Browsing: BRICS

• Promoting global governance reform top agenda in BRICS 2025 summit.
• Dedollarizing global trade remains key BRICS focus.
• Brazil to host BRICS annual summit in July.

The 2025 BRICS annual summit will be held in Brazil, the trade bloc has announced. “This year, the BRICS summit will take place in Rio de Janeiro on July 6-7,” the Brazilian government said in a press statement last week.

According to the statement, Brazil will chair the bloc of developing economies through 2025 and it’s top priority will be promoting global governance reform. It will do this by promoting cooperation among Global South countries, says the statement issued by the federal government.

“We will make crucial decisions for development, cooperation, and improving the lives of all the inhabitants of these countries,” said Mauro Vieira, Brazil’s Foreign Minister in the statement.

BRICS is viewed as the counterbalance bloc against the Group of Seven leading industrialized …

• Dedollarization has more than economic ramifications.
• China, Russia are slowly dropping dollar in their trade payments.
• To counter the wave, US President Donald Trump has threatened 100% tariffs on all BRICS countries.

Dedollarization, the use of other currencies instead of the dollar for international trade, is gaining popularity among BRICS countries (and others), effectively undermining the dollar and threatening US global influence.

Dollarization: How the dollar came into power

Has the dollar always been the currency for global trade? The answer is a simple yet affirmative no.

It is the World Wars (and very forward thinking lobbyists) that propagated the dollar into its current dominant position above other currencies.

In 1944, the eve of the end of World War two, the Bretton Woods Agreement was signed paving the way for US dollar dominance in the post-war international monetary order.

“The agreement instituted a system of fixed exchange rates, where most …

• BRICS Competitive Agencies are set to develop a new approach to food markets regulation.
• One of the largest global blockchain platforms on commodities, Covantis, may be the first to fall under restrictions.
• Founded by the largest agro-traders of the ABCCD group and Viterra, Covantis avoids antitrust scrutiny due to its structure.

Antitrust authorities drawn from BRICS member countries are set to establish a unified system to monitor and control food markets regulation, in a move that is poised to put Covantis, one of the giant platforms on commodities under close check.

In a statement released during a meeting on the sidelines of the 3rd BRICS + (Brazil, Russia, India, China, South Africa, Egypt, Iran, United Arab Emirates, Ethiopia + partners) Digital Competition Forum in Rio De Janeiro, the BRICS Competition Law and Policy Centre tabled a fresh approach to monitoring markets.

According to BRICS, the fresh system offers a new …

• Egypt and Ethiopia have been onboarded into the BRICS bloc.
• BRICS has announced increased investment and trade with Africa.
• Africa stands to gain with increased representation in BRICS.

The presence of BRICS in Africa has grown exponentially with the onboarding of two of the continent’s most populous economies, Egypt and Ethiopia. This move is poised to give Africa a much larger representation in the growing economic formation even as other economies, such as Kenya, express interest in joining the BRICS ecosystem.

“The expansion of BRICS in 2024 has undoubtedly increased Africa’s weight in international affairs and contributed to the ongoing discussion on the complexities of multipolarity,” reports Daria Zelenova, Head of the BRICS African Strategy Centre and Institute for African Studies.

In the wake of the 16th BRICS in Kazan, Russia, Zelenova said, “The development of strategic and commercial ties between BRICS and Africa reflects the pragmatic interest in the …

• Russia and Tanzania are holding trade talks aiming at revamping commercial ties between the two nations.
• At the moment, Russia projects at doubling trade with Tanzania.
• Russia to use Tanzania as a single port of entry to access the African market.

Russia has pledged to double current trade value with Tanzania as authorities from the two countries met in Dar es Salaam Tanzania. The pledge was made at the first Russian-Tanzanian Intergovernmental Commission on Trade and Economic Cooperation at the start of the week in Tanzania’s commercial port city where the meeting is being held.

Russian Economic Development Minister Maxim Reshetnikov visited the country along with a delegation of Russian businessmen representing more than 50 Russian companies.

“Based on our estimates, trade between our countries could double,” Mr. Reshetnikov said. “We stand ready to help the Tanzanian economy maintain the high pace that has achieved in the energy, agriculture, infrastructure …

• Global economic growth will emanate from powerhouse BRICS economies over the next five years as per the IMF predictions.
• The ten BRICS nations comprise more than a quarter of the world economy and almost half the global population.
• China will contribute most significantly to global growth over the next half-decade, with its 22 per cent share outpacing all G7 countries combined.

The countries comprising BRICS— Brazil, Russia, India, China, and South Africa, with five new members—are an informal grouping of emerging economies hoping to increase their sway in the world order.

The BRICS group has become a major political force in the last two decades, building on its desire to counter Western influence in global institutions.

BRICS’ 2024 expansion has come with a range of geopolitical implications. It forms a rising economic and demographic heft: the ten BRICS nations comprise more than a quarter of the world economy and almost …

• The BRICS-owned New Development Bank (NDB) was established in 2015 by Brazil, Russia, India, China, and South Africa.
• The multilateral lender plans to disburse about $5 billion in loans this year.
• The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.

Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.

As China, one of Africa’s closest trade partners, experiences …

• Proponents say this push embodies a broader vision for a politically impartial and more inclusive global financial ecosystem.
• Observers however question whether blockchain currency can survive under the often fractious BRICS bloc.
• Not long ago, the BRICS bloc unveiled plans to introduce the New Development Bank, an idea that remains largely unclear.

The push to redefine the contours of global economics has taken a new turn following a deal by the BRICS bloc—Brazil, Russia, India, China, and South Africa—along with recent members Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), to pioneer a blockchain-backed currency.

BRICS is setting the stage for the launch of a blockchain-powered currency and payment system, an initiative that is poised to take on the hegemony of the US’ King dollar that has held the global financial system by the jugular for decades.

Decentralized Financial Revolution: A Leap Forward

Central to this ambitious endeavor …

• Tanzania and India have agreed to trade in local currencies weaning off the use of the US dollar.
• There are advantages of using local currencies in trade versus the traditional dollar.
• Tanzania and India have also agreed on military, maritime, and space technology cooperation.

India’s Ministry of Foreign Affairs Secretary Dammu Ravi has met with Tanzania’s President Samia Suluhu Hassan with reports emerging that the two leaders have among other things, agreed to trade in Rupees, the sub continent’s local currency.

The decision implies that the two countries, with long-running business ties, will effectively wean off using the king dollar as their ‘gold standard’, instead embracing the Indian Rupee as their common currency in exchange for value.

“When international transactions are denominated in local currencies, countries can avoid currency fluctuations and the associated risks. This stability helps to mitigate exchange rate volatility, reducing uncertainty and facilitating more accurate planning …

Russia’s invasion of Ukraine in February 2022 threw oil and gas markets into disarray. Consequently, the world experienced the first real global energy crisis during the uneven economic recovery from the COVID-19 epidemic. Russia’s inclusion in the OPEC+ group has hampered international attempts to manage the situation. This has made it harder to handle the significant inflationary effects of rising global fuel prices, particularly in developing nations.

Global fuel prices have risen exponentially in the last few months. The rise is hugely significant, as it has seriously aggravated the global cost-of-living crisis. African economies have particularly been on the receiving end. The continent has suffered from disrupted supply chains and a slowdown in the global economic outlook. Thus, rising energy costs complicate matters even further.…