Russia Proposes BRICS Partner Country List at Kazan Summit
During the ongoing BRICS summit in Kazan, Russian President Vladimir Putin has proposed the establishment of a list of partner countries to be included in the final declaration of the summit. This suggestion comes in light of the bloc's recent expansion, which now includes ten member countries following the admission of Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia. Putin emphasized the importance of recognizing the growing interest from nations in the Global South and East, highlighting the bloc's significant economic, scientific, demographic, and political potential.
Yuri Ushakov, a senior aide to Putin, confirmed that 13 countries have expressed interest in obtaining the status of
partner state
within BRICS. This ongoing dialogue among member nations aims to address the aspirations of these countries, reflecting the bloc's commitment to inclusivity and cooperation.
Focus on Global South and Economic Independence
The summit, themed “BRICS and the Global South: Building a Better World Together,” is centered on critical issues such as food and energy security, particularly concerning the Middle East. With participation from 36 nations, including 22 leaders at the highest level, discussions are set to cover the interaction among countries of the global majority, addressing urgent crises, and improving international relations.
A significant topic of conversation is the bloc's intent to reduce reliance on the US dollar for transactions, especially amid increasing sanctions on Russia due to the Ukraine conflict. Experts suggest that while moving away from the dollar is a complex process, it is a gradual shift that several BRICS nations, including China and Russia, have already begun. The aim is to enhance mutual investments and strengthen economic ties among BRICS members.
Future of BRICS Payment Systems
International economist Dr. Karim Al-Omda remarked on the challenges of transitioning to a new payment mechanism, noting the necessity for a systematic approach. The proposed “BRICS Bridge” payment system is expected to be operational within a year, enabling member countries to conduct cross-border transactions through digital platforms managed by their central banks. This initiative is inspired by the mBridge project developed by the Bank for International Settlements and several central banks, aiming to facilitate local currency transactions and reduce dependence on the dollar.
Furthermore, President Putin acknowledged the New Development Bank of BRICS, led by Dilma Rousseff, as a promising financial institution, having financed projects worth $33 billion since its inception in 2018. This underscores the bloc's commitment to fostering economic growth and stability among its members.
