BRICS NEW REPORT: A Common Currency, New BRICS AI Center, New Members | Everything Changes Forever

BRICS NEW REPORT: A Common Currency, New BRICS AI Center, New Members | Everything Changes Forever

#BRICS #trade #economy

In the intricate landscape of global geopolitics, the seeds of BRICS were sown back in 2001, yet it wasn't until 2009 that this powerhouse coalition officially solidified its presence with the inclusion of Brazil, Russia, India, and China. South Africa added its weighty influence to the mix in 2010. Even before the recent expansion, these formidable nations collectively wielded significant economic clout, accounting for approximately 26% of the world's wealth and boasting a population share of nearly 41% by 2023.

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Fast forward to a pivotal moment in South Africa, where the BRICS summit of 2023 set the stage for a monumental shift. Amidst deliberations, a bold decision emerged: to extend invitations to five new nations to join the BRICS fraternity. Among the chosen were Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Argentina, too, received a coveted invitation, though regrettably declined under the helm of its new leadership.

At the heart of the discourse during the initial rendezvous in South Africa was Iran's fervent advocacy for advancing discussions on banking and payments, with particular emphasis on the realm of digital currency. Notably, BRICS found itself in the unique position of hosting both Russia and Iran, nations grappling with Western sanctions, thus amplifying the discourse around alternative payment systems.

The notion of a common digital currency among BRICS nations had been circulating within diplomatic circles for some time. While the idea had been somewhat downplayed during the previous summit in August, with a preference for leveraging local currencies in trade transactions over the ubiquitous US dollar, Iran's advocacy hinted at a potential resurrection of the common currency dialogue. However, Russia, assuming the role of BRICS chair, had expressed reservations regarding the feasibility of such a unified currency system prior to the expansion.

With an influx of interest from 20 to 30 prospective member states and existing BRICS constituents eager to broaden the coalition's reach, the prospect of transformative change looms large on the horizon.

Delving deeper into the realm of trade dynamics, Mehdi Safari, the Iranian Deputy Foreign Minister entrusted with economic affairs and the nation's BRICS Sherpa, articulated a vision for a paradigm shift towards the utilization of national currencies within BRICS. Anticipating positive strides in key economic and financial domains, Safari underscored Iran's proactive stance in engaging with BRICS initiatives throughout the year.

Meanwhile, Egypt, newly inducted into the BRICS fold, expressed a fervent desire to fortify ties with existing members, recognizing the potential for mutually beneficial collaboration. Hala al-Said, the Planning Minister, unveiled plans to bolster trade volumes, a sentiment echoed in discussions with Dilma Rousseff, President of the New Development Bank, aimed at augmenting cooperation between BRICS and the NDB.

Against this backdrop of burgeoning economic interdependence, Egypt's accession to BRICS heralds a strategic maneuver to alleviate its chronic foreign currency shortages, charting a course towards reduced reliance on US dollar transactions and an influx of fresh investments, albeit with a recognition that tangible benefits may materialize gradually over time.

Beyond economic imperatives, BRICS aspires to wield influence on the global political stage, challenging the prevailing Western-dominated order epitomized by institutions like the World Bank and the IMF. This ethos culminated in the establishment of the New Development Bank in 2015, emblematic of BRICS' resolve to chart an independent course.

Looking ahead to 2024 and beyond, the inclusion of new members is poised to inject an additional $2.6 trillion into the collective BRICS economy, bolstering its standing on the world stage. Yet, the G7 nations retain a formidable edge, commanding 43.2% of the global economy.

Sergei Ryabkov, the Russian Deputy Foreign Minister, struck an optimistic tone regarding the potential dividends for new BRICS entrants, hailing their membership as a pivotal juncture in advancing a more equitable global order. Against the backdrop of Russia's BRICS presidency, a plethora of engagements spanning over 200 events across various Russian cities underscores a concerted effort to integrate new members seamlessly into the BRICS framework.
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