{"id":14422,"date":"2024-10-19T22:37:00","date_gmt":"2024-10-19T18:37:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=14422"},"modified":"2024-10-24T12:56:53","modified_gmt":"2024-10-24T08:56:53","slug":"putin-touts-brics-as-new-global-economic-engine-just-ahead-of-brics-summit-2024","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2024\/10\/19\/putin-touts-brics-as-new-global-economic-engine-just-ahead-of-brics-summit-2024\/","title":{"rendered":"Putin Touts BRICS as New Global Economic Engine Just Ahead of BRICS Summit 2024"},"content":{"rendered":"\n

In preparation for the 16th BRICS Summit (#BRICS2024<\/a>), the BRICS Business Forum took place in Moscow on 18 October 2024. Some 1,000 delegates from BRICS member states and other countries participated in the Forum. It will be first Summit following the expansion of the grouping to BRICS+ which came into effect on 1 January 2024.<\/p>\n\n\n\n

During his welcome address, Russian President Vladimir Putin asserted that #BRICS<\/a> has surpassed G7 in terms of economic size and will remain the top economic bloc in the foreseeable future. President Putin also views BRICS as a counterweight to #G7<\/a> and a key platform for the ‘economic sovereignty’ of nations.<\/p>\n\n\n\n

The current BRICS+ economies now add up to 37.4% of the global #GDP<\/a> compared to 29.3% for G7. In addition, the BRICS countries are experiencing a robust growth compared to the anemic growth in #G7<\/a> countries. Moreover, dozens of countries have expressed interest to join BRICS, thus further increasing its economic weight.<\/p>\n\n\n

\n
\"Egyptian
Egyptian President Abdel Fattah El-Sisi Intervenes via Videoconference at BRICS Business Forum 2024<\/figcaption><\/figure><\/div>\n\n\n

He highlighted some key initiatives in that direction. First, BRICS is working to deploy an alternate cross-border financial transfer system — called BRICS Clear — which is independent of #SWIFT<\/a> and will be immune to sanctions by the West. In that regard, BRICS will also actively promote the use of their national digital currencies for trade and investment within BRICS. <\/p>\n\n\n\n

Russia has been excluded from SWIFT soon after the escalation of the Ukraine-Russia military conflict at the beginning of 2022. On the other hand, Putin believes that implementation a single BRICS currency ‘appears to be premature.’ Therefore, BRICS Clear will focus on linking up the Central Banks of participating countries and take advantage of digital currencies to speed up and lower the cost of cross-border financial flows. <\/p>\n\n\n\n

A similar payment system for individuals called BRICS Pay<\/a> which leverages latest technologies, such as #blockchain<\/a> and #fintech<\/a>, is already in the pilot phase. It comes in the form of a bank card or as a mobile app. It then acts as a mobile wallet and can effect or accept payments via a QR code. In an international scenario, the platform will convert the currency automatically. <\/p>\n\n\n\n

He went on to briefly describe a few flagship projects which Russia is driving. First is the Arctic Sea Route which will avoid the congested Suez Canal and the risky Red Sea. Second is the North-South Corridor which will link Russia to the Gulf region and Indian Ocean via the Caspian Sea and Iran. The North-South Corridor is key to lower freight costs and boost trade between Eurasia and Africa.<\/p>\n\n\n

\n
\"South
South African President Cyril Ramaphosa Virtually Addresses the BRICS Business Forum 2024<\/figcaption><\/figure><\/div>\n\n\n

On his part, Egyptian President Abdel Fattah el-Sisi promoted Egypt as the gateway to Africa, Europe and Middle-East and introduced the Suez Canal Special Economic Zone (#SEZ<\/a>). He expressed the wish for more cooperation among BRICS countries in the fields of renewable energy, #digitalization<\/a> and manufacturing.<\/p>\n\n\n\n

Similarly, South African President Cyril Ramaphosa pointed out that his country is one of the most advanced economies in Africa and possesses one of the most comprehensive industrial base in Africa. Then, he went on to reiterate the ‘massive opportunities in trade, investment and #industrialization<\/a>’ unlocked by the #AfCFTA<\/a>. However, the promises of the African Single Market will require huge investments in #connectivity<\/a> in order to integrate the economies.<\/p>\n\n\n\n

The abundant natural resources, digitally connected youth and urbanizing population present many opportunities for investment across Africa. President Ramaphosa also pleaded for special consideration for #SME<\/a> and women entrepreneurs which make up the bulk of the African economy.<\/p>\n\n\n\n

The BRICS is evolving into the grouping of choice of the #GlobalSouth<\/a> in that it is more sensitive and responsive to the issues and challenges of the developing world. The BRICS Bank or New Development Bank (NDB<\/a>) will also endeavor to provide financing which is more in tune with the development needs and aspirations of Emerging Markets and Developing Countries (#EMDC<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

In preparation for the 16th BRICS Summit (#BRICS2024), the BRICS Business Forum took place in Moscow on 18 October 2024.<\/p>\n","protected":false},"author":1,"featured_media":14437,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":0,"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":""},"categories":[249],"tags":[15,76,99,549,20,117,305,101,143,148,170,307,114,23,659],"yoast_head":"\nPutin Touts BRICS 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