Did Putin's BRICS summit shape the future of global finance, or was it just symbolic chatter? Spoiler: it's complicated!
In a striking show of solidarity among developing economies, Russian President Vladimir Putin hosted the latest BRICS summit in Kazan, Russia. This gathering presented a colorful mix of leaders from emerging economies, including China, India, Brazil, and South Africa, each with their unique grievances against the Western dominance in global finance. The weight of this summit felt more substantial as the BRICS alliance expanded its focus on creating pathways for mutual development, security, and a harmonious coexistence while nursing wounds inflicted by Western sanctions and economic strategies.
Chinese President Xi Jinping, at the forefront of this coalition, championed the idea of 'BRICS Plus'—a framework that encourages additional nations to join the bloc to deepen cooperation and common security. With the rhetoric of pursuing high-quality development and shared prosperity, discussions pulsed with ideas on reducing dependency on the U.S dollar, potentially reshaping the global monetary landscape. Imagine a world where nations could conduct trade without financial chains or the suffocating grips of the SWIFT system. Exciting, isn’t it? Reality check: it's easier said than done!
The summit also looked to establish a multi-currency system, which, if successful, could pose a significant challenge to the U.S dollar's long-standing supremacy. Nevertheless, some observers have raised doubts about the viability of these lofty ambitions, especially amidst ongoing geopolitical rivalries. Whether the initiative is a grand vision or mere wishful thinking remains a topic of heated debate. Notably, economic forecasters suggest that BRICS must overcome numerous failed attempts at collaboration to embrace a more cohesive financial future.
As the dust settles from this high-profile gathering, it is worth noting that this summit was the first since BRICS expanded in 2023, welcoming new member states and solidifying its identity as the global voice of the 'World Majority.' Moreover, as BRICS continues to assemble under a single umbrella, it hints at the rise of a new world order. And who knows? Maybe one day we’ll see a sit-down with BRICS leaders, sipping tea and playing chess against the backdrop of global economics, where everyone plays nice. For now, BRICS remains a crucial player in the game, ever eager to navigate the complexities of international relations and cooperation.
Kazan, Russia — Russian President Vladimir Putin on Thursday presided at the closing session of a summit of the BRICS bloc of developing economies, ...
Chinese President Xi Jinping, left, and Russian President Vladimir Putin, right, speak during Outreach/BRICS Plus format session at BRICS Summit in Kazan, ...
Chinese President Xi Jinping on Thursday called on "BRICS Plus" countries to strive for common security, common development and harmony among civilizations.
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Simply sign up to the Russian politics myFT Digest -- delivered directly to your inbox. President Vladimir Putin has touted a new international payments ...
Russian President Vladimir Putin has presided at the closing session of a summit of the BRICS bloc of developing economies, hailing its role as a ...
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Top-level delegations from the BRICS countries—Russia, China, India, Iran, Egypt, Brazil, South Africa, and the UAE—attended.
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It marked the culmination of Russia's chairmanship of the group and was one of the significant events on the global political calendar. I have stated on ...
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Russian President Vladimir Putin and participants in the BRICS Plus meeting pose for a photo in Kazan, Russia, Oct. 24, 2024.
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The BRICS Summit in Kazan, Russia, this week is a pivotal event that holds immense promise for the future of developing countries.
Na 13 new nations Brics accept to join as partner kontris wey go dey di Brics initiative.
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The BRICS summit held in Kazan from October 22-24, 2024, Russia, was a landmark event in many ways. It was being held when the conflict in West Asia, ...
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