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🇵🇰 Pakistan regards its potential membership in BRICS with a blend of hopeful anticipation and strategic prudence, acknowledging the opportunities as well as the challenges that this affiliation could bring.
Pakistan's application for membership in the latter half of 2023 underscores its sincere interest in joining BRICS, driven by both strategic considerations and practical benefits.
▪️ Integrating Pakistan into BRICS would broaden the group's geographic diversity and amplify its negotiating power internationally.
▪️ Positioned at the crossroads of South Asia, Central Asia, and the Middle East, Pakistan offers critical connectivity for trade and energy pathways, essential to the BRICS nations' economic aspirations.
▪️ The China-Pakistan Economic Corridor (CPEC) underscores Pakistan's capacity for large-scale, cross-national projects in infrastructure and development, mirroring BRICS' commitment to fostering regional connections and collective progress.
▪️ Pakistan's economy, with its mix of agricultural, industrial, and emerging technological sectors, provides extensive opportunities for cooperation with BRICS countries.
▪️ Pakistan's dedication to multilateralism and active role in global forums complement BRICS' mission to reshape international governance.
Pakistan's intellectual and political circles regard BRICS as an essential platform for advancing the nation's strategic and economic interests globally. Achieving this goal, however, demands meticulous navigation of geopolitical challenges, particularly with India, and crafting a persuasive argument for Pakistan's inclusion in BRICS, writes Taimur Khan.
https://valdaiclub.com/a/highlights/geopolitical-chessboard-pakistan-s-brics-ambitions/
#WiderEurasia #BRICS #Pakistan
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Pakistan's application for membership in the latter half of 2023 underscores its sincere interest in joining BRICS, driven by both strategic considerations and practical benefits.
▪️ Integrating Pakistan into BRICS would broaden the group's geographic diversity and amplify its negotiating power internationally.
▪️ Positioned at the crossroads of South Asia, Central Asia, and the Middle East, Pakistan offers critical connectivity for trade and energy pathways, essential to the BRICS nations' economic aspirations.
▪️ The China-Pakistan Economic Corridor (CPEC) underscores Pakistan's capacity for large-scale, cross-national projects in infrastructure and development, mirroring BRICS' commitment to fostering regional connections and collective progress.
▪️ Pakistan's economy, with its mix of agricultural, industrial, and emerging technological sectors, provides extensive opportunities for cooperation with BRICS countries.
▪️ Pakistan's dedication to multilateralism and active role in global forums complement BRICS' mission to reshape international governance.
Pakistan's intellectual and political circles regard BRICS as an essential platform for advancing the nation's strategic and economic interests globally. Achieving this goal, however, demands meticulous navigation of geopolitical challenges, particularly with India, and crafting a persuasive argument for Pakistan's inclusion in BRICS, writes Taimur Khan.
https://valdaiclub.com/a/highlights/geopolitical-chessboard-pakistan-s-brics-ambitions/
#WiderEurasia #BRICS #Pakistan
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Valdai Club
Geopolitical Chessboard: Pakistan’s BRICS Ambitions Amidst Russia’s 2024 Presidency
Pakistan’s intellectual and political circles regard BRICS as an essential platform for advancing the nation’s strategic and economic interests globally. Achieving this goal, however, demands meticulous navigation of geopolitical challenges, particularly…
🪙 The creation of new financial mechanisms through BRICS is one of the most promising fields for the development of the association.
In the final declaration of the BRICS countries after the 2023 Summit, financial policy was given quite a lot of attention. In particular, it was stated that the BRICS Payment Task Force (BPTF) needs to prepare a report on payment mechanisms, including those based on cross-border payment systems.
The BRICS clearly distinguishes a group of countries for which the issue of financial settlements is directly related to national security.
🇷🇺 First and foremost, this relates to Russia, against which a significant amount of financial and trade sanctions has been imposed by the United States and its allies. It is Russia today that is most interested in diversifying global finance.
🇨🇳 Long-term stakeholders include China. So far, sanctions against China are incomparable with restrictions against Russia. However, an escalation of the rivalry between Beijing and Washington is a very likely scenario.
🇮🇷 Among the new members of the association, the interested parties include Iran, which has been under US sanctions for more than 40 years and is effectively excluded from the world of global finance, with its dominance of dollar payments.
The remaining countries which were in BRICS prior to this year (India, Brazil and South Africa), and most of the new ones (Egypt, Ethiopia and the UAE), are still closely integrated into the existing US-centric payment system. The diversification of such a system is hardly an urgent task for them.
Despite the differences in the motivation of the BRICS member countries, the very task of developing a settlement system within the BRICS and with third countries seems to be useful for them to one degree or another. The question is how sustainable will the work on the new financial infrastructure be and what results will it lead to? Writes Ivan Timofeev, Programme Director of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/financial-settlements-within-the-brics-framework/
#Multipolarity_and_Connectivity #BRICS #finance
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In the final declaration of the BRICS countries after the 2023 Summit, financial policy was given quite a lot of attention. In particular, it was stated that the BRICS Payment Task Force (BPTF) needs to prepare a report on payment mechanisms, including those based on cross-border payment systems.
The BRICS clearly distinguishes a group of countries for which the issue of financial settlements is directly related to national security.
🇷🇺 First and foremost, this relates to Russia, against which a significant amount of financial and trade sanctions has been imposed by the United States and its allies. It is Russia today that is most interested in diversifying global finance.
🇨🇳 Long-term stakeholders include China. So far, sanctions against China are incomparable with restrictions against Russia. However, an escalation of the rivalry between Beijing and Washington is a very likely scenario.
🇮🇷 Among the new members of the association, the interested parties include Iran, which has been under US sanctions for more than 40 years and is effectively excluded from the world of global finance, with its dominance of dollar payments.
The remaining countries which were in BRICS prior to this year (India, Brazil and South Africa), and most of the new ones (Egypt, Ethiopia and the UAE), are still closely integrated into the existing US-centric payment system. The diversification of such a system is hardly an urgent task for them.
Despite the differences in the motivation of the BRICS member countries, the very task of developing a settlement system within the BRICS and with third countries seems to be useful for them to one degree or another. The question is how sustainable will the work on the new financial infrastructure be and what results will it lead to? Writes Ivan Timofeev, Programme Director of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/financial-settlements-within-the-brics-framework/
#Multipolarity_and_Connectivity #BRICS #finance
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Valdai Club
Financial Settlements Within the BRICS Framework: Moving Forward, Despite Problems
Interest in elaborating the issue of financial settlements has been declared. Despite the differences in the motivation of the BRICS member countries, the very task of developing a settlement system within the BRICS and with third countries seems to be useful…
🪙 Alternatives to the Dollar: Financial Settlement Mechanisms for a Multipolar World
On March 18, 2024, the Valdai Club hosted an expert discussion dedicated to financial settlements within the BRICS.
💬 Moderator Ivan Timofeev recalled that, according to the final declaration of the 2023 BRICS summit, the relevant departments of the member countries had to work out possible mechanisms for financial settlements. The talk was about creating a system that was not hostile to the West, but functional and protected from politicisation by third countries. The results achieved to date, in the form of ideas and projects, are planned to be presented at the summit in Kazan.
💬 The world understands that the unipolar financial system centred around the US dollar does not function properly, Paulo Nogueira Batista Jr., Vice President of the New Development Bank (NDB) (2015-2017), and Executive Director at the IMF (2007-2015), noted during the discussion. The dollar's position is undermined by a number of factors. These include both problems in the American economy and Washington's use of the dollar as a weapon, particularly against Russia and Iran. At the same time, geopolitical changes play a significant role. The world is moving towards multipolarity, and this requires a multipolar financial system. The question is whether BRICS can offer it. He considers possible steps in this direction to be the creation of a common currency basket under the code name R5, the development of a payment and settlement system to replace SWIFT, and the development of settlements in national currencies.
💬 John Gong, Vice-President for Research and Strategy at the Israeli branch of the University of International Business and Economics, and an expert at the China Forum, outlined the main avenues for finding an alternative to the dollar. First, we are talking about creating a common currency at the level of the New Development Bank. For now, it is difficult to say anything concrete about the prospects of this project, since a number of practical problems have not yet been resolved. Second, in Hong Kong, together with the UAE, an experiment was conducted to create a so-called currency bridge to carry out transactions bypassing the dollar. On this path, according to John Gong, some success has already been achieved. Third, one of the currencies of the member countries, most likely the yuan, may be promoted to the role of an alternative to the dollar, at least within the BRICS framework. The idea of a currency bridge seems to be the most viable option, but the analyst emphasised that there is no need to limit oneself to only one of the areas and it makes sense to develop everything at the same time.
💬 Arvind Gupta, Head and Co-Founder of the Digital India Foundation, noted that the BRICS group is not yet ripe for the introduction of a single currency. Therefore, it may make sense to focus on developing interaction between national payment systems. He called trust an extremely significant factor in this aspect, adding that it will be easier to achieve if development is based on the use of public rather than private digital infrastructure. It is also important that this infrastructure is not controlled by any one country, he argued.
💬 Ibrahim Karsany, Economic Consultant, Dubai Public Policy Research Centre, considers the idea of multipolarity to be internally contradictory and prefers to talk about diversity and diversification to avoid any form of domination. He believes there is support for the system of Western domination in international organisations created after the Second World War, that is, in the system of the Bretton Woods institutions. Accordingly, BRICS needs to develop an alternative to these institutions, and not only in the field of financial settlements.
https://valdaiclub.com/events/posts/articles/alternatives-to-the-dollar-financial-settlement-mechanisms-for-a-multipolar-world/
#Multipolarity_and_Connectivity #BRICS #economy #finance
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On March 18, 2024, the Valdai Club hosted an expert discussion dedicated to financial settlements within the BRICS.
💬 Moderator Ivan Timofeev recalled that, according to the final declaration of the 2023 BRICS summit, the relevant departments of the member countries had to work out possible mechanisms for financial settlements. The talk was about creating a system that was not hostile to the West, but functional and protected from politicisation by third countries. The results achieved to date, in the form of ideas and projects, are planned to be presented at the summit in Kazan.
💬 The world understands that the unipolar financial system centred around the US dollar does not function properly, Paulo Nogueira Batista Jr., Vice President of the New Development Bank (NDB) (2015-2017), and Executive Director at the IMF (2007-2015), noted during the discussion. The dollar's position is undermined by a number of factors. These include both problems in the American economy and Washington's use of the dollar as a weapon, particularly against Russia and Iran. At the same time, geopolitical changes play a significant role. The world is moving towards multipolarity, and this requires a multipolar financial system. The question is whether BRICS can offer it. He considers possible steps in this direction to be the creation of a common currency basket under the code name R5, the development of a payment and settlement system to replace SWIFT, and the development of settlements in national currencies.
💬 John Gong, Vice-President for Research and Strategy at the Israeli branch of the University of International Business and Economics, and an expert at the China Forum, outlined the main avenues for finding an alternative to the dollar. First, we are talking about creating a common currency at the level of the New Development Bank. For now, it is difficult to say anything concrete about the prospects of this project, since a number of practical problems have not yet been resolved. Second, in Hong Kong, together with the UAE, an experiment was conducted to create a so-called currency bridge to carry out transactions bypassing the dollar. On this path, according to John Gong, some success has already been achieved. Third, one of the currencies of the member countries, most likely the yuan, may be promoted to the role of an alternative to the dollar, at least within the BRICS framework. The idea of a currency bridge seems to be the most viable option, but the analyst emphasised that there is no need to limit oneself to only one of the areas and it makes sense to develop everything at the same time.
💬 Arvind Gupta, Head and Co-Founder of the Digital India Foundation, noted that the BRICS group is not yet ripe for the introduction of a single currency. Therefore, it may make sense to focus on developing interaction between national payment systems. He called trust an extremely significant factor in this aspect, adding that it will be easier to achieve if development is based on the use of public rather than private digital infrastructure. It is also important that this infrastructure is not controlled by any one country, he argued.
💬 Ibrahim Karsany, Economic Consultant, Dubai Public Policy Research Centre, considers the idea of multipolarity to be internally contradictory and prefers to talk about diversity and diversification to avoid any form of domination. He believes there is support for the system of Western domination in international organisations created after the Second World War, that is, in the system of the Bretton Woods institutions. Accordingly, BRICS needs to develop an alternative to these institutions, and not only in the field of financial settlements.
https://valdaiclub.com/events/posts/articles/alternatives-to-the-dollar-financial-settlement-mechanisms-for-a-multipolar-world/
#Multipolarity_and_Connectivity #BRICS #economy #finance
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Valdai Club
Alternatives to the Dollar: Financial Settlement Mechanisms for a Multipolar World
On March 18, 2024, the Valdai Club hosted and expert discussion dedicated to financial settlements within the BRICS. Moderator Ivan Timofeev recalled that, according to the final declaration of the 2023 BRICS summit, the relevant departments of the member…
🇦🇲🇦🇿 The exodus of the Armenian population of Nagorno-Karabakh in September 2023 was the final chapter in the 35-year history of the Karabakh movement.
Most citizens of the then Soviet Union learned about it in February 1988 – after an extraordinary session of people’s deputies of the Nagorno-Karabakh Autonomous Region addressed the Supreme Soviets in Moscow, Yerevan and Baku with a request to consider the issue of transferring the region from the Azerbaijan SSR to the Armenian SSR.
Despite the sensitive defeats during the “first” Karabakh war of 1991-1994, Azerbaijan never hid its ultimate goal of gaining complete control over the lost territories through political-diplomatic or military means, strengthening the army and other security forces, as well as forming a favourable political and diplomatic background for itself.
In September 2023, Azerbaijan restored military and administrative control over the entire territory of the unrecognized Nagorno-Karabakh Republic, which, in accordance with the decree of its last president Samvel Shahramanyan, ceased to exist on January 1, 2024.
The multidirectional geopolitical interests of regional and external players, which directly influence the difficult socio-political transformations in the region, keep us from being optimistic about the rapid transformation of the South Caucasus into a zone of peace – even if some document on the normalisation of relations between Baku and Yerevan has formally acquired legal status, Andrei Areshev writes.
https://valdaiclub.com/a/highlights/azerbaijan-armenia-can-the-south-caucasus-become/
#WiderEurasia #SouthCaucasus #NagornoKarabakh #Armenia #Azerbaijan
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Most citizens of the then Soviet Union learned about it in February 1988 – after an extraordinary session of people’s deputies of the Nagorno-Karabakh Autonomous Region addressed the Supreme Soviets in Moscow, Yerevan and Baku with a request to consider the issue of transferring the region from the Azerbaijan SSR to the Armenian SSR.
Despite the sensitive defeats during the “first” Karabakh war of 1991-1994, Azerbaijan never hid its ultimate goal of gaining complete control over the lost territories through political-diplomatic or military means, strengthening the army and other security forces, as well as forming a favourable political and diplomatic background for itself.
In September 2023, Azerbaijan restored military and administrative control over the entire territory of the unrecognized Nagorno-Karabakh Republic, which, in accordance with the decree of its last president Samvel Shahramanyan, ceased to exist on January 1, 2024.
The multidirectional geopolitical interests of regional and external players, which directly influence the difficult socio-political transformations in the region, keep us from being optimistic about the rapid transformation of the South Caucasus into a zone of peace – even if some document on the normalisation of relations between Baku and Yerevan has formally acquired legal status, Andrei Areshev writes.
https://valdaiclub.com/a/highlights/azerbaijan-armenia-can-the-south-caucasus-become/
#WiderEurasia #SouthCaucasus #NagornoKarabakh #Armenia #Azerbaijan
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Valdai Club
Azerbaijan – Armenia: Can the South Caucasus Become a Region of Peace?
The multidirectional geopolitical interests of regional and external players, which directly influence the difficult socio-political transformations in the region, keep us from being optimistic about the rapid transformation of the South Caucasus into a zone…
🕯️ The Foundation for Development and Support of the Valdai Discussion Club expresses its condolences to the families and friends of victims of the terrorist attack in Crocus City Hall.
Dozens of people were killed in the attack, many more left injured. The heinous act of terror was designed to intimidate and divide the Russian people. But Russia has always been at the forefront of the combat against terrorism, fighting those who perpetuate hatred and sow fear.
We extend our condolences to all those who lost their loved ones in the attack and wish those injured a speedy recovery.
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Dozens of people were killed in the attack, many more left injured. The heinous act of terror was designed to intimidate and divide the Russian people. But Russia has always been at the forefront of the combat against terrorism, fighting those who perpetuate hatred and sow fear.
We extend our condolences to all those who lost their loved ones in the attack and wish those injured a speedy recovery.
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🌐 Despite the ongoing discussion about the declining role of the state in international relations, the importance of diplomacy has never been questioned in research papers.
▪️ The founder of classical realism, Hans Morgenthau, described diplomacy as the core element of power and a way of converting all types of public resources into influence.
▪️ A well-known theorist of international relations, Adam Watson, saw diplomacy as a tool of interaction between independent states that exist in a common international environment and as a means of protecting the internal environment of states from external impulses.
▪️ Norwegian researcher Iver Neumann identified three main profiles in forming the diplomat’s professional qualities: “a bureaucrat,” “a hero,” and “a mediator.”
The study of diplomatic practices is crucial as the international order transitions from hegemony to polycentricity, intensifying rivalry between states.
A new Valdai Club report “Crafting National Interests: How Diplomatic Training Impacts Sovereignty” represents a preliminary exploration of the training of international analysts and diplomatic personnel worldwide, conducted by MGIMO University.
The contributors assert that the quality of diplomatic training holds significant importance in enabling nation-states to attain autonomy and agency in the evolving polycentric world order.
https://valdaiclub.com/a/reports/crafting-national-interests-diplomatic-training/
⏰ The presentation of the report will take place today, at 16:00 Moscow Time (GMT+3). Watch the live broadcast on our website.
#Return_of_Diplomacy #valdai_report #diplomacy
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▪️ The founder of classical realism, Hans Morgenthau, described diplomacy as the core element of power and a way of converting all types of public resources into influence.
▪️ A well-known theorist of international relations, Adam Watson, saw diplomacy as a tool of interaction between independent states that exist in a common international environment and as a means of protecting the internal environment of states from external impulses.
▪️ Norwegian researcher Iver Neumann identified three main profiles in forming the diplomat’s professional qualities: “a bureaucrat,” “a hero,” and “a mediator.”
The study of diplomatic practices is crucial as the international order transitions from hegemony to polycentricity, intensifying rivalry between states.
A new Valdai Club report “Crafting National Interests: How Diplomatic Training Impacts Sovereignty” represents a preliminary exploration of the training of international analysts and diplomatic personnel worldwide, conducted by MGIMO University.
The contributors assert that the quality of diplomatic training holds significant importance in enabling nation-states to attain autonomy and agency in the evolving polycentric world order.
https://valdaiclub.com/a/reports/crafting-national-interests-diplomatic-training/
⏰ The presentation of the report will take place today, at 16:00 Moscow Time (GMT+3). Watch the live broadcast on our website.
#Return_of_Diplomacy #valdai_report #diplomacy
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Valdai Club
Crafting National Interests: How Diplomatic Training Impacts Sovereignty
The study of diplomatic practices is crucial as the international order transitions from hegemony to polycentricity, intensifying rivalry between states. This paper represents a preliminary exploration of the training of international analysts and diplomatic…
Valdai Discussion Club pinned «🌐 Despite the ongoing discussion about the declining role of the state in international relations, the importance of diplomacy has never been questioned in research papers. ▪️ The founder of classical realism, Hans Morgenthau, described diplomacy as the core…»
⏰ TODAY at 16:00 Moscow Time (GMT+3), the Valdai Club will present a new report titled “Crafting National Interests: How Diplomatic Training Impacts Sovereignty”
❓To what extent are Western countries prepared to end the “strategic vacation” and return to competition?
❓What traditions of training diplomats have the World Majority states acquired during the post-colonial period?
Participants in the discussion will try to answer these and other questions.
Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VKontakte, Telegram and Dzen.
#Return_of_Diplomacy #diplomacy #valdai_report
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❓To what extent are Western countries prepared to end the “strategic vacation” and return to competition?
❓What traditions of training diplomats have the World Majority states acquired during the post-colonial period?
Participants in the discussion will try to answer these and other questions.
Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VKontakte, Telegram and Dzen.
#Return_of_Diplomacy #diplomacy #valdai_report
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https://vk.com/video-214192832_456239182
#Return_of_Diplomacy #diplomacy #valdai_report
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LIVE: Diplomatic Training as a Resource in World Politics. Valdai Club Report Presentation
On March 28 at 16:00 Moscow Time (GMT+3), the Valdai Club will present a new report titled “Crafting National Interests: How Diplomatic Training Impacts Sovereignty” More: https://valdaiclub.com/multimedia/video/diplomatic-training-as-a-resource-in-world…
Valdai Discussion Club pinned «🎥 LIVE: at 16:00 Moscow Time (GMT+3), the Valdai Club will present a new report titled “Crafting National Interests: How Diplomatic Training Impacts Sovereignty” https://vk.com/video-214192832_456239182 #Return_of_Diplomacy #diplomacy #valdai_report 🗣 🗣 🗣 »
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