... international monetary system will be increasingly geared towards the creation of new regional currencies that will aspire to take on a global reserve status
The start of the year 2023 was marked by a series of statements coming from representatives of BRICS countries concerning plans to create new currencies. In particular, Brazil’s President Lula called for the creation of common currencies among BRICS and MERCOSUR countries, while Russia’s Foreign Minister Sergey Lavrov stated that the creation ...
... as the Global Security Initiative, the Belt and Road Initiative (BRI) and the Global Development Initiative. China has also actively pursued greater cooperation among the developing economies in the G20 as well as in other international fora such as BRICS/BRICS+. China's particular emphasis placed on openness and multilateral cooperation in the context of the Global Development Initiative as well as the BRICS+ framework has generated great enthusiasm across the Global South, with a rising number ...
... participants. The organisation worked exactly as long as its decisions brought benefits primarily to the developed countries like the USA and Europe. Similar stories can be told about almost any of the multilateral institutions, where the membership of the “older” ... ... will lead to a new, more just and equal world. Perhaps these decisions will be made within the framework of the G20 minus or BRICS plus, but necessarily by countries interested in real cooperation, and not in obtaining unilateral benefits. It is this ...
... They are open and inclusive, have a variable geometry and a huge potential for further development, coming from life. The SCO, BRICS and EAEU are vivid embodiments of this trend. They oppose the cumbersome military-political alliances inherited from the ... ... ensure national security and the very survival of the state. The EWS in Ukraine shows that the use of force is induced by the refusal to fulfill obligations under signed international agreements, such as Minsk-2. That is, the international legal principle ...
... dialogue with African countries has been their participation in global negotiation platforms and non-Western political institutions. In particular, Russia supported the idea of Egypt joining the SCO as a dialogue partner and the launch of the extended BRICS format, which is still under discussion.
For Cairo, institutional access to the Shanghai Cooperation Organization is more than the start of a dialogue on the terrorism-separatism-extremism triad. First, participation in the same security structure ...
... India hopes to serve as a bridge between them as well as a balancing force within each against their most radical elements.
Managing Bi-Multipolarity
It is for this reason that India has sought to play leading roles in multilateral platforms the Quad, BRICS, and the SCO. The first one serves as its means for balancing China’s rise in what India hopes will be a friendly, gentle, and non-hostile way compared to the new AUKUS alliance’s non-friendly, harsh, and hostile one. BRICS and the SCO, meanwhile,...
... platforms could be created on the basis of existing arrangements and economic blocs — in the case of G20 there could be a case for creating a regional R20 composed of the regional integration blocs where G20 countries are members. Similarly, for the BRICS, a BRICS+ format that brings together regional integration arrangements where BRICS economies are members provides for smaller emerging markets to deliver their contribution to the process of economic integration in the Global South.
Source:
Valdai....
... the possibility of using Chinese Yuan for settlements in lieu of Saudi’s oil deliveries to China. Back in 2017 the Valdai Club advanced
the R5 initiative
that was meant to bolster financial settlements and transactions in the national currencies of BRICS members.
An extension of this initiative was the R5+ concept that involved the extension of the use of national currencies not only to BRICS members but also to the regional partners in regional integration arrangements and the respective regional ...
... take sides in this forthcoming US-China rivalry. On the contrary, it is in their best interests to confront this bipolarity and to mitigate it to the extent possible with a new emphasis on multilateralism.
India, China and Russia are all members of BRICS and of SCO; Moscow could work harder making these institutions more efficient in reaching common denominators for even highly sensitive security and development issues. There is also a separate mechanism of the Russia-India-China trilateral consultations,...
... partners of the United States, the likelihood of such involvement is negligible, especially since it would immediately paralyse the Five. By staying above the new global fray and suggesting new rules and regimes for counteracting transnational challenges, BRICS will help to moderate the fray and prevent the emergence of new Cold War blocs and the general polarisation into “USA+” and “China+”.
It is important to understand in this context that a limited number of great powers are no longer able to govern the world effectively. This is realised by a growing number of regional actors that seek to play an active and independent ...
