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

 

[Akbar26]

Leaders from 36 countries pose together for a picture during BRICS summit:

India
China
Russia
Brazil
Egypt
Ethiopia
Iran
Saudi Arabia
South Africa
UAE
Armenia
Azerbaijan
Bahrain
Bangladesh
Belarus
Bolivia
Congo
Cuba
Indonesia
Kazakhstan
Kyrgyzstan
Laos
Malaysia
Mauritania
Mongolia
Nicaragua
Serbia
Sri Lanka
Tajikistan
Thailand
Turkey
Uzbekistan
Venezuela
Vietnam
Turkmenistan
Palestine

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The BRICS group has confirmed that 159 countries are set to adopt its new payment system, known as BRICS Pay. This initiative aims to enhance financial cooperation among member states and reduce reliance on the U.S. dollar for international transactions.

Key Features of BRICS Pay:​

• De-Dollarization Efforts: The payment system is crucial for the bloc's strategy to facilitate trade in local currencies, thereby diminishing the dominance of the U.S. dollar in global trade.
• Blockchain Technology: BRICS Pay is expected to utilize blockchain technology to enable secure, efficient, and real-time transactions across member countries.
• Interoperability: For widespread adoption, the system must integrate seamlessly with existing financial infrastructures and payment networks globally.

Implications:​

• Economic Independence: By adopting this payment system, participating countries can enhance their economic autonomy and reduce vulnerability to external financial pressures.
• Global Financial Landscape: The introduction of BRICS Pay could significantly alter the dynamics of international finance, providing a viable alternative to established systems like SWIFT.

This development reflects a broader trend among nations seeking to establish independent financial mechanisms amidst geopolitical tensions and economic challenges.

 

[Akbar26]

President Putin was gifted a mock-up of a “BRICS bill” at the BRICS Summit in Kazan.

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BRICS is reportedly planning to launch a new banknote, tentatively called "the unit,"aimed at replacing the U.S. dollar in international transactions. This initiative is part of broader discussions among BRICS nations to enhance trade using local currencies, reflecting a significant shift in global economic dynamics.

Key Highlights:​

• New Payment System: The proposed banknote is expected to complement the BRICS Pay system, which allows member countries to conduct transactions in their local currencies. This move is part of ongoing efforts to reduce dependence on the U.S. dollar and challenge its dominance in global finance.
• Historic Summit Discussions: The discussions surrounding this new currency are taking place during the 16th BRICS Summit in Kazan, Russia. Leaders from member countries are engaging in serious talks about how to implement this new financial infrastructure effectively.
• Global Participation: Reports indicate that 159 countries are set to adopt the BRICS payment system, highlighting significant interest from nations seeking alternatives to traditional Western financial systems.
• Symbolic Banknote Unveiling: At the summit, a symbolic BRICS banknote featuring the Taj Mahal was unveiled, further emphasizing the bloc's commitment to establishing a new financial identity.

This initiative marks a pivotal moment for BRICS as it seeks to redefine international trade and finance, potentially reshaping the global economic landscape by providing an alternative to the U.S. dollar.

 

[sidkhan2]

America says:
"Russia is isolated"

.

https://twitter.com/x/status/1849683344528691452

 

[AbdulQadir7]

BRICS is reportedly planning to launch a new banknote, tentatively called "the unit,"aimed at replacing the U.S. dollar in international transactions. This initiative is part of broader discussions among BRICS nations to enhance trade using local currencies, reflecting a significant shift in global economic dynamics.

Key Highlights:​

• New Payment System: The proposed banknote is expected to complement the BRICS Pay system, which allows member countries to conduct transactions in their local currencies. This move is part of ongoing efforts to reduce dependence on the U.S. dollar and challenge its dominance in global finance.
• Historic Summit Discussions: The discussions surrounding this new currency are taking place during the 16th BRICS Summit in Kazan, Russia. Leaders from member countries are engaging in serious talks about how to implement this new financial infrastructure effectively.
• Global Participation: Reports indicate that 159 countries are set to adopt the BRICS payment system, highlighting significant interest from nations seeking alternatives to traditional Western financial systems.
• Symbolic Banknote Unveiling: At the summit, a symbolic BRICS banknote featuring the Taj Mahal was unveiled, further emphasizing the bloc's commitment to establishing a new financial identity.

This initiative marks a pivotal moment for BRICS as it seeks to redefine international trade and finance, potentially reshaping the global economic landscape by providing an alternative to the U.S. dollar.

View attachment 1033391View attachment 1033392

While BRICS discusses the end of the dollar era, the US State Department
is contorted. State Department spokesman Vedant Patel said that undermining the role of the dollar and developing alternatives to SWIFT is a direct threat to democracy in the world

https://twitter.com/x/status/1849594914385891378

 

[AbdulQadir7]

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[HaiderAfan]

https://twitter.com/x/status/1849444772911468725

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[HamzaWaseem]

https://twitter.com/x/status/1849737888985952270

 

[AbdulQadir7]

Russian Foreign Minister Sergey Lavrov has emphasized that BRICS (Brazil, Russia, India, China, and South Africa) is not aimed at "divide and rule" tactics but rather seeks to establish a new, fair global order. His comments were made during the recent BRICS summit held in Kazan, Russia, where he highlighted the bloc's commitment to fostering cooperation among emerging economies to counterbalance Western dominance in global affairs.

Key Points from Lavrov's Statements:​

• Commitment to Fairness: Lavrov asserted that BRICS aims to create a more equitable international system that prioritizes the interests of developing nations, contrasting it with what he described as the exploitative practices of Western powers.
• Expansion of BRICS: The recent expansion of BRICS to include new members such as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE is seen as a testament to its growing influence and authority on the global stage. This expansion reflects a collective desire among these nations to collaborate on shared economic and political goals.
• Multipolar World Vision: Lavrov reiterated the importance of a multipolar world where no single nation or bloc can impose its will on others. This vision aligns with the broader goals of BRICS to reshape global governance structures and promote dialogue among diverse nations.
• Response to Global Challenges: The discussions at the summit included addressing pressing global issues such as security, economic stability, and climate change. BRICS leaders collectively voiced their commitment to finding solutions through cooperation rather than confrontation.

Overall, Lavrov's remarks underscore BRICS's strategic role in advocating for a new world order that challenges existing power dynamics and promotes a more inclusive approach to international relations.

https://twitter.com/x/status/1857103165956460575

 

[HaiderAfan]

Chinese President Xi Jinping emphasized that BRICS is fundamentally transforming the global landscape, positioning the group as a powerful and stable force for international development and cooperation. During the 15th BRICS Summit in Johannesburg, Xi highlighted several key points:
Global Significance of BRICS

• Emerging Power: The expanded BRICS group now represents 46% of the world's population and 35.6% of global GDP, making it a significant counterweight to Western-dominated international institutions
• Strategic Vision: Xi stressed that BRICS countries "choose our development paths independently" and "jointly defend our right to development", representing a new direction for global advancement

Key Characteristics of BRICS

• Principles of Cooperation: The group advocates for:
  • Independent foreign policies
  • Fair international engagement
  • Rejection of external pressures
  • Commitment to multilateralism
• Economic Potential: By 2027, BRICS is projected to account for 37.6% of world GDP (at purchasing power parity), compared to 28.2% for the G7

Future Outlook
Xi expressed enthusiasm about the growing interest in BRICS, noting that multiple developing countries have applied to join the cooperation mechanism. He emphasized the group's commitment to creating a more "just and equitable" global governance system, challenging existing Western-led international frameworks
The expansion represents not just an economic bloc, but a potential "alternative to the dominance of the Western viewpoint" in major multilateral institutions

 

[HamzaWaseem]

BRICS countries now hold over 20% of the world's gold reserves, marking a significant presence in the global gold market. According to data from the World Gold Council, as of the second quarter of 2024, the total global gold reserves amount to 29,030 tons, with BRICS nations collectively possessing 6,200 tons, which represents 21.4%of the total.

Breakdown of Gold Reserves Among BRICS Nations​

The distribution of gold reserves within BRICS is heavily concentrated in two countries:

• Russia: Holds approximately 2,340 tons of gold, accounting for 8.1% of the world’s total reserves and 37.6% of BRICS reserves.
• China: Follows closely with around 2,260 tons, representing 7.8% of global reserves and 36.4% within BRICS.

The remaining BRICS members—India, Saudi Arabia, Brazil, Egypt, South Africa, and the UAE—hold significantly smaller shares:

• India: 840.76 tons (13.5% of BRICS)
• Saudi Arabia: 323 tons (5.2%)
• Brazil: 129.7 tons (2.1%)
• Egypt: 126.57 tons (2.03%)
• South Africa: 125.44 tons (2.02%)
• UAE: 74.5 tons (1.2%)

Global Context​

In comparison to other nations, the United States leads with the largest gold reserves at 8,100 tons, nearly one-third of the world’s total. Other countries with substantial reserves include Germany (3,350 tons), Italy (2,450 tons), and France (2,440 tons).

Implications for Global Economics​

The increasing share of gold reserves held by BRICS countries reflects their growing influence in global finance and economics:

• De-Dollarization Efforts: The accumulation of gold is seen as part of a broader strategy among BRICS nations to reduce dependency on the U.S. dollar in international trade and finance.
• Investment Stability: Gold remains a critical component for central banks due to its safety and liquidity characteristics, making it an attractive asset amid economic uncertainties.

Conclusion​

The fact that BRICS countries now control over 20% of the world's gold reserves signifies their rising prominence in global economic affairs. As these nations continue to enhance their gold holdings, they may leverage this resource to strengthen their economic positions and influence international financial systems moving forward.

 

[HamzaWaseem]

Recent developments indicate that Russia and China have effectively sidelined India from the BRICS currency initiative. This decision emerged during the latest BRICS summit held in Kazan, where discussions centered around establishing a new payment system aimed at reducing reliance on the U.S. dollar.

Key Points:​

1. BRICS Payment System: At the summit, Russian President Vladimir Putin proposed a payment system called "BRICS Pay," which aims to facilitate transactions among member countries using their national currencies. This initiative is part of a broader effort by Russia and China to de-dollarize their economies and create an independent financial infrastructure.
2. India's Position: India has expressed reluctance to fully embrace a shared BRICS currency, focusing instead on promoting the Indian rupee for international trade. Analysts suggest that India's goals differ from those of Russia and China, as India seeks to enhance its currency's global standing rather than replace the dollar with a BRICS currency.
3. Geopolitical Tensions: The exclusion of India from this currency initiative reflects underlying geopolitical tensions within BRICS. While Russia and China are keen on reducing U.S. dollar dominance, India maintains a strategic autonomy that complicates its alignment with the bloc's objectives.
4. U.S. Response: The U.S. has been closely monitoring these developments, with President-elect Donald Trump previously threatening significant tariffs on BRICS nations if they pursued a new currency that could undermine the dollar's dominance.
5. Future Implications: The decision to exclude India from the BRICS currency program may have long-term implications for India's role within the group and its relationships with both Russia and China. As BRICS seeks to strengthen economic ties among its members, India's strategic priorities could lead to further divergence within the bloc.

Conclusion:​

The sidelining of India from the BRICS currency initiative illustrates the complexities of international alliances and economic strategies in a rapidly changing geopolitical landscape. As Russia and China push for greater financial independence from the U.S., India's distinct approach to currency and trade may challenge its standing within BRICS moving forward.

 

[AbdulQadir7]

The comparison of military power between NATO and BRICS countries highlights significant differences in their military capabilities, organizational structures, and strategic objectives. Here’s a summary based on the available information:

NATO vs. BRICS Military Comparison​

NATO Overview​

1. Membership and Structure: NATO (North Atlantic Treaty Organization) is a military alliance consisting of 32 member countries, primarily from North America and Europe. It was established for collective defense against aggression, with Article 5 stating that an attack on one member is an attack on all.
2. Military Personnel and Equipment:
   • Active Military Personnel: Approximately 3.39 million active military personnel across NATO.
   • Air Power: NATO possesses around 22,308 aircraft, significantly outnumbering potential adversaries.
   • Naval Forces: NATO has a fleet of about 2,258 military ships.
   • Ground Forces: NATO's total includes approximately 11,390 main battle tanks, with a larger overall armored vehicle count compared to Russia.
3. Defense Spending: The combined defense budget of NATO exceeds $1 trillion, with the U.S. being the largest contributor, accounting for nearly 40% of global military spending.
4. Nuclear Capabilities: NATO’s nuclear arsenal includes approximately 5,943 warheads from the U.S., UK, and France, providing a strong deterrent capability.

BRICS Overview​

1. Membership and Structure: BRICS (Brazil, Russia, India, China, South Africa) is primarily an economic coalition but has been increasingly engaging in security discussions. It does not have a formal military alliance like NATO.
2. Military Personnel and Equipment:
   • While specific numbers for BRICS as a collective are less defined than NATO's, individual member states like Russia and China have substantial military capabilities.
   • Russia has around 1.32 million active personnel, with a notable number of tanks (approximately 14,777) but fewer aircraft (around 4,814) compared to NATO.
   • China is recognized for its rapidly growing military capabilities, including advanced naval assets and missile technology.
3. Defense Spending: Countries within BRICS have varying defense budgets; however, they collectively represent significant global military expenditures, particularly with China being one of the top spenders globally.
4. Nuclear Capabilities: Russia maintains a comparable nuclear arsenal to NATO's combined forces, with estimates around 5,889 warheads, making it a formidable nuclear power.

Strategic Implications​

• The differences in military organization and focus between NATO and BRICS highlight contrasting approaches to security and defense.
• NATO’s collective defense mechanism emphasizes unity among Western powers in response to threats, while BRICS countries focus more on economic cooperation with increasing discussions on security issues.
• The geopolitical landscape continues to evolve as tensions rise between these two groups, particularly concerning regional conflicts and global power dynamics.

Conclusion​

The comparison between NATO and BRICS reveals significant disparities in military capabilities and strategic frameworks. While NATO operates as a cohesive military alliance with established protocols for defense cooperation, BRICS remains primarily an economic coalition with growing interest in security collaboration among its members. Understanding these dynamics is crucial for assessing future international relations and security challenges.

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