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On Thursday, under China’s chairmanship, a two-day BRICS summit, an informal international association that includes Brazil, Russia, India, China and South Africa, opened. The agenda of the meeting in video format includes promoting global development, discussing world problems, as well as turning the quintet into BRICS+ by attracting new states, Nezavisimaya Gazeta writes.
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According to the newspaper, the ramped-up global turbulence has encouraged BRICS members to intensify intra-group cooperation, and widen the association’s ties. According to Chinese Foreign Minister Wang Yi, expanding BRICS would help increase the association's influence and contribute to maintaining peace. A few days later, Russian Foreign Minister Sergey Lavrov said that Saudi Arabia and Argentina were interested in joining BRICS.
Leading Researcher at the Center for Political Studies at the Institute of Latin America of the Russian Academy of Sciences Nailya Yakovleva told the newspaper the main reasons for Argentina's desire to move closer to BRICS membership are hightened international prestige and, most importantly, expanded opportunities for attracting foreign investment in infrastructure projects and loans from the new BRICS development bank.
"Argentina's key rationale for entering BRICS is that it has already established tight cooperative relations with each of the association's member states, establishing the groundwork for future participation. At the same time, the Argentine economy can organically fit into the 'five' countries' economic structure, add new elements, and make a tangible contribution - primarily through its powerful agro-industrial complex and significant mineral resources - to strengthening BRICS' position in the global economic relations system," she said. The expert added that Argentina’s accension could open the BRICS door to other large developing states, such as Mexico and Indonesia.
Uruguay, Iran, Egypt, Guinea, Thailand, and a number of post-Soviet states are often named among other potential BRICS participants, the newspaper writes.
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BRICS leaders to discuss dedollarization efforts, group’s expansion There also are plans to discuss pressing global and regional issues MOSCOW, June 23. /TASS/.
Russian President Vladimir Putin will take part in the 14th summit of the BRICS group (Brazil, Russia, India, China, South Africa) that will take place via video conference on Thursday.
According to the Kremlin press service, the China-hosted meeting will focus on political, economic, cultural and humanitarian cooperation. There also are plans to discuss pressing global and regional issues.
The group’s expansion is expected to be one of the main topics on the agenda. In May, China suggested launching discussions of the issue and Russian Foreign Minister Sergey Lavrov said that Argentina and Saudi Arabia had expressed interest in joining BRICS. According to experts, other potential candidates include Bangladesh, Egypt, the United Arab Emirates and Uruguay who joined the BRICS New Development Bank last year. In addition, analysts point out that events held on the sidelines of the BRICS foreign ministers meeting involved representatives of Indonesia, Kazakhstan, Nigerian and Thailand.
Ways to reduce the role of the US dollar in financial transactions between member states will be another focus of attention. The Russian president stated earlier that together with other BRICS nations, Moscow was working on alternative mechanisms of payment. Putin emphasized that Russia’s financial messaging system was open for banks from other BRICS countries to join. According to Putin, efforts are underway to create an international reserve currency based on the basket of BRICS currencies and Russia’s Mir payment system is expanding its global presence.
On June 24, the Russian president will address a BRICS+ meeting that will also involve the leaders of a number of other countries.
The acronym BRICS, derived from the initial letters of the names of the group’s members, was created in December 2010, when South Africa joined the organization that had earlier been known as BRIC. The goal of the group, established at Russia’s initiative in 2006, is to boost comprehensive cooperation between member states. China is holding the BRICS presidency in 2022.
BRICS developing new global reserve currency – Putin It will be based on a currency basket of the five-nation bloc, according to the Russian president BRICS developing new global reserve currency – Putin
Getty Images / Jorg Greuel
President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.
“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.
According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.
Earlier, the group said it was working on establishing a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.
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