Russian President Vladimir Putin hopes he has the support to take on the West's dominance of the global economy, as momentum builds to expand the BRICS counterweight bloc.
Russia n President Vladimir Putin hopes he has the support to take on the West's dominance of the global economy, as momentum builds to expand the BRICS counterweight bloc.
Its member states account for almost 30 per cent of the global gross domestic product, and about 45 per cent of the world’s population.“I am convinced that, by acting together in unity, we will be able to fulfil our countries’ potential in the economy, investment, technology, and human capital, to strengthen the positive impact of BRICS on global developments and make the world safer and more harmonious,” he said.
The sanctions, which include the freezing of foreign currency reserves and assets, have made it difficult to settle trade payments.But achieving a unified voice on most challenges remains elusive for a bloc with divergent interests, said observers.Associate Professor Kirill Koktsyh of MGIMO University’s political theory department noted that BRICS members have to find a common voice “with twice as many countries now present” on major issues, including on the alternative payment system.
The idea would guarantee the secure exchange of those currencies and circumvent the need for dollar backing.“Some of the BRICS countries started such models of payment bilaterally,” said former Egyptian ambassador to China Magdy Amer, citing such Russia-China and Russia-India partnerships.
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