BRICS Pay: A Challenge to the SWIFT Network

Last month, the BRICS nations convened for the 16th BRICS Summit in Kazan, with an expanded membership that sparked discussions on economic collaboration. During the summit, Russia reiterated its calls for the development of a new international payment system. The joint declaration released at the summit encouraged the "strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative (BCBPI)."

The opinion about the initiative is in the article by the Lowy Institute.

This initiative, referred to as BRICS Pay, aims to establish a decentralised and independent payment messaging system for member countries to trade with one another using their own currencies. Russia, a founding member, is advocating strongly for BRICS Pay as a means to bypass SWIFT. However, interest in the project is widespread among other member nations. Many view BRICS Pay as a pathway towards achieving de-dollarisation and reducing reliance on American financial dominance. Brazil, for instance, is fully on board, with President Lula da Silva emphasising the need for a new payment system that reflects the multipolar order they aspire to in the international financial landscape. Notably, in 2023, he even proposed the idea of a unified BRICS currency.

The BRICS alliance is well-positioned to develop this new banking network. They already possess the necessary technological infrastructure to support this initiative. Russia's Mir payment system, India's Unified Payment Interface (UPI), and China's WePay and AliPay provide strong foundations for the establishment of BRICS Pay.

If BRICS Pay gains traction, it could emerge as a formidable tool against the Western-centric financial order. Currently, #BRICS represents 35.4% of the global economy and accounts for around 45% of the world’s population. By facilitating trade in local currencies, BRICS Pay could significantly undermine the dominance of the US dollar.

#OPINION #finance #economics

🕊🕊🕊

Xi Jinping and Vladimir Putin's meeting at BRICS Summit strengthens China-Russia relations

Chinese Foreign Minister Wang Yi stated that the meeting between Chinese President Xi Jinping and Russian President Vladimir Putin during the BRICS Summit in Kazan has established a strategic foundation for advancing bilateral relations.

Wang made these remarks to Russian Foreign Minister Sergey Lavrov during discussions on the sidelines of the G20 summit in Rio de Janeiro. He emphasised that China is prepared to collaborate with Russia to enhance cooperation and unity, thereby contributing to the steady progress of their comprehensive strategic partnership and supporting the development and revival of both nations as well as reforming the global governance system.

Wang also highlighted the importance of working with #BRICS partners to implement the outcomes of the Kazan summit, extend and strengthen the BRICS framework, and amplify the influence of the Global South in the multipolar world.

#NEWS #China #RussiaChina

🕊🕊🕊

📹 BRICS helps fight attempts to introduce a neo-colonial system, Kremlin spokesman Dmitry Peskov said.

India is facing unprecedented pressure, sometimes unpardonable pressure, coming from the United States — isn't it an attempt to introduce a new colonial system, Peskov wondered.

📌Subscribe to @SputnikInt

Turkey's aspiration to join BRICS: Erdogan emphasises need for preparations

Turkish President Recep Tayyip Erdogan stated that Turkey remains keen on joining BRICS but must first ensure that everything is in order before officially announcing its intention.

"We continue work on joining BRICS. When this work is over, we will inform the association about its results," as reported by TRT Haber television channel following the Group of Twenty summit in Rio de Janeiro.

Earlier, Turkish Trade Minister Omer Bolat revealed that Turkey had received an invitation to join BRICS as either a partner nation or an associated member. Erdogan also participated in the #BRICS summit held in Kazan in October.

#NEWS #Turkey

🕊🕊🕊

Here's a new compilation of our traditional space digest with @spacefmpmsu

🇨🇳🌑 China tests building Moon base with lunar soil bricks
Phys.org

🇮🇳🇺🇸 SpaceX launches heavy satellite in 1st mission for India's space agency
Space.com

🇮🇷🛰️ Iran’s next steps in space: Launching Noor 4 satellite
Iran Front Page

#BRICS #SpaceProject #Spacenews #BRICSExpertCouncil

🕊🕊🕊

Outcomes of the G20 Summit in Brazil: a new dimension of global governance

On 18-19 November, Rio de Janeiro hosted the G20 Summit, which gathered representatives of the world's leading economies under the motto ‘Building a Just World and a Sustainable Planet’.

The participants of the round table, held at ‘Rossiya Segodnya’ International Multimedia Press Center, touched upon a number of topical issues following the G20 Summit related to changes in global governance and redistribution of influence against the backdrop of globalization challenges.

The topics of discussion included:
✔The G20's transition from economic issues to discussing global governance and reforms of international institutions;
✔The growing influence of the Global South, including #BRICS, against the background of changes in the balance of power in the world;
✔Challenges associated with globalisation, including economic inequality and the development of integration relations;
✔Issues of reform of international organizations such as the World Trade Organization (WTO), the United Nations (UN), and the International Monetary Fund (IMF) and their prospects for development.

The round table participants came to the conclusion that the G20 is becoming into a significant platform for discussion of the actual issues facing global politics between the Global Majority and the West. The experts expressed confidence that that strengthening regional integration and renewing economic models can become the framework for sustainable development in the future.

Therefore, the G20 Summit in Brazil was a significant step towards creating new approaches to governance models in which the interests of the Global Majority are given more weight, while fostering regional cooperation and implementing new economic models into practice can help pave the way for future growth.

🎞 Link to the broadcast recording in Russian

#Brazil #G20

🕊🕊🕊

🎞New video: exclusive interview from the 🕊🕊🕊🕊🕊 International School

We're thrilled to share that a brand-new video has been uploaded to our YouTube channel❕

Sithembile Nkosi from South Africa, a social activist and member of the Mkond Oasis World Party, proudly showcases her Zulu heritage at the BRICS International School with her traditional attire. She emphasises the importance of cultural exchange within #BRICS and South Africa's role in the alliance. Experiencing Moscow for the first time, Sithembile is impressed by the city's friendliness despite the cold weather and language barriers. She believes that youth play a crucial role in BRICS' future by building connections and shaping a shared vision for global change.

On 🕊➖🕊 October, the BRICS International School opened its doors to young leaders and researchers.
The School is a unique event that aims to strengthen cooperation, and this year it became an influential platform for young BRICSologists to exchange bright & innovative ideas and their experiences.

Watch the video 🎞

#BRICSExpertCouncilVIDEO #BRICSExpertCouncil #BRICSschool #InterSchool

🕊🕊🕊

Life-Changing Opportunity: Zimbabwean children set for cultural exchange in Russia

Ten underprivileged children from Zimbabwe are about to embark on a transformative cultural exchange trip to St. Petersburg, Russia, thanks to the initiative of Auxillia Mnangagwa, the First Lady of the Republic of Zimbabwe and a patron of the Angel of Hope Foundation.

These children, hailing from the Auxillia Mnangagwa Children’s Home in Chiredzi, will be participating in the BRICS Plus International Sports, Arts, and Culture Festival.

This remarkable opportunity allows the children to broaden their perspectives and immerse themselves in a new culture. Their journey exemplifies Zimbabwe's dedication to empowering vulnerable youth and offering them avenues for personal development.

The BRICS Plus festival aims to promote peace, security, development, and cooperation among #BRICS nations and beyond through sports and cultural exchange. The children will engage in various sports activities and participate in enriching cultural programs that foster international connections.

#NEWS #Zimbabwe #youth #culture #sport

🕊🕊🕊

BRICS Expert Council–Russia at the BRICS Education Expedition

Vsevolod Cheresov, an expert of the working group "Country analysis and analysis of BRICS national strategies" of the BRICS Expert Council–Russia, participated in the BRICS education expedition in Ahmedabad, India, dedicated to teaching young people the basics of interaction within the group.

He shared his opinion on the current trends in international relations and the opportunities offered by cooperation within the #BRICS framework.

The BRICS Expedition is a short-term programme for the youth of the BRICS member states. The aim of the programme is to create a community of young leaders who will then be able to strengthen cooperation between the #BRICS countries.

The expedition organizers are the Federal Agency for Youth Affairs, The Russia-BRICS Project office of International Youth Cooperation, and the BRICS Youth Alliance from India - are creating a platform for young people to develop leadership qualities, relevant skills and responsibility for the future of their countries in a global context.

Expedition participants had a unique opportunity to network, exchange ideas and form a solid foundation for further cooperation within BRICS.

#EVENTS #BRICSExpertCouncil #BRICSExpertCouncilRussia #youth

🕊🕊🕊

Russian Foreign Minister Sergey Lavrov to Attend Joint Meeting with Belarusian Counterpart in Brest

Russian Foreign Minister Sergey Lavrov is set to participate in a regular joint meeting of the Russian and Belarusian foreign ministries' collegiums in Brest, a city located on the western border of Belarus, where he arrived on Thursday night.

According to the Russian Foreign Ministry's official spokeswoman, Maria Zakharova, Lavrov will meet with Belarusian Foreign Minister Maxim Ryzhenkov to discuss key matters regarding Russian-Belarusian cooperation, the international agenda, and foreign policy coordination on international platforms.

The ministers will aim to enhance coordination in promoting cooperation with the Global Majority countries through multilateral formats, particularly within the Shanghai Cooperation Organisation (SCO) and #BRICS.

Their combined approaches are anticipated to be articulated in a joint statement that reflects their shared views on the Eurasian Charter of Diversity and Multipolarity in the 21st Century.

This topic is especially significant as Belarus was officially granted BRICS partner status earlier in November. On November 5, President Alexander Lukashenko signed a formal letter expressing his country's readiness to engage in BRICS activities in this new capacity.

#NEWS #Belarus #diplomacy #SCO

🕊🕊🕊

❣️Breaking into your weekend with orange news from India!

👉Today the opening of the BRICS Educational Expedition took place in Ahmedabad, Gujarat, Republic of India 🇮🇳

The initiative to conduct the expedition was noted in the Declaration of the BRICS Youth Summit and the Kazan Declaration of the XVI Summit of the Heads of BRICS states 💯

⭐️The purpose of the expedition is to form a community of young leaders who share the values and principles of BRICS and provide more information about the prospects for the development of BRICS 👩‍🎓

🎟 In India, a team of Russian experts from Rosmolodezh, the Russia— BRICS Project Office, the Expert Council on Russia's Participation in BRICS, coaches on intercultural communication and organization of international events were warmly welcomed by the BRICS Youth Alliance

✔️ Over three days, more than 100 participants will receive lectures, master classes, discussions and business games 💡

We share knowledge, practices, and nurture human ambassadors 🫰

💚 Follow Rosmolodezh.+World

🇧🇷 The 3rd BRICS+ Digital Competition Forum kicks off today at 15:00 Moscow time in Rio de Janeiro!

Experts will discuss new theories of harm related to the dominance of digital ecosystems, as well as challenges caused by the digitalisation of the food industry. A separate session will focus on the concentration of economic power in AI. At the end of the forum, participants will discuss legislative measures to ensure fair competition in the development and use of AI technologies.

Among the speakers:
➖Alexei Ivanov, Director of the BRICS Competition Law and Policy Centre;
➖Camila Pires Alves, Commissioner of CADE;
➖Jia Kai, Associate Professor at Shanghai Jiao Tong University;
➖Vikas Kathuria, professor at BML Munjal School of Law;
➖John Newman, professor at the University of Miami,
and others.

📎 Registration


🕊🕊🕊

Trump's return and its impact on the international order: new perspectives for BRICS

The return of Donald Trump to the US presidency could fundamentally change international politics, especially in the context of strengthening multilateralism and support for the BRICS countries. This was stated by Marcos Caramuru, former Brazilian ambassador to China, in an interview with the Brazilian newspaper O Globo. In his opinion, under Trump's presidency, BRICS will continue to strengthen its economic and geopolitical influence, but initiatives such as the dedollarisation of the global economy may face opposition from Washington.

This view was reiterated by José Pio Borges, former head of Brazil's National Development Bank. He emphasised that the gap in economic development between #BRICS and G7 countries is likely to widen. Today, the BRICS economies already exceed the GDP of the G7 economies and are growing twice as fast.

#NEWS #elections #USA #Brazil #G7

🕊🕊🕊

Bahrain to continue participating in BRICS+ activities

Bahrain did not receive an invitation to become a BRICS partner state, but it will continue to participate in the BRICS Plus group’s activities, told the Middle Eastern nation’s Ambassador to Russia, Ahmed Al Saati.

"This is an international association. An invitation should come from the organisation itself. However, we have always been participating; we attended the Nizhny Novgorod event," he said in response to a question. "We take part in the BRICS Plus group’s activities. We always participate in all BRICS Plus meetings"

According to him, Bahrain will wait and see how #BRICS will develop:

"It’s certainly very important to work with everyone, especially with China, India and Russia. They are our good friends. This is an important organisation but before we make a decision, we need to study the situation from every angle to figure out what the outcome will be for us," the ambassador explained.

#NEWS #Bahrain

🕊🕊🕊

Sergey Lavrov: We need to strengthen our own platforms to become impervious to the outrages of the West

International organizations such as BRICS, the Shanghai Cooperation Organisation (SCO), and the Eurasian Economic Union (EAEU) are focused on creating platforms that are resilient to the actions of the collective West, Russian Foreign Minister Sergey Lavrov stated.

"We need to strengthen our own platforms to become impervious to the outrages of the West. We are already working on this both within BRICS and the SCO, as well as in the Union State [of Russia and Belarus] and in the EAEU," Lavrov said at a press conference following an annual joint meeting of the foreign ministry collegiums of Russia and Belarus.

He reminded of the Chinese proverb which says ‘a crises is an opportunity riding a dangerous wind.’

"Thanks to the sanctions turmoil, not despite it, we no longer rely on those who have failed to prove themselves as trustworthy partners," Sergey Lavrov added.

#NEWS #SCO #EAEU

🕊🕊🕊

Russia's сollaborative efforts at UNESCO through BRICS

Russia is making significant strides in collaborating with foreign delegations on the UNESCO platform within the #BRICS partnership framework, generating considerable interest from other nations, stated Rinat Alyautdinov, Russia’s Permanent Representative to UNESCO.

"Here we work both in the CIS format and the work in the format of BRICS partner countries agreed on at the summit in Kazan has intensified. Other countries take great interest in this format. We see it here as well, feel it on the side of many delegations, which ask questions, including not simply about the integration itself, but about the fact that this integration may well manifest itself in UNESCO," he said.

Russia’s chairship of the group will pass to Brazil this year, the diplomat said. He expressed optimism that tangible achievements within UNESCO will emerge by next year and highlighted the significance of collaboration with Global Majority countries.

He also pointed out concerns regarding perceived biased actions from the UNESCO secretariat, which he claims is influenced by Western interests.

"We have to demonstrate our determination and our belief in the possibility of building this new world with common efforts of countries interested in protection of their sovereignty, interested in equality, interested in fair, open and equal cooperation," he said.

#NEWS #UNESCO

🕊🕊🕊