, and Thailand, as transactions proceed faster and at lower costs, away from the complexities and dominance of the SWIFT system led by the International Monetary Fund and the World Bank, and it is a step forward towards achieving its future goals. In contrast, Russia seeks to create a stock exchange for grain trade and establish credit rating agencies specific to member states, which is a difficult goal to achieve at present.
As for issuing a unified currency, it still faces difficulties, especially India's reservations about the lack of equality between member economies.
China seeks to dedicate the goals and content of the New Development Bank to supporting the economy away from interference in the policies of countries, unlike the World Bank and the International Monetary Fund.
As an observer of this aspect, it is clear to me that the group is trying to achieve its goals, but the data indicates that the results are moving slowly.
The question that remains is: How much time does the group need to achieve its goals?
The answer, in my humble opinion, is guaranteed by the outcome of global events that portend a third world war in which there is no winner or loser, but rather leads to sitting at the negotiating table.
Will countries shorten this event by using their intelligence to avoid war?
We will watch to see.
https://alsabaah.iq/105001-.html
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