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<keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="153" meta.entityid="United Nations">United Nations</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> with its significant economic growth and leadership of the <keyword id="19930049" type="General" weightage="20" keywordseo="Global-South" source="keywords">Global South</keyword> deserves a permanent seat at the <keyword id="19900775" type="General" weightage="20" keywordseo="UN-Security-Council" source="keywords">UN Security Council</keyword>, <keyword id="20047250" type="General" weightage="20" keywordseo="Bhutan" source="keywords">Bhutan</keyword>'s Prime Minister <keyword id="20103768" type="General" weightage="20" keywordseo="Tshering-Tobgay" source="keywords">Tshering Tobgay</keyword> has said. He also expressed "deepest" gratitude to India for its "support and friendship" for his country's journey of graduating from the Least Developed Countries (LDC) category. "The United Nations must evolve to meet the realities of today's world. The Security Council, as it stands, is a relic of the past. We need a Council that reflects the current geopolitical, economic landscape and social realities," Tobgay said in his address to the General Debate of the 79th session of the UN <keyword id="20282473" type="General" weightage="20" keywordseo="General-Assembly" source="keywords">General Assembly</keyword> on Friday. He said Bhutan has long advocated for reform of the 15-nation Security Council to make it more representative and effective and voiced support for India to sit as a permanent member at the horse-shoe high table. "For this, India with its significant economic growth and population and leadership of the Global South deserves a permanent seat at the Security Council," Tobgay said. He also voiced support for Japan, "a leading donor and peacebuilder", to become a permanent UNSC member. During the high-level week, several UN Member states, including permanent members France, UK and the US explicitly voiced support for India to become a permanent member in a reformed Security Council. In his address, Tobgay also highlighted Bhutan's journey of graduating from the <keyword id="23349840" type="General" weightage="20" keywordseo="LDC-category" source="keywords">LDC category</keyword> in December last year, about 52 years after it joined the United Nations. He noted that this achievement did not come easily, it was a journey marked by hard work, perseverance and one in which Thimphu was not alone. It had the support of many friends who "accompanied us on this important journey", he said extending "deep gratitude" to the United Nations, its specialised agencies, and <keyword id="23349841" type="General" weightage="20" keywordseo="development-partners" source="keywords">development partners</keyword>, including Japan, the European Union, the World Bank and the Asian Development Bank for their unwavering support. "But most importantly, I would like to reserve our deepest thanks to India, our closest friend and neighbour. They have been with us from the very beginning of our development journey, and have remained steadfast in their support and friendship," Tobgay said. He noted that graduating from the LDC category is a significant milestone and what truly matters is that Bhutan did it on its own terms. Describing Bhutan's story as one of hope and also a call to action, Tobgay however voiced concern that only seven nations have graduated from the LDC category in about 50 years and 46 countries are still in need. "This is unacceptable. The international community must intensify its efforts to ensure that no nation is left behind, that all LDC countries achieve graduation," he said, adding that to accomplish this, "we must address poverty, inequality and vulnerability with a renewed sense of urgency." The Pact for the Future, which UN Member States adopted collectively at the Summit of the Future earlier this week, provides "us with a road map to transform the lives of the world's most vulnerable," he said.

India deserves permanent UNSC seat: Bhutan

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

Climate Action 15: 2024's top global innovators powering green solutions

Prime Minister Narendra Modi's "short but a very productive visit" to Jakarta, where he participated in the <keyword id="1493716" type="General" weightage="20" keywordseo="ASEAN-India-Summit" source="Orion">ASEAN-India Summit</keyword> and the East Asia Summit, has concluded on Thursday, said Secretary (East), <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (MEA), <keyword id="331724" type="General" weightage="50" keywordseo="saurabh-kumar" source="Orion">Saurabh Kumar</keyword>. "Prime Minister's participation in this summit will give India-ASEAN relations a strategic direction," said Secretary Kumar. In a short video message posted on X, by MEA spokesperson <keyword id="10953867" type="General" weightage="50" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword>, Kumar summarised the key takeaways of <keyword id="2238662" type="General" weightage="100" keywordseo="pm-modi" source="Orion">PM Modi</keyword>'s Jakarta visit. He said that PM Modi highlighted the "need to amplify the voice of the Global South, including in the G20". The <keyword id="5891" type="General" weightage="80" keywordseo="asean" source="Orion">ASEAN</keyword> leaders welcomed PM Modi's leadership in the G20 and wished him success and also congratulated India for the successful Chandrayaan-3 mission. "Prime Minister had comprehensive discussions, including in areas such as connectivity, maritime cooperation, digital transformation, trade and economy, environment, health and traditional medicines. In each of these, the Prime Minister made specific proposals, which has already been put out in the form of a twelve-point proposal," said Kumar. He added, "Two joint statements were issued between India and ASEAN. These relate to maritime cooperation and food security. In maritime cooperation, areas such as safety and security of the maritime area, maritime domain awareness, disaster management, blue economy, et cetera, have been covered." Prime Minister also announced the formation of an ASEAN India Fund for Digital Future, which would provide financial connectivity between ASEAN and India, said Kumar, adding, "Prime Minister also announced support for ERIA (Economic Research Institute for ASEAN and East Asia), which is an ASEAN think tank, which would be our knowledge partner to further deepen ASEAN-India relations." He also said that the Prime Minister, during his interactions and discussions, "called for a free, open and rules-based Indo-Pacific, emphasised ASEAN centrality and made the point that cod complements the same". Following his participation in the summits, PM Modi thanked Indonesian President, Joko Widodo, and the people. "Had a very short but fruitful Indonesia visit, where I met ASEAN and other leaders. I thank President @jokowi , the Indonesian Government and people for their welcome," wrote PM Modi on X. PM Modi, who is in Jakarta, will return to New Delhi on Thursday evening ahead of the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, which will be held on September 9 and 10. ALSO READ: <a href="https://www.businessinsider.in/india/news/g20-check-out-the-full-list-of-restricted-roads-in-delhi-during-summit/articleshow/103436759.cms" data-type="tilCustomLink" target="_blank">Delhiites, here are all the traffic restrictions as a result of the G20 summit</a>

ASEAN-India Summit: PM Modi highlights need to amplify voice of Global South during Jakarta visit

<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>The US has played a key role in countering China in the South China Sea.</li><li>But any intensified US efforts could trigger a confrontation, experts told BI.</li></ul>The US has played an active security role in the South China Sea in recent years, but with China increasingly confrontational in the region, things could come to a head.US ships and aircraft have repeatedly operated within the wide expanse claimed by China to assert international rights to navigation, carried out <a target="_blank" class="" href="https://x.com/US7thFleet/status/1834396679216181394">military</a> <a target="_blank" class="" href="https://x.com/indopacom/status/1836389721502568770?s=46&amp;t=o-gfid_uWzVLqbUuvoCCsg">exercises</a> <a target="_blank" class="" href="https://x.com/INDOPACOM/status/1834577777598894323">with</a> <a target="_blank" class="" href="https://x.com/INDOPACOM/status/1836163226528350500">regional</a> <a target="_blank" class="" href="https://x.com/INDOPACOM/status/1835438447907295450">allies</a>, and <a target="_blank" rel="" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/01/joint-statement-of-the-leaders-of-the-united-states-and-the-philippines/">reaffirmed</a> its <a target="_blank" rel="" class="" href="https://www.defense.gov/News/Speeches/Speech/Article/3836245/track-record-and-trajectory-us-philippine-defense-ties-since-2021-remarks-by-as/">commitments</a> to regional partners.It has also <a target="_blank" href="https://x.com/INDOPACOM/status/1836525608056033674">helped</a> Southeast Asian countries to <a target="_blank" rel=" nofollow" class="" href="https://x.com/TeamAFP/status/1828775660015522069">modernize</a> their militaries and <a target="_blank" rel=" nofollow" class="" href="https://x.com/TeamAFP/status/1828653505885938023">deepen</a> <a target="_blank" class="" href="https://x.com/INDOPACOM/status/1836666038475489463">ties</a> with countries pursuing similar security goals.However, some Asia regional analysts warn that any further attempt to intensify US efforts in the contested waters could agitate regional partners, trigger China's ire, and backfire on the US and its partners."The last thing that any Southeast Asian country wants is for this to spill over into an active conflict," Bill Hayton, an associate fellow with Chatham House's Asia-Pacific program, told Business Insider.On the other hand, a US pullback would enable China to bully its smaller neighbors in ways that could also trigger a military clash.They "want a Goldilocks situation in the South China Sea — not too hot, not too cold," he added.<div type="image" title="A China Coast Guard ship (R) sailed past the Philippine Coast Guard ship BRP Cape Engaño (L) during a supply mission to Sabina Shoal in disputed waters of the South China Sea on August 26, 2024." height="2000" width="3000" msid="114167295" hostid="261" sizebytes="189602"></div><h2 id="9deb4483-b117-443f-9cc5-4db4f72459bc">Keeping a balance</h2>Southeast Asian leaders have tried to keep a balance between the US and China through ASEAN, a political and economic union of 10 countries with the stated <a target="_blank" href="https://asean.org/what-we-do#asean-aims">goal</a> of "promoting regional peace and stability."ASEAN held its annual summit in Laos this week, in part to <a target="_blank" class="" href="https://apnews.com/article/asean-summit-laos-myanmar-south-china-sea-254fe0f7f8b484df5bdb05c0557fccd6">discuss</a> territorial tensions in the South China Sea. China has made expansive and legally dubious claims to nearly all of the sea, which is a major shipping route and boasts natural resources like fish and oil fields.Recent months have seen clashes between Chinese coast guard vessels and ones from the Philippines, including one <a target="_blank" class="" href="https://www.businessinsider.com/philippines-soldiers-bare-hands-fight-armed-china-coast-guard-swords-2024-6">encounter</a> where swords and knives were brandished and a Filipino soldier reportedly lost a thumb.Speaking at the <a target="_blank" class="" href="https://www.state.gov/secretary-antony-j-blinken-at-the-asean-summit-with-the-united-states/">ASEAN summit</a>, US Secretary of State Antony Blinken told Southeast Asian leaders that the US was concerned about China's "increasingly dangerous and unlawful" activities in the disputed waters."The United States will continue to support freedom of navigation and freedom of overflight in the Indo-Pacific," he added.The US is the only military with the size and sophistication to push back on China's forces, however, any US attempt to step up its role in the region could affect the delicate balance.Hunter Marston, a Ph.D. candidate in international relations at the Australian National University in the Coral Bell School of Asia-Pacific Affairs, said all 10 ASEAN countries have their own security interests and different views about the US' role in the region.While countries that keep close ties to the US, like Singapore, the Philippines, and to some extent Vietnam, would be "very" supportive of increased US security in the region, other countries that fear a larger US military presence in the South China Sea, including Malaysia, Indonesia, and perhaps Cambodia, would be "more vocally" opposed to it, he said.Another aspect is that China's wide claims don't directly affect Indonesia and Cambodia, meaning they have less to lose.<div type="image" title="An infographic of the disputed South China Sea on January 06, 2023." height="4138" width="5697" msid="114167294" hostid="261" sizebytes="390018"></div><h2 id="1c59d1ef-370d-4010-a9b6-a8ba1510690f">A bipartisan issue</h2>Ramping up the US security role in the South China Sea without upsetting the balance of power is "a challenge that dates back to at least the Bush administration," Marston said, referring to the administration of George W. Bush.Following 9/11, the Bush administration <a target="_blank" class="" href="https://link.springer.com/article/10.1057/s41311-023-00486-0#Fn5">stepped up</a> its security involvement in the region by strengthening the US military presence there and increasing diplomatic ties with key ASEAN nations.The Obama administration then pursued a policy of strategic "<a target="_blank" class="" href="https://obamawhitehouse.archives.gov/the-press-office/2015/11/16/fact-sheet-advancing-rebalance-asia-and-pacific">rebalancing</a>," with the underlying <a target="_blank" class="" href="https://onlinelibrary.wiley.com/doi/abs/10.1111/pafo.12115">goal</a> of preventing China from becoming the dominant power in the Asia-Pacific region.The Trump administration took a <a target="_blank" class="" href="https://www.fpri.org/article/2020/08/from-pivot-to-defiance-american-policy-shift-in-the-south-china-sea/">harder line</a>, stepping up its freedom of navigation patrols, conducting naval exercises in the region, and at one point <a target="_blank" class="" href="https://www.csp.navy.mil/Media/News-Admin/Article/2186392/pacific-fleet-submarines-lethal-agile-underway/">deploying</a> all of its forward-deployed nuclear attack submarines into the Western Pacific.Marston said the Biden administration has adopted elements of Obama's policy and tried to ramp up diplomatic efforts and strengthen US alliances and security partnerships.Yet, China has remained undeterred in its efforts to dominate the contested islands, and has grown more aggressive in encounters with regional claimants, notably the Philippines."It's really plagued multiple administrations," Martson said.<h2 id="5c410507-89c1-4bdb-b90b-5027be104561">A polarized region</h2>Gregory B. Poling, director of the Center for Strategic and International Studies' Southeast Asia Program and the Asia Maritime Transparency Initiative, told BI that the South China Sea has served as a "wedge" within ASEAN because only four out of 10 countries have a direct stake in it."Frankly, a lot of them would rather the Philippines, Vietnam, Indonesia, and Malaysia just give up their rights in order to make this issue go away so they can get back to trading and investing with China," he said.According to Chatham House's Hayton, increased US intervention could further split the alliance and also potentially drag the US into a conflict with China that jeopardizes Southeast Asian countries' economies.The US might be called in to help enforce <a target="_blank" class="" href="https://ssi.armywarcollege.edu/SSI-Media/Recent-Publications/Display/Article/3738629/war-with-china-a-view-from-early-2024/">freedom of navigation</a> or defend its partners in the event of a military confrontation between China and its neighbors.<a target="_blank" rel="" href="https://www.businessinsider.com/us-warships-could-protect-pacific-allys-ships-from-china-admiral-2024-8">Adm. Samuel Paparo</a>, head of the US Indo-Pacific Command, hinted at this last August, saying the US could send ships to escort Philippine vessels in the South China Sea following clashes with China in recent months.Even without a boosted US presence, the US could be dragged into a regional confrontation via its partners.At a minimum, Hayton said a conflict would trigger disruptions to shipping, supply lines, and supply chains and hurt the region's economic growth, "even before we start to think about military actions."A conflict in the South China Sea — a critical trade route <a target="_blank" class="" href="https://unctad.org/system/files/official-document/rmt2016_en.pdf">estimated</a> to carry one-third of global shipping — could result in a 10-33% loss in GDP for Taiwan, Singapore, Hong Kong, Vietnam, the Philippines, and Malaysia, according to a 2020 <a target="_blank" class="" href="https://www.nber.org/system/files/working_papers/w28048/w28048.pdf">working paper</a> by the US National Bureau of Economic Research.<h2 id="aba6b3de-fedf-479e-9f6f-ff50a1a9a19a">Escalating tensions</h2>Tensions in the region have been escalating over the past few months, especially between China and the Philippines.A month after the armed encounter, China's largest coastguard vessel <a target="_blank" rel="" class="" href="https://www.businessinsider.com/beijings-monster-coastguard-ship-ramps-up-tensions-south-china-sea-2024-7">dropped anchor</a> in the Philippines' exclusive economic zone, and in August, a Philippine Coast Guard spokesperson <a target="_blank" rel=" nofollow" class="" href="https://x.com/jaytaryela/status/1828077854539874574">said</a> China had deployed 40 vessels to block the delivery of supplies to its soldiers stationed in the contested Sabina Shoal.Earlier this week, the Philippines <a target="_blank" class="" href="https://www.bfar.da.gov.ph/2024/10/09/da-bfar-statement-on-the-recent-ccg-water-cannon-incident-in-bajo-de-masinloc/">said</a> three Chinese Coast Guard vessels and a navy ship fired water cannons toward two civilian vessels while they were on a routine resupply mission in the West Philippine Sea.<div type="image" title="A Philippine coast guard vessel and a Chinese coast guard vessel during an incident in&#xa0;the South&#xa0;China&#xa0;Sea on August 19, 2024." height="1125" width="2000" msid="114167292" hostid="261" sizebytes="36066"></div>Poling described these as "the most violent months in the South China Sea since 1988," and added that the Philippines' "natural" response would be to seek help from its treaty ally, the US.Under a Mutual Defense <a target="_blank" rel=" nofollow" class="" href="https://treaties.un.org/doc/Publication/UNTS/Volume%20177/volume-177-I-2315-English.pdf">Treaty</a> signed in 1951, the US must come to the Philippines' aid in the event of an armed attack — something China has carefully avoided by conducting <a target="_blank" class="" href="https://www.businessinsider.com/china-taking-over-south-sea-us-not-stopping-experts-philippines-2024-9">gray-zone operations</a>.In an interview with CBS News <a target="_blank" class="" href="https://www.businessinsider.com/philippines-expects-us-to-intervene-if-china-takes-rusted-warship-2024-9">60 Minutes</a> last month, Philippine Secretary of National Defense Gilberto Teodoro said that there were ongoing discussions about what scenarios would prompt the US to get involved.Meanwhile, according to Poling, China's official position is that everything the Philippines does is because the US made it do it."That's one of the things that makes this so hard to deescalate," he said.A war with China in the South China Sea is a prospect the US would likely want to avoid at all costs, given the ongoing conflicts raging in Ukraine and the Middle East."But there's no world in which the US can sit on the sidelines, watch China potentially kill Filipinos in Philippine waters, and do nothing," Poling added.

Efforts by the US to counter China in the South China Sea could backfire

<keyword id="19912297" type="General" weightage="20" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> is set to host its flagship <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> conference, the <keyword id="22703102" type="General" weightage="100" keywordseo="Nvidia-AI-Summit" source="keywords">Nvidia AI Summit</keyword>, from October 23-25, 2024, in <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>. This event is one of three global summits this year, alongside those in Washington, D.C., and Japan, and aims to be a convergence of minds, gathering top executives, AI experts, developers, innovators, and key technology decision-makers to explore advancements in AI. The summit is highly recommended for developers and business decision-makers at GSIs and GCCs seeking insights into AI solutions tailored for both the Indian and global markets. It aims to address critical local challenges and open new opportunities for <keyword id="19936494" type="General" weightage="20" keywordseo="innovation" source="keywords">innovation</keyword>. Event highlights include a fireside chat with Nvidia's founder and CEO, <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, who will discuss the future of AI, interactions with world-class speakers, and hands-on demonstrations of the latest AI technologies. Attendees can also expect valuable networking opportunities, interactive workshops, and expert panels on future AI trends. "With accelerated computing infrastructure, research, and AI skilling at scale, India has the potential to become the Intelligence Capital of the world and the upcoming Nvidia's <keyword id="20157373" type="General" weightage="20" keywordseo="AI-Summit" source="keywords">AI Summit</keyword> is the first of its kind with significant focus on India," said Vishal Dhupar, Managing Director, Asia-South Nvidia. "It promises to be topical, relevant for India, and a must-attend for developers, startups and enterprises", he added. As per a note, the summit will showcase the transformational impact of AI across various domains, from manufacturing and robotics to healthcare and life sciences, providing attendees with valuable hands-on experience. India's dedicated AI mission is under consideration. Speaking at the inaugural event of the Global India AI Summit 2024 in the national capital, Union IT Minister <keyword id="19904138" type="General" weightage="20" keywordseo="ashwini-vaishnaw" source="keywords">Ashwini Vaishnaw</keyword> said that the government will roll out the India AI Mission in the next two or three months, during which the government will help domestic companies procure computing power units to run artificial intelligence (AI) systems. The company has seen huge demand for its chips, driving its market value to USD 3.16 trillion, making it the third most valuable company after Microsoft and Apple. Many Indian companies, such as Reliance Group, Tata Group, and Yotta Infrastructure, have struck deals with Nvidia for its GPUs.

Nvidia to host AI Summit in Mumbai from October 23-25, 2024

<ul class="summary-list"><li>For Sinead Mulhern, life in Toronto felt too fast-paced, stressful, and expensive.</li><li>She saved up for a yearlong adventure in South America, planning to move back to Canada at the end.</li></ul>I often think back to the day I arrived in Cuenca, Ecuador, the <a target="_blank" class="" href="https://www.businessinsider.com/altitude-psychosis-hiking-hallucinations-mountain-climbing-rules-to-follow-avoid-2024-8">Andean city</a> that accidentally became my home.I was alone on a bus. The sky was dark, and due to plummeting high-altitude temperatures, it was freezing. Rows of Andean peaks stretched out for miles with no sign of civilization. At 13,000 feet, the bus climbed corkscrew roads cut into the mountains.I tried to distract myself from my growing sense of worry, but all I could think was, "I should have gotten on that plane back to Toronto."It was 2018, I was 27, and halfway into what was intended to be a yearlong adventure in South America.The first six months were spent in <a target="_blank" class="" href="https://www.businessinsider.com/first-time-colombia-best-things-to-do-what-to-skip-2024-10">Colombia</a>, but I had just been kicked out of the country for accidentally overstaying my visa. Fortunately, this was well-timed with a visit from friends. We backpacked around Ecuador and after a couple of weeks, they boarded their flight back to Canada, and I jumped on a bus headed for Cuenca to continue exploring.Despite the initial intimidation, it's now been six years, and I'm happily settled.<div type="image" title="El Centro in the historic walled town of Cuenca, Ecuador" height="2268" width="3024" msid="114710642" hostid="261" sizebytes="662854"></div><h2 id="baa9c9e9-a70e-4050-90f5-52a0f33d0828">I was craving a break</h2>I moved to Toronto in 2010 to study journalism. The city has a lot to offer in terms of career opportunities and a vibrant arts scene, so I stuck around after graduating. But as the years passed, the city felt too fast-paced, I was stressed out, and everything was expensive.It was during a short vacation to visit a friend living in Colombia that I decided I wanted to go on a longer adventure in South America. I noticed the well-rounded lifestyle my friend was leading. She was hiking to waterfalls, learning Spanish, and dancing every weekend.When I returned home, my life felt limited, and I wanted what she had. So, two years later, in 2018, I said goodbye to Toronto. My plan was to travel for a year and then relocate to another part of Canada.I'd saved enough to cover a year of <a target="_blank" class="" href="https://www.businessinsider.com/traveling-world-learned-save-money-at-home-2024-10">budget travel</a>, along with a few freelance clients, and figured that if I hated it, I had the privilege to just go home.What I didn't know was that my adventure would stretch far past 2018, through a pandemic, into my 30s, and rewrite my life trajectory. I've enjoyed movies about women who quit everything and create a life elsewhere, but I never thought that would be me.<h2 id="4ea851f5-a69c-46e8-833d-4e16dd88623b">Ecuador felt right</h2>I gradually made the decision to move to Cuenca, <a target="_blank" class="" href="https://www.businessinsider.com/boomer-couldnt-afford-retirement-moved-ecuador-cheaper-lonely-social-security-2024-9">Ecuador</a>, about 200 miles south of Quito, after extending my visas and eventually being granted permanent residency. I've stayed in South America for the same reasons one might stay on any life trajectory, be it a location, career, or relationship: I feel stable, curious, and engaged. I genuinely like my life better.I have a community, and there's always something new about the culture to experience or parse through. The early days of my adventure were a trial period. But at some point, between climbing mountains and strolling through blooming countryside, I thought, hey, this is a lifestyle I'm excited to wake up for.I've had some unforgettable experiences here, like summiting volcanoes, turning 30 in the Amazon, camping under the stars in the Andes, and swimming with <a target="_blank" class="" href="https://www.businessinsider.com/what-to-do-on-the-galpagos-islands-according-to-frequent-visitor">Galapagos penguins</a>.The smaller cultural nuances make living here special. There's a formal politeness that I value: strangers say good morning, dates get the car door, and at social gatherings, everyone's greeted regardless of whether you know them or not. Sundays are reserved for family.Every day at lunch, the city stops to enjoy traditional food, the sunshine, and each other's company. They don't put themselves last to work. They're not burning themselves out just to get the scraps.<div type="image" title="Two women in a pool pool day in the valley of Yunguilla, close to Cuenca, Ecuador." height="811" width="1081" msid="114710643" hostid="261" sizebytes="94466"></div><h2 id="cdf59ddf-b7e1-446d-a58a-4e0d3b2f77dc">Unlike in Toronto, the cost of living is affordable</h2>I rent a one-bedroom apartment with a beautiful terrace for $320 a month. A typical lunch costs $2.75. My monthly Pilates membership is $50, and I pay around $20 for acrylic manicures. I get most of my groceries from a market, where I buy two large bags of produce, coffee, and dry goods for $20. Most locals pay a few hundred less on rent, while higher-earning expats would typically pay more. But with that comes consequences. In May, El Mercurio, a local newspaper in Ecuador, reported that the arrival of foreigners is pushing up local rent.As an expat, I try to contribute to the economy in a beneficial way. I mainly support local businesses: the bakeries, butchers, fruit markets, corner stores, and restaurants in my neighborhood; artisan markets for furniture and decor; and Ecuadorian craft beer when I go out with friends.<a target="_blank" class="" href="https://www.businessinsider.com/boomers-retire-to-ecuador-cheaper-living-healthcare-savings-2024-8">Ecuador is a hot spot for North Americans</a> who have chosen to relocate. Reports on the 2022 Ecuadorian census found that 14,424 Americans were living, officially, in the country. It's sixth on International Living's 2024 global retirement index. But it's not just pulling those in their later years: in 2022, the country also launched a <a target="_blank" class="" href="https://www.businessinsider.com/countries-with-digital-nomad-visas-list-income-requirements-spain-portugal-malta-12">digital nomad visa</a>, making it easier for younger workers, people like me, to live and work in the country.I don't take my cost of living lightly. In Canada, inflation, housing shortages, rising rents, my generation moving back in with their parents, stressed-out food bank systems, and a shrinking middle class often dominate the conversation. These are serious issues. If I lived there, I know I would struggle.<a target="_blank" class="" href="https://www.businessinsider.com/american-moved-to-cuenca-ecuador-cant-afford-move-home-montana-2024-4">Living in Ecuador</a> has nudged me to better define my personal values. Time in nature, an active lifestyle, fresh food, time with friends, and creative work are now essential to me. I wouldn't live in a place that required me to sacrifice any of those.Life here isn't perfect. I've witnessed political instability and dealt with daily power outages due to drought. Right now, my reality is running past goats by the river and finding energy in the Andean mountains. Things that initially terrified me.This lifestyle hasn't been perfect, but I'm grateful that it's mine.

At 26, I set off on a yearlong adventure to South America. It's been 6 years, and I have no plans to leave.

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>China welcomed African leaders to a lavish summit in Beijing on Monday.</li><li>It's a sign of China's influence on the continent, where it has extensive trade links</li></ul>China's leader Xi Jinping playing the lavish host to leaders from Africa this week — burnishing its credentials as a world power.The Forum on China-Africa Cooperation, held in Beijing, is the biggest diplomatic summit in China in recent years, with <a target="_blank" class="" href="https://www.globaltimes.cn/page/202409/1319052.shtml">53 African heads of state in town</a>.China declared the theme of the summit, the first since 2018, as "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future."As they arrived, leaders were greeted by dancers, lines of Chinese troops, and cheering flag-waving children.Xi himself hosted the delegations at an opening banquet and ceremony on Wednesday, before discussions begin in earnest.Analysts say the event is about cementing Chinese influence on the continent, and chipping away at the US.In recent decades China has struck trade, infrastructure, and security deals worth billions as part of its <a target="_blank" class="" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">global Belt and Road Initiative.</a>But China's investment in Africa has dropped sharply in recent years amid domestic economic woes, while the US seeks to catch up amid in an intensifying race for global dominance."This summit occurs amid intensifying strategic frictions between China and the West, especially the United States," Ali Wye of the US think tank Crisis Group told Business Insider.<h2 id="1ba31662-aa21-48fd-a0be-484ed5b7b8fc">China fuels African growth, but not for free</h2>For decades, China's rulers built alliances with African nations, portraying them as engaged in a common struggle against the legacy of Western colonialism.As China's economy grew at a ferocious pace from the 1990s, it engaged in extensive infrastructure projects in Africa, securing deals for lucrative minerals vital for its growing tech and renewable-energy sectors.In 2017, China opened its first overseas People's Liberation Army base in Djibouti, on the horn of Africa, adding a military dimension to its expansion.China is now Africa's biggest trading partner, with bilateral trade reaching $167.8 billion in the first half of this year, according to <a target="_blank" class="" href="https://chinaglobalsouth.com/2024/08/15/china-africa-trade-edges-higher-in-the-january-july-period/">China's state media.</a>But its presence in Africa has also attracted criticism, with China's leaders accused of saddling African countries with vast debts in the form of loans to fund infrastructure projects.The US, China's chief rival for overseas influence in Africa, <a target="_blank" class="" href="https://apnews.com/article/g-20-summit-politics-covid-china-government-united-states-46a01f4190fae4ca260f0ab5beaa59a5">has accused Beijing</a> of seeking to exploit African countries and ensnare them.<h2 id="270efc91-6046-4c91-bee6-d4eb073e0b7c">Seeking Xi's favor</h2>It hasn't stopped African leaders from lining up to do business with China, even as they take on the costs.Some are likely to push this week for deals to lighten their debt burden and address concerns over global warming, said Wyne.Among the leaders granted special one-to-one meetings with Xi are Cyril Ramaphosa, <a target="_blank" class="" href="https://africa.businessinsider.com/local/markets/african-leaders-likely-to-table-funding-dilemma-as-they-gather-in-china/fszgr2e">president of South Africa</a>, and William Ruto, the president of Kenya. The economies are among Africa's biggest, though Kenya has, in recent months, been rocked by riots over economic instability caused by its debts.China's economic downturn and the COVID-19 pandemic saw its investment in Africa dip sharply.According to data from <a target="_blank" class="" href="https://www.bu.edu/gdp/tag/chinese-loans-to-africa/">Boston University's Global Development Policy Center,</a> China's loans to Africa rose to $4.6 billion in 2023, an increase from the $1 billion loaned in 2022, but a massive reduction of the nearly $30 billion in 2016.Instead of the major projects it pitched around a decade ago, China will likely propose smaller deals to African leaders."Given the concerns of some African countries over the impact of the Belt and Road Initiative on their indebtedness and environments, China will seek to pitch smaller, more sustainable investments across the continent," said Wyne.<h2 id="e1da025b-79be-4f13-860d-4a1414905ac2">China portrays itself as leader of the 'Global South'</h2>Africa remains vital to China's strategy of portraying itself as the champion of the "global south" of non-Western nations.Tensions between China and the West have increased in the wake of the Ukraine war, in which China has provided support to Russia. And leaders in Western countries are increasingly alarmed by China's growing global assertiveness.The conference this week presents China with an opportunity to present itself as a global power broker."[China] will also aim to demonstrate that, even as advanced industrial democracies increasingly align to contest its influence, it is far from diplomatically isolated, especially in the developing world. In" said Wyne.

China is hosting African leaders in a lavish display of its global ambition

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>A former employee has accused Davos organizers of pregnancy and race discrimination.</li><li>The lawsuit arrives on the heels of a <a target="_blank" href="https://www.wsj.com/business/world-economic-forum-klaus-schwab-discrimination-harassment-de285594">WSJ investigation</a> into allegations of a toxic workplace. </li></ul>A former employee at the World Economic Forum — the organizer of the illustrious Davos summit in the Swiss Alps — has accused <a target="_blank" href="https://www.wigdorlaw.com/wp-content/uploads/2024/07/Complaint-Smith-v.-World-Economic-Forum-LLC-et-al.-FILED.pdf">the NGO</a> and its founder, Klaus Schwab, in a lawsuit of pregnancy and race discrimination.In her lawsuit, Topaz Smith, a Black woman who worked as community lead for aviation, travel, and tourism, said she was not given the same opportunities as white colleagues — including not being invited to attend Davos in person.Smith also said in the lawsuit she was told by one of her supervisors — who is a white South African woman — to consider her "her master."Additionally, Smith said that after she announced her pregnancy in 2023, her position at the Forum "began deteriorating," according to the lawsuit. She said that when she returned from maternity leave, the role she was slated to begin — partner lead for aviation, travel, and tourism — was eliminated and later filled "with a white woman who was not pregnant.""While it's disappointing to see such false claims being made, now that these matters are in court, the falsity of these claims will become evident," a spokesman for the World Economic Forum told Business Insider in a statement.An attorney for Smith didn't immediately return BI's request for comment.The lawsuit arrives on the heels of an expansive <a target="_blank" href="https://www.wsj.com/business/world-economic-forum-klaus-schwab-discrimination-harassment-de285594">Wall Street Journal investigation</a>, which described allegations of a toxic workplace at the Forum, including discrimination against women and Black employees.The roughly fifty-year-old summit convenes top business and government leaders to hash out global issues. The Forum, which organizes the annual event, says its <a target="_blank" href="https://www.weforum.org/about/world-economic-forum/">mission</a> is to improve the state of the world — and has also published a <a target="_blank" href="https://www.weforum.org/publications/global-gender-gap-report-2023/">Global Gender Gap Report</a> since 2006.The event is <a target="_blank" href="https://www.businessinsider.com/davos-switzerland-world-economic-forum-spectacular-winter-scenery-alps-2024-1">hosted at a picturesque ski resort</a>, bringing together nearly 3,000 world leaders. At this year's gathering, <a target="_blank" href="https://www.businessinsider.com/davos-global-elite-saying-about-ai-behind-closed-doors-2024-1">Sam Altman</a> and <a target="_blank" href="https://www.businessinsider.com/bill-gates-richest-countries-and-people-should-be-more-generous-2024-1">Bill Gates</a> opined on artificial intelligence and human generosity.But the Journal reported in June that several female staffers saw their careers suffer due to pregnancy. Others said they experienced sexual harassment by senior managers at the Forum as well as Davos VIP attendees, according to the Journal.Black employees also raised complaints at the organization when white colleagues <a target="_blank" href="https://www.businessinsider.com/world-economic-forum-managers-said-n-word-davos-dei-wsj-2024-7">used the N-word in front of them,</a> and when they did not receive promotions, the Journal reported.In May, 86-year-old Schwab told staff in a memo he was stepping aside as the Forum's executive chairman as part of a planned transition. The Journal reported the announcement came after Schwab wrote to the paper expressing his concerns about its reporting.The Forum <a target="_blank" href="https://www.businessinsider.com/world-economic-forum-managers-said-n-word-davos-dei-wsj-2024-7">previously called</a> the Journal's report "demonstrably false assertions to mischaracterize our organization."

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