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Most famous tourist spots in BRICS nations

At the invitation of Russian President <keyword id="19900702" type="General" weightage="20" keywordseo="vladimir-putin" source="keywords">Vladimir Putin</keyword>, Indian Prime Minister Narendra Modi and Chinese President <keyword id="19946362" type="General" weightage="20" keywordseo="Xi-Jinping" source="keywords">Xi Jinping</keyword> will attend the 16th <keyword id="21003379" type="General" weightage="20" keywordseo="BRICS-summit" source="keywords">BRICS Summit</keyword> in Kazan, Russia, from October 22-23, 2024. The summit will focus on the theme "Strengthening Multilateralism for Just Global Development and Security," providing a key platform for leaders to discuss pressing global issues and explore opportunities for collaboration. The <keyword id="20037428" type="General" weightage="20" keywordseo="BRICS" source="keywords" meta.keywordsubtype="org" meta.entityname="BRICS" meta.hostid="261" meta.entityid="BRICS">BRICS</keyword> group, originally formed by Brazil, Russia, India, and China in 2006, has grown to include South Africa, and recently expanded further to welcome Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, making it a 10-member bloc. <keyword id="19911498" type="General" weightage="20" keywordseo="Putin" source="keywords">Putin</keyword> sees this <keyword id="23595116" type="General" weightage="20" keywordseo="expanded-BRICS" source="keywords">expanded BRICS</keyword> as a counterweight to Western dominance in global politics and trade. During his visit, <keyword id="19899320" type="General" weightage="100" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> is expected to hold bilateral meetings with fellow BRICS leaders and other invited representatives, aiming to strengthen partnerships and advance shared objectives. The Indian Ministry of External Affairs emphasised that the summit will offer a valuable opportunity to evaluate the progress of BRICS initiatives and identify new areas for future collaboration. Modi's visit to Russia follows an informal meeting with Putin in Moscow earlier this year and a call in August, where the Indian leader urged for a resolution to the Ukraine conflict. The upcoming summit highlights the growing <keyword id="23595115" type="General" weightage="20" keywordseo="geopolitical-significance" source="keywords">geopolitical significance</keyword> of BRICS in reshaping global dynamics. (With inputs from sources)

PM Modi to meet Putin and Xi Jinping at BRICS summit in Russia on October 22-23

<ul class="summary-list"><li>Russian President Vladimir Putin is hosting the BRICS summit in Kazan, Russia.</li><li>Putin is touting trade in local currencies, a move away from the US dollar.</li></ul>Russian President Vladimir Putin is hosting a major summit with over 20 world leaders, whom he's trying to convince to ditch the dollar.De-dollarization is one of Putin's priorities because trading in local currencies means that a heavily sanctioned Russia would not be beholden to the Western US dollar-dominated global financial order.But it's not easy to move away from the greenback. BRICS' summit organizers have advised foreign attendees to bring cash — specifically, US dollars and euros — to the event, in the Russian city of Kazan.Most Russian banks will only take US dollars or euros — which Moscow has deemed "toxic currencies" — to exchange for rubles, according to a guide on the <a target="_blank" class="" href="https://brics-russia2024.ru/en/summit/participants/cards/">summit's website.</a>Going cashless isn't an option, since it's not possible to use Mastercard or Visa cards issued outside Russia in the country. The two card issuers <a target="_blank" class="" href="https://www.businessinsider.com/visa-mastercard-suspend-operations-in-russia-amid-ukraine-invasion-2022-3">halted local operations</a> days after Russia invaded Ukraine in 2022.China's Union Pay cards may be used — "but with restrictions," per the guide.Attendees may apply for Russia's Mir payment card — and there's a bank at Kazan's international airport to get a card, exchange currency, and withdraw cash.These issues with payments not only undermine the bluster of the BRICS group's call to de-dollarize, but they also underscore the immense challenge BRICS would have to unseat King Dollar, which is firmly entrenched in the global financial order.The group of emerging nations anchored by Brazil, Russia, India, China, and South Africa is not giving up.On Tuesday, Putin again touted the use of local currencies on the sidelines of the summit's first day."The growth of payments in local currencies makes it possible to reduce the debt service fee, increase the financial independence of BRICS member countries, and also to mitigate geopolitical risks to the greatest extent possible and, as much as possible in the current world, separate economic development from politics," Putin said on Tuesday at a meeting with Dilma Rousseff, the president of the BRICS New Development Bank, according to <a target="_blank" class="" href="https://tass.com/world/1859601">Russia's TASS state news agency.</a><h2 id="49d28f59-3027-4723-802e-f105b909d1c0">Putin caps a social year with BRICS summit</h2>Putin is also hobnobbing with Chinese leader Xi Jinping, Indian Prime Minister Narendra Modi, South Africa's president, and the UN Secretary-General at the summit this week. Brazilian president Luiz Inácio Lula da Silva canceled his trip after a fall at home.The BRICS summit is larger this year because the <a target="_blank" class="" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">West-weary</a> group has welcomed the new members of Egypt, Ethiopia, Iran, and the United Arab Emirates over the past year. Saudi Arabia has been invited but has not formally joined the club.Russia is the BRICS chair this year, so a bigger summit is a feather in the cap for Putin, who has had a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">busy social calendar</a> this year, even though Russia and the Russian leader himself have been heavily sanctioned.Before the BRICS summit, Putin was already globetrotting and socializing with top leaders from Asian countries including <a target="_blank" rel="" class="" href="https://www.businessinsider.com/putin-bromance-xi-jinping-display-china-remains-wary-russia-2024-5">China,</a> <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">India,</a> <a target="_blank" rel="" class="" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Vietnam,</a> and <a target="_blank" rel=" nofollow" class="" href="http://en.kremlin.ru/events/president/news/74678">Indonesia.</a>Despite the BRICS' interest in reshaping the world order, the group is fraught with rivalries and competing interests that it first has to overcome, analysts told <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">Business Insider.</a>"Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," said Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, at a press briefing held by the Center for European Policy Analysis on Monday.

Putin's dollar problem is on clear display at the BRICS summit, starting with the moment guests land at the airport

<ul class="summary-list"><li>BRICS' Kazan Declaration on Wednesday contained 134 points — and only one discussed the Ukraine war.</li><li>That point was a call for all parties to abide by UN standards, despite Russia hosting this year.</li></ul>Over two dozen world leaders at this year's BRICS summit ended Wednesday's talks with the Kazan Declaration, a 134-point summary of their agreements.The war in Ukraine was only mentioned once in the 43-page document, and though Russian leader Vladimir Putin hosted the event, its wording is a far cry from the Kremlin's preferred rhetoric.That single paragraph contained none of Russia's usual talking points, instead urging all parties to act in accordance with United Nations standards — a more neutral statement often used by nations like China."We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation," the document reads. "We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy."<a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-23-2024">The Institute for the Study of War</a> wrote on Wednesday that the language in the document shows that Russia, despite its leading position at the summit, still isn't able to shape the stances of friendly world leaders on its war."The Kazan Declaration notably only mentioned Russia's war in Ukraine once," the Washington-based think tank wrote.Russia has denied the sovereignty of Ukraine and said its invasion is justified as a <a target="_blank" class="" href="https://www.businessinsider.com/putin-said-invaded-ukraine-stop-nato-expanding-has-achieved-opposite-2022-5">counter to NATO's expansion</a> and due to <a target="_blank" class="" href="https://www.businessinsider.com/putin-tries-justifying-ukraine-war-denazification-zelensky-jewish-president-2022-2">debunked allegations that Ukraine is a Nazi-run state.</a>The declaration "demonstrated that Russia has not yet secured the international support nor created the alternative security structure that the Kremlin desires," ISW added.That's significant because Moscow has been trying to get its allies on board with its invasion while the West isolates the Russian economy in response. The US and Ukraine have repeatedly accused China, a founding BRICS member, of supplying Russia with weapons parts and economic support.Yet several founding members of the BRICS group, such as Brazil and India, still maintain strong economic ties with the US amid its support for Kyiv.The Kazan Declaration, meanwhile, condemned Israeli actions in the Middle East in five points, including criticism of a strike on the <a target="_blank" class="" href="https://www.businessinsider.com/deadly-israeli-strike-syria-could-put-us-forces-crosshairs-iran-2024-4">Iranian consulate in Syria</a>, <a target="_blank" class="" href="https://www.businessinsider.com/israel-attack-lebanon-hezbollah-past-invasion-2024-10">Tel Aviv's invasion of southern Lebanon</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/israel-gaza-hamas-civilian-casualties-children-deaths-airstrikes-palestinian-2023-10">war in Gaza.</a>World leaders also spent two paragraphs discussing the South Sudanese Civil War.The summit also exposed the difficulties that Western sanctions have inflicted on life in Russia. Leaders met in Kazan, which is in the southwestern Republic of Tatarstan region.Business Insider's Huileng Tan wrote that organizers said <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-brics-summit-foreign-attendees-cash-usd-euros-putin-2024-10">card transactions there</a> would be unavailable due to restrictions on Mastercard and Visa cards issued outside Russia.Attendees were instead asked to bring cash in US dollars or euros — the same currencies that Putin has been trying to get his allied countries to drop — to exchange for rubles at Russian banks.

BRICS' new declaration shows Russia's war still can't get the international backing that Moscow wants

<ul class="summary-list"><li>Russia is hosting a BRICS summit this week, showing the limits of attempts to isolate it.</li><li>The grouping is buoyant after ballooning from five members to nine.</li></ul>Russia is flexing its muscles at the center of the BRICS economic bloc which seeks to rival the West.The nation is hosting a meeting of the grouping this week, the first since the group almost doubled its membership.The larger grouping gives them more weight — and is a rebuke to Western-led attempts to isolate Russia economically.It also complicates the grouping, introducing new competing interests and rivalries.Geopolitical analysts say it could dilute the group's ability to take action, and reduce it to a talking shop.Iran, Egypt, Ethiopia, and the United Arab Emirates are the new BRICs entrants, joining earlier members Russia, India, China, Brazil, and South Africa. Saudi Arabia has been invited to join but has not formally done so yet.Russian President Vladimir Putin <a target="_blank" class="" href="https://brics-russia2024.ru/en/">touted</a> the expansion as proof of the group's "growing authority" and role in international affairs.Yet geopolitical tensions and competing interests among the group are dragging down Russia's efforts to use it to chip away at the dominance of the West, particularly the US dollar."BRICS expansion is no easy task," said Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto."It risks creating rival camps within the group," he told Business Insider.<h2 id="a422f5a1-a2fa-40bb-898f-89b58f30e598">A 'raw' grouping</h2>Since its founding in 2006 — with Brazil, Russia, India, and China as members, before South Africa joined in 2010 — the bloc has tried to challenge Western economic dominance.Over the past two decades, its members experienced significant economic growth. After the recent expansion, its member states represent almost 46% of the world's population and about 25% of global exports.Last year, more than 40 countries <a target="_blank" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">expressed interest</a> in joining the bloc.But Anton Barbashin, cofounder and editorial director at Riddle Russia, an online journal on Russian affairs, described the group as a "raw collection" of countries.They have "no chance" of political unity due to competing interests and starkly differing attitudes, he said.Members have grappled with <a target="_blank" class="" href=" https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expanding">internal disagreements</a> over relations with the West, territorial claims, and Russia's invasion of Ukraine.Others are engaged in internal standoffs. India and China have clashed over disputed territory along their border, though they <a target="_blank" class="" href="https://www.youtube.com/live/QiqK0eIJn8E">announced a deal</a> on patrolling arrangements this week.Some countries — notably India and South Africa — also have a tricky balancing act to do, engaging with the group without alienating their partners in the West.<h2 id="1875563d-1228-4de5-a7cc-5b63106239c1">Talking shop</h2>Barbashin told BI that the BRICS Summit is important for Russia because it has been cut out from other international platforms.It's a way to communicate and possibly strike "some deals in the future that we don't necessarily foresee," he said.In total, representatives of 32 countries are set to attend the summit this week, according to Moscow.Barbashin said that the group's size masks its relative impotence."It's just a nice facade," he said, "and it falls within the idea that economic growth should translate into a greater political setting."Leaders are expected to discuss how far members are willing to commit to the group.Una Aleksandra Berzina-Cerenkova, director at Riga Stradins University's China Studies Center, told Politico that "China uses BRICS to give it a mandate to push global visions and post-Western vision."During a press briefing held by the Center for European Policy Analysis on Monday, one analyst foresaw major hurdles for the group to move past its status as a "debating club."Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, said the group would need to choose how to distribute power between its members should more join."Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," he said, noting that Russia could lose its leverage and decision-making among a large group of notionally equal members.<h2 id="ab0780f6-acfd-427a-bc7c-109fb06111f1">Taking on the dollar</h2>Another challenge BRIC members like Russia and China face is trying to change the fundamentals of global <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/russia-economy-commodities-trading-centers-brics-us-dominated-global-finance-2024-10">financial trading systems</a> that rely overwhelmingly on the US dollar.During a <a target="_blank" rel="noopener noreferrer" class="c-link" href="http://en.kremlin.ru/events/president/news/75349">BRICS Business Forum</a> in Moscow last week, Putin said group members were working on alternative payment systems, as a rival to SWIFT.The alternative systems would aid cross-border payments between members, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.yakovpartners.com/publications/imfs/">report</a> by Russia's finance ministry, its central bank, and consultancy Yakov &amp; Partners.It envisioned a network of payments using local currencies rather than a default reserve currency like the dollar.Russia already has a model it can look to for transactions among central banks: the mBridge system under the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a>.BRICS members are also toying with alternative currencies, spanning Chin'a digital yuan and Moscow's interest in crypto.The greenback, though, will be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">hard to dethrone</a> — even without competing priorities and rivalry among BRICS members."Russia wants to create an alternative to Western financial infrastructures," Barbashin said.But "there's no chance of making anything like a union or an alliance," he said.BRICS members are united in that they want to see change, he said "but there's no real strategy within BRICS aside from fancy phrases to make it work."

Putin's expanded BRICS summit proves he has friends — but risks buckling under its own contradictions

<ul class="summary-list"><li>Russian President Vladimir Putin has responded to Volodymyr Zelenskyy's nuclear comments.</li><li>The Ukrainian president had suggested that Kyiv would seek nuclear weapons if it could not join NATO.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/russia-weakness-ukraine-kursk-shows-big-putin-flaw-remains-expert-2024-10">Russian President Vladimir Putin</a> has said Ukrainian President Volodymyr Zelenskyy's comments about nuclear weapons earlier this week were a "dangerous act of provocation."Putin was referring to Zelenskyy's suggestion that Kyiv would seek nuclear weapons if it could not join NATO.Speaking at the European Council summit in Brussels on Thursday, the Ukrainian president referred to the 1994 Budapest Memorandum, which resulted in Ukraine giving up its Soviet nuclear weapons in exchange for security assurances."Who gave up nuclear weapons? All of them? No. Ukraine. Who is fighting today? Ukraine," Zelenskyy said."Either Ukraine will have nuclear weapons and that will be our protection or we should have some sort of alliance. Apart from NATO, today we do not know any effective alliances," he added.Responding to Zelenskyy's comments on Friday, Putin said: "Any step in this direction will meet an adequate response.""Under no circumstances will Russia allow this to happen," he added.Zelenskyy later walked back his comments, saying in a joint press conference with NATO chief Mark Rutte: "We never spoke about that we are preparing to create nuclear weapon or something like this.""We don't do nuclear weapon. Please, don't move these messages," he added.Putin's warning came during a meeting with journalists from BRICS group members.<a target="_blank" class="" href="https://www.businessinsider.com/turkey-balancing-act-brics-nato-west-analysts-2024-9">The BRICS group,</a> named after members Brazil, Russia, India, China, and South Africa, was created in the mid-2000s to challenge the political and economic power of developed Western countries.The bloc has grown to include Ethiopia, Iran, Egypt, and the United Arab Emirates. Saudi Arabia, which had a media representative attend Friday's meeting, has been invited to join the group but has yet to formally do so.

Putin says Zelenskyy's nuclear comments were a 'dangerous act of provocation' at meeting with BRICS group journalists

<ul class="summary-list"><li>A spokesperson for Turkey's ruling party said that a process was "underway" for Turkey to join BRICS.</li><li>The current BRICS bloc of emerging-market nations includes countries such as Russia, China, and Iran.</li></ul>Earlier this month, a spokesperson for Turkey's ruling AK Party <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/no-concrete-step-turkey-brics-membership-erdogans-party-says-2024-09-03/">said</a> that a process was "underway" for <a target="_blank" class="" href="https://www.businessinsider.com/category/turkey">Turkey</a> to join the BRICS group of emerging-market nations."Our president has stated at various times that we want to be a member (of BRICS)... Our request on this issue is clear. This process is underway in this framework, but there is no concrete development on this," Omer Celik told reporters in Ankara, the Turkish capital, per Reuters.The BRICS group, named after members Brazil, Russia, India, China, and South Africa, was formed to challenge the political and economic power of developed Western nations.Since its first informal meetings in 2006, when it was known as just BRIC, the bloc has grown to include Ethiopia, Iran, Egypt, and the United Arab Emirates. Saudi Arabia was also invited to join, but a Saudi official said in January it had yet to do so.Should Turkey now join the bloc, it would become its first NATO member and EU candidate, potentially complicating ties with the West and raising questions over Turkey's commitment to the military alliance.Turkey's relationship with NATO has already come under strain due to the country's continued <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">ties with Russia</a> in the <a target="_blank" class="" href="https://www.businessinsider.com/turkey-erdogan-play-both-sides-peacemaker-ukraine-war-russia-putin-2024-7">wake of the latter's invasion of Ukraine</a>, as well as its efforts to <a target="_blank" class="" href="https://www.businessinsider.com/china-muslim-oppression-xinjiang-turkey-silence-2019-7">seek improved relations with China</a>.Such moves seem to reflect Turkish President Tayyip Erdoğan's desire to establish the country's independence through shifting foreign policy. He now appears to be seeking to maintain what experts have dubbed a "balancing act" between its relations with the West, Russia, and China."Turkey is seeking alternatives. It does not want to leave its NATO membership. It does not want to shed its European aspirations. But it wants to diversify its set of alliances, hedge its bets, so to speak," Asli Aydintaşbaş, a visiting fellow in the Center on the United States and Europe at the Brookings Institution, told <a target="_blank" class="" href="https://www.france24.com/en/europe/20240905-nato-member-turkey-balancing-act-brics-bid-russia-china">France 24</a>. "It no longer sees its NATO membership to be the sole identity, its sole foreign policy orientation."Aydintaşbaş said that Erdogan saw successful strategy as having "a foot in different camps," adding that he wanted to "be able to play off the West against Russia, the West against China.""I think that he has come to skillfully play this geopolitical act," she said, but noted that he had sometimes pushed his "geopolitical balancing" too far.One particular flash point came when Turkey acquired the <a target="_blank" class="" href="https://www.businessinsider.com/turkey-may-soon-deploy-controversial-russian-s-400-air-defenses-2024-4">Russian S-400 air-defense system</a> in 2019, instead of NATO-made equivalents.In 2020, the US <a target="_blank" class="" href="https://2017-2021.state.gov/the-united-states-sanctions-turkey-under-caatsa-231/">said</a> it had repeatedly made it clear to Turkey that the purchase of the S-400 system "would endanger the security of U.S. military technology and personnel and provide substantial funds to Russia's defense sector, as well as Russian access to the Turkish armed forces and defense industry."Turkey's decision to push ahead with the deal eventually led to it being kicked out of the US's F-35 program, as well as a number of US sanctions.Nevertheless, Bulent Aliriza, a senior associate of the Europe, Russia, and Eurasia Program at the Center for Strategic and International Studies (CSIS), told BI that he did not think that BRICS was "going to compete with NATO and with Turkey's other Western links.""But it is a statement of, I would say, unhappiness with some aspects of their relationship with the West," he said. "Even if Turkey does join BRICS, I do not believe it is going to lead to a fundamental redefinition of Turkey's relationship with the West."Yusuf Can, the Coordinator for the Middle East Program at the Wilson Center, has also <a target="_blank" class="" href="https://www.wilsoncenter.org/article/turkeys-balancing-act-navigating-nato-brics-and-other-global-partnerships">argued</a> that Turkey's "strategic diversification should not alarm NATO allies," saying that they "could benefit from a partner" in such circles."Understanding and collaborating with Turkey's perspective can enhance US and NATO relations with Turkey, irrespective of potential administrative changes in Ankara," Can wrote in an article for the Wilson Center.Can noted that an improved US-Turkey partnership could also help secure crucial strategic regions, such as the <a target="_blank" class="" href="https://www.businessinsider.com/russian-attack-ukraine-shows-black-sea-fleet-dangerous-despite-losses-2024-8">Black Sea — which has been at the center of the Russia-Ukraine war</a>."Economically, strengthened US-Turkey relations can benefit the EU by fostering investments in new trade routes," Can added.Aliriza agreed that the West could find a way to benefit from the situation.Speaking about Turkey's potential BRICS membership, Aliriza told BI: "It doesn't necessarily have to become a problem for the West, but it can, in fact, benefit the West if Turkey and its Western partners can have an open and honest dialogue about how to move forward.""It still remains a member of the Council of Europe. Most of its trade is still with the West. And in terms of investment, although there's been a lot of speculation that there might be Chinese investment in Turkey, most of the foreign investment in Turkey, either FDI or short-term funds coming in seeking profit from high interest rates, has come from the West," he said.For its part, the US has remained relatively quiet following the news that Turkey's BRICS ambitions may be inching forward, which Aydintaşbaş said was likely a savvy move aimed at avoiding a public dispute."Washington is keeping quiet," she told France 24. "It does not want a public, high-profile spat with Turkey, and it knows that President Erdogan is unpredictable."The BRICS group is set to hold a summit in Kazan, Russia, from October 22 to 24.

Turkey's 'balancing act' with BRICS may stoke NATO fears, but the West needn't be too worried, analysts say

Johannesburg, Top leaders of the BRICS nations on Thursday decided to admit <keyword id="5927" type="General" weightage="20" keywordseo="argentina" source="Orion">Argentina</keyword>, <keyword id="6354912" type="General" weightage="20" keywordseo="egypt" source="Orion">Egypt</keyword>, <keyword id="61936" type="General" weightage="20" keywordseo="ethiopia" source="Orion">Ethiopia</keyword>, <keyword id="41896" type="General" weightage="20" keywordseo="iran" source="Orion">Iran</keyword>, <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and the <keyword id="6354870" type="General" weightage="20" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> as full members of the grouping that is largely seen as a counterweight to Western powers. The decision to induct the six countries to join the bloc from January 1 next year was announced by South African President Cyril Ramaphosa on the final day of the annual summit of the BRICS that currently comprises Brazil, Russia, India, China and South Africa. "We have consensus on the first phase of this expansion process, and further phases will follow," Ramaphosa, flanked by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said at a media briefing at the end of the BRICS summit in Johannesburg. With the entry of the six countries, the total number of members in the grouping is reaching 11 from the current five. The decision to expand the bloc is seen as an effort to reshape global governance while putting the voices of the Global South as a key priority area to advance the overall development agenda. The South African president said an agreement was reached on the "guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while". "We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS," he added. Around 40 countries had shown interest in joining BRICS out of which 23 formally applied for the membership. In his media statement, Modi said the "expansion and modernisation" of BRICS is a message that all institutions in the world need to mould themselves according to changing times. "India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours," he said. The prime minister said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order. "The expansion and modernization of BRICS is a message that all the institutions of the world should adapt to the circumstances of the changing times," he said. "This is such an initiative that can become an example for the reform of other global institutions established in the 20th century," he added. Chinese President Xi described the expansion of BRICS as a "new starting point" for cooperation in the grouping. "It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development," he said at the press briefing. The grouping took shape in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010. At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. The BRICS member nations have been the main engines of global economic growth over the years. Speaking remotely, Russian leader Vladimir Putin hailed the expansion. In his remarks, Ramaphosa said the BRICS valued the interests of other countries in building partnership with the grouping. "We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit," he said. "Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous," he noted. In its Johannesburg declaration, the BRICS leaders said they appreciated the considerable interest shown by countries of the global South in becoming members of BRICS. Ramphosa said the BRICS is ready to explore opportunities for improving the "stability, reliability and fairness of the global financial architecture." He said the summit agreed to task the BRICS finance ministers and Central Bank governors to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit. "We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation," the South African president said. "We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the global South," he said. "We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems," he added. The South African leader said the BRICS reiterated its commitment to inclusive multilateralism and upholding international law. On the Ukraine conflict, the BRICS called for peaceful resolution of the crisis. "We recall our national positions concerning the conflict in and around Ukraine as expressed at the appropriate fora, including the UN Security Council and UN General Assembly," the declaration said. "We note with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy, including the African Leaders Peace Mission and the proposed path for peace," it said.

BRICS decides to admit 6 countries as new members of grouping; focuses on voices of Global South

<ul class="summary-list"><li>Creating a BRICS currency backed by gold makes no sense, says a former top Bank of America strategist.</li><li>David Woo questioned what would be achieved by creating "just another gold derivative."</li></ul>The idea of a common currency for the BRICS nations that's backed by gold "makes no sense whatsoever," said strategist <a href="https://www.davidwoounbound.com/" target="_blank" rel="noopener">David Woo</a>. The group of major emerging economies have<a href="https://markets.businessinsider.com/news/currencies/brazil-president-de-dollarization-lula-brics-nations-currency-china-yuan-2023-4?_gl=1*1gzsnxq*_ga*MTY1MDQ2MjYyMy4xNjMyMTUxMDM0*_ga_E21CV80ZCZ*MTY5MDgyMzE0Ny41NTkuMC4xNjkwODIzMTQ3LjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> called for ways</a> to end the dollar's dominance as the world's premier reserve currency, and some think gold reserves could be used to back a new note. However, that approach would mean the new currency tracks the price of gold rather than the BRICS' individual currencies, according to the former head of global interest rates, foreign exchange, and emerging market fixed income strategy and economic research at Bank of America."In any event, we have to ask what exactly the BRICS would accomplish by creating what would be essentially just another gold derivative?" Woo said <a href="https://www.youtube.com/watch?v=GkkKNQ3Qwfw" target="_blank" rel="noopener">in a video on his Youtube channel</a>. He pointed out that gold reserves were finite, and the more gold China used to prop up the new exchange, the less it would have to back its own currency – the renminbi."If you think having more gold backing a currency makes it stronger, then the more gold China allocates to the BRICS currency means there is less gold backing the RMB which, if we follow this logic, means a weaker RMB," he added. "The bottom line: the BRICS can create a currency backed by gold, but its purpose would be purely symbolic."In recent months, <a href="https://markets.businessinsider.com/news/currencies/dedollarization-chinese-bank-lending-to-russia-more-than-quadruples-2023-9?utm_medium=ingest&amp;utm_source=markets">China and several other countries have stepped up efforts</a> to reduce their reliance on the greenback in international trade and investments – especially with the <a href="https://markets.businessinsider.com/news/currencies/dollar-weaponization-obliterate-global-economic-integration-dedollarization-2023-7?utm_medium=ingest&amp;utm_source=markets">US leveraging the dollar's global supremacy to impose economic and financial sanctions</a> on countries including Russia and Iran.The BRICS group – Brazil, Russia, India, China, and South Africa — has been accelerating efforts to dedollarize, and Brazilian President Luiz Inácio Lula da Silva has called for a common trading note.Even the idea of a BRICS currency was labelled <a href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8">"just ridiculous"</a> by Jim O'Neill, the economist who first coined the BRICS acronym, last month.The broader dedollarization movement is struggling to gain momentum. SWIFT payments involving the US dollar <a href="https://markets.businessinsider.com/news/currencies/dedollarization-suffers-blow-swift-usd-share-global-payments-hits-record-2023-8?utm_medium=ingest&amp;utm_source=markets">rose to a record</a> 46% in July, Bloomberg reported.

A BRICS currency backed by gold 'makes no sense whatsoever,' says one market guru

<ul class="summary-list"><li>Indian Oil and Gas Minister Hardeep Singh Puri doesn't see de-dollarization as taking root yet.</li><li>"I wish the Indian rupee should be the lead currency in the world. But I'm also a realist," he said.</li></ul>The greenback's dominance is under no real threat from emerging market currencies, <a href="https://www.cnbc.com/2023/08/25/de-dollarization-a-long-way-off-india-oil-minister-hardeep-singh-puri.html" target="_blank" rel="noopener">India's oil and gas minister told CNBC</a>, despite recent efforts to de-dollarize global trade. The dollar is the dominant form of payment for commodities like oil. But in June, <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-indian-refiners-russian-oil-china-yuan-renminbi-2023-7">Indian refiners used China's yuan to buy Russian crude</a>. And earlier this month, an <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-war-india-uae-currency-crude-oil-trade-markets-2023-8#:~:text=India%20bought%201%20million%20barrels,been%20pushing%20to%20de%2Ddollarize.">Indian refiner used rupees to buy oil</a> from the UAE. When asked about the dollar's role in the oil market, Hardeep Singh Puri replied, it's "not so easy" to replace it. When pressed further if the dollar's prominence will remain, he replied, "Yes, I think it will."His comments come after the BRICS bloc of developing economies held its 15th annual summit last week, where ideas for how to de-dollarize were discussed. The coalition — made up of Brazil, Russia, India, China, and South Africa — has previously floated the concept of a new BRICS currency, but <a href="https://www.bloomberg.com/news/articles/2023-08-24/brics-currency-was-never-on-table-south-african-finance-chief-says" target="_blank" rel="noopener">support for such an initiative</a> was relatively lacking during the event. More emphasis was laid on efforts to increase trade in existing <a href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7?IR=C">local currencies</a>.In his interview with CNBC, Puri said if the BRICS coalition expands, "Does that mean an alternate global currency is coming? Come on — I've been in this game long enough."He added, "International arrangements, trading arrangements, payment arrangements, these have been in place for a long time." Some non-dollar trade deals have already been met with challenges. For instance, separate reports said recently that despite prompting from the Indian central bank, private-sector companies have <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-india-central-bank-uae-trade-rupee-dirham-2023-8">remained hesitant</a> to purchase oil in currencies outside the dollar.And evidence is still lacking of significant dollar erosion. In fact, the greenback recently hit an <a href="https://markets.businessinsider.com/news/currencies/dedollarization-suffers-blow-swift-usd-share-global-payments-hits-record-2023-8">all-time high in its share of global transactions</a>, according to recent data from the SWIFT payments system. As of July, it accounted for 46% of international trade."I wish all the currencies very well. I wish the Indian rupee should be the lead currency in the world. But I'm also a realist," Puri said on Friday.

Key BRICS member admits the dollar will remain dominant despite oil deals in rupees and yuan

<ul class="summary-list"><li>A former Zimbabwe finance minister said de-dollarization could result in an economic "disaster."</li><li>Zimbabwe has applied to join the BRICS bank, where there's debate about moving away from the dollar.</li></ul>Zimbabwe wants to join a <a href="https://www.herald.co.zw/zim-seeks-to-join-brics-growing-influence/" target="_blank" rel="noopener">bank founded by the BRICS</a> group of emerging nations — but a de-dollarization debate has started before the country's application has been approved.Tendai Biti, a former Zimbabwe finance minister, has said there could be an economic "disaster" if the current administration of President Emmerson Mnangagwa decides to <a href="https://www.zimlive.com/biti-warns-of-economic-disaster-if-mnangagwa-takes-brics-de-dollarisation-bait/" target="_blank" rel="noopener">ditch the dollar</a>.Biti wrote in an X post on Thursday that any move away from the greenback was a "zany attempt to follow the global de-dollarization agenda being pursued by #BRICS &amp; other new world order advocates," referring to the bloc of Brazil, Russia, India, China, and South Africa."This move will be an absolute disaster &amp; will cost worker's &amp; pensioners," he wrote. He also said Zimbabwe didn't have the economic conditions to ditch the dollar.Biti's comments add to an intense ongoing debate over de-dollarization, as Zimbabwe has applied to join BRICS's New Development Bank. The discourse has been fanned by fears that <a href="https://www.statestreet.com/sg/en/asset-manager/insights/weaponization-of-us-dollar" target="_blank" rel="noopener nofollow">Washington is weaponizing</a> the dollar-denominated global financial system against Russia over the Ukraine war.The discussion has been so intense that there was even talk about the possible <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dominance-yuan-china-brics-alternative-currency-sanction-russia-2023-4?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">creation of a common BRICS currency</a> during a recent summit in August.The meeting ended without any announcements about a common currency, and during the summit, leaders from the BRICS nations even gave contradictory statements about de-dollarization.The BRICS bank is also starting its de-dollarization journey by <a href="https://markets.businessinsider.com/news/bonds/china-brics-bank-dedollarization-dollar-dominance-debt-local-currency-lending-2023-8#:~:text=A%20development%20bank%20formed%20and,%2C%20Brazilian%2C%20and%20Indian%20tenders.">increasing lending in local member currencies</a>.Biti's views on de-dollarization also reflect local Zimbabwean concerns about its economy. <a href="https://www.theguardian.com/world/2023/aug/22/zimbabwe-goes-to-the-polls-amid-deepening-economic-crisis" target="_blank" rel="noopener">Zimbabwe has been in an economic crisis</a> for years, with inflation running at <a href="https://www.reuters.com/world/africa/zimbabwe-post-mugabe-economic-revival-remains-elusive-ahead-vote-2023-08-02/" target="_blank" rel="noopener">101.3% in July</a> compared with the same month last year. Zimbabwe's official currency is the Zimbabwe dollar, but John Mangudya, the governor of the country's central bank, told Bloomberg in July <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-dominance-pegged-currencies-argentina-countries-greenback-inflation-2023-6">the US dollar</a> was used in <a href="https://www.bloomberg.com/news/articles/2023-07-24/us-dollar-still-rules-in-zimbabwe-despite-local-currency-rally" target="_blank" rel="noopener">75% of all transactions in Zimbabwe</a>.Zimbabwe's government <a href="https://www.reuters.com/article/zimbabwe-economy-idUSL8N23V2BJ" target="_blank" rel="noopener">banned the use of foreign currencies as legal tender in 2019</a>. Mnangagwa said at the time that the country's economy was "at the mercy of US dollar pricing, which has been a root cause of inflation," <a href="https://www.bbc.com/news/world-africa-48757080" target="_blank" rel="noopener">the BBC reported</a>.The country was forced, however, to reverse the ban in June 2022 to rein in inflation.As talk about de-dollarization rages on in emerging economies — including Zimbabwe — locals are concerned about its spillover into their lives."The US dollar has given us our life back. We can't do without it," Lovemore Mutenha, a liquor-store owner in Zimbabwe, told the <a href="https://apnews.com/article/dollar-dominance-brics-summit-global-economy-d4322e1f99480962eccc05628a0ddb64" target="_blank" rel="noopener">Associated Press in August</a>. "How can one budget with the Zimbabwe dollar that is always changing in value? It is not stable, and we have been burned before."Representatives for Biti, Zimbabwe's central bank, and BRICS's New Development Bank did not immediately respond to requests for comment from Insider.

You Searched For "BRICS" and got 11 results

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BRICS decides to admit 6 countries as new members of grouping; focuses on voices of Global South

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