BRICS news and updates

BRICS has unveiled significant details about its new payment system, aimed at enhancing financial cooperation among its member countries—Brazil, Russia, India, China, and South Africa. This initiative is part of a broader strategy to reduce reliance on the US dollar and challenge the dominance of Western financial systems like SWIFT.

Key Features of the BRICS Payment System​

• Decentralization: The system is designed to distribute financial flows among multiple participants, minimizing the risk of central failures and enhancing stability and transparency
• Interoperability: Utilizing open APIs, the BRICS payment platform will allow seamless transactions across different payment systems, enabling faster and more secure fund transfers
• Digital Currencies: Settlements will be conducted using national currencies or a new digital currency developed specifically for BRICS. The platform will support transactions in local currencies, facilitating easier cross-border trade without needing to convert to US dollars
• Blockchain Technology: The payment system will leverage blockchain to ensure secure and transparent transactions. This technology aims to streamline processes that traditionally involve multiple intermediaries, thus speeding up transaction times significantly
  
  

  Adoption and Impact​

  • Widespread Interest: Reports indicate that 159 countries are interested in adopting this payment system, highlighting its potential to reshape global trade dynamics and enhance economic sovereignty for participating nations
  • Launch Timeline: The BRICS payment system is expected to be officially launched at the upcoming BRICS summit in October 2024. This timing aligns with ongoing discussions about enhancing financial independence from Western systems

Strategic Importance​

The establishment of this payment system is seen as a crucial step for BRICS nations to bolster their economic ties and facilitate smoother trade interactions. By promoting local currency usage and reducing transaction costs, the BRICS payment platform could significantly alter the landscape of international finance, particularly for countries seeking alternatives to Western-dominated financial mechanisms.

https://twitter.com/x/status/1840389358144061882

 

[sidkhan2]

During the recent visit of Russian Prime Minister Mikhail Mishustin to Vietnam on January 14-15, 2025, several key agreements and commitments were made between Russia and Vietnam:

Key Outcomes of the Meeting​

1. Oil and LNG Supply:
   • Russia expressed its readiness to supply oil and liquefied natural gas (LNG) to Vietnam, enhancing energy cooperation between the two nations.
2. Nuclear Power Industry:
   • Russia committed to assisting Vietnam in developing its national nuclear power industry. This follows Vietnam's efforts to revive its nuclear energy initiatives after previously halting plans due to safety and cost concerns. The collaboration will involve Russia's state-owned nuclear energy firm, Rosatom, in constructing nuclear power facilities in Vietnam.
3. BRICS Partnership:
   • Russia indicated its support for Vietnam's participation as a partner country in the BRICS bloc. The joint statement emphasized Russia's willingness to create favorable conditions for Vietnam to join BRICS, which includes major emerging economies.

Additional Context​

• The discussions also highlighted the importance of strengthening the Vietnam-Russia Comprehensive Strategic Partnership, particularly as both countries prepare to celebrate the 75th anniversary of their diplomatic relations.
• Mishustin acknowledged Vietnam's significant achievements in socio-economic development and reaffirmed Russia's commitment to deepening bilateral cooperation across various sectors, including trade, technology, and cultural exchanges.

Conclusion​

The outcomes of this meeting signify a strengthening of ties between Russia and Vietnam, with a focus on energy cooperation, nuclear development, and enhanced participation in international forums like BRICS. These agreements reflect both countries' strategic interests in bolstering their economic and political partnerships amid shifting global dynamics.

https://twitter.com/x/status/1879454255024861654

 

[HaiderAfan]

On January 23, 2025, Iranian President Masoud Pezeshkian participated in a school construction event in Ahvaz, Khuzestan, wearing a worker's uniform. This initiative involved the groundbreaking of a 15-classroom schoolaimed at addressing educational needs in underprivileged areas.

Key Highlights​

1. Symbolic Gesture:
   • Pezeshkian's appearance in worker's attire was intended to symbolize his commitment to improving education and infrastructure in Iran, particularly in deprived neighborhoods.
2. Social Media Reaction:
   • The event garnered significant attention on social media, with mixed reactions from the public. Some users mocked the president's stunt, questioning its sincerity and effectiveness in addressing the country's educational challenges.
3. Educational Context:
   • The construction of this school comes amid reports of a severe shortage of classrooms in Iran, with approximately 70,000 classrooms needing structural reinforcement and 30,000 requiring demolition and reconstruction. The Iranian government has been criticized for its inadequate funding and reliance on philanthropic contributions for school construction.
4. Government Initiatives:
   • The project is part of broader efforts by the Iranian government to enhance educational facilities and address the needs of students in impoverished regions. Previous reports indicated that over 1,800 prefabricated classrooms exist in Iran, highlighting ongoing challenges in the education sector.
5. Future Prospects:
   • The successful completion of this school could serve as a model for future educational initiatives aimed at improving access to quality education across the country.

Conclusion​

President Pezeshkian's involvement in the school construction project reflects an ongoing commitment to addressing educational disparities in Iran. However, public skepticism regarding the sincerity of such initiatives highlights the need for substantive actions beyond symbolic gestures to effectively tackle the pressing issues within the Iranian education system.

https://twitter.com/x/status/1882110184979648766

 

[MegynKelly]

China has indicated that Pakistan and Bangladesh are among its allies expected to join the BRICS grouping soon. This announcement comes in the context of BRICS' ongoing expansion efforts, which have recently included the admission of new members and partnerships.

Key Points​

1. BRICS Expansion:
   • The BRICS group, originally comprising Brazil, Russia, India, China, and South Africa, has been actively expanding. Recent additions include countries like Indonesia, Nigeria, and others, highlighting a strategic move to increase influence in global affairs.
2. China's Support for Pakistan and Bangladesh:
   • China's backing for Pakistan's inclusion in BRICS has been noted amid discussions about the bloc's future. Both Pakistan and Bangladesh have expressed interest in joining BRICS to enhance their economic cooperation and diplomatic ties.
3. Challenges for Membership:
   • Despite China's support, Pakistan has faced hurdles in its bid for BRICS membership, primarily due to India's opposition. India has historically been wary of Pakistan's inclusion in such platforms, complicating consensus among existing members.
4. Strategic Alliances:
   • The potential inclusion of Pakistan and Bangladesh reflects China's efforts to strengthen its alliances within South Asia. This move could also be seen as a counterbalance to India's influence in the region.
5. Implications for Regional Politics:
   • The addition of these countries to BRICS could alter the geopolitical landscape in South Asia, fostering closer economic ties among member nations while potentially increasing tensions with countries like India.
6. Future Prospects:
   • As BRICS continues to evolve, the discussions surrounding new memberships will be crucial in shaping the bloc's direction and its role on the global stage. The upcoming meetings and summits will likely address these expansions more concretely.

Conclusion​

China's mention of Pakistan and Bangladesh as potential new members of BRICS underscores ongoing dynamics in regional politics and international relations. As the bloc seeks to expand its influence, the inclusion of these countries could have significant implications for both regional cooperation and global economic strategies.

 

[sidkhan2]

US President Donald Trump declared that BRICS is dead reiterating his threat to impose 100% tariff on BRICS nations if they attempt to replace the US dollar as an alternative currency. Trump made these comments during a press talk stating that US will not trade with BRICS nations if they play games with dollar. Trump suggested any trade that does occur would be subject to 100% tariff.
Trump stated that BRICS was established for a "bad purpose" and that most members are now hesitant to even discuss it. He claimed that his warning about tariffs has dissuaded them from challenging the dollar. He said, "Brics is dead since I mentioned that. Brics died the minute I mentioned that". Trump also stated that the US holds leverage over BRICS nations and that they "don't have us over a barrel".
Trump initially issued this warning in January 2025, stating that the US would require a commitment from BRICS nations to not create a new currency or back any other currency to replace the US dollar, or face 100% tariffs. He said, "There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!".
BRICS, originally composed of Brazil, Russia, India, China and South Africa was formed in 2009 as a counter to US and Western dominance. Egypt the United Arab Emirates, Ethiopia, Iran and Indonesia have since joined the group. The bloc has discussed shifting away from the dollar in recent years, particularly after the US imposed sanctions on Russia in 2022.

https://twitter.com/x/status/1890134788301828193

 

[ST1976]

BRICS countries now control over 20% of world's gold reserves. A recent report
from the World Gold Council reveals that the BRICS nations (Brazil, Russia, India,
China, and South Africa) collectively hold over 20% of the world's gold reserves.

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BREAKING NEWS:-

India will support Pakistan's membership in BRICS during the summit in Kazan, Russia.

Source: ABP News.

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It's a good news. N-power Pakistan has some more weight than Egypt and Iran, I find. I would say, Pakistan deserve to be in BRICS and G20 both