โWhat could serve as the sustainable harmonisation of different positions in a multipolar world?
โIs greater consolidation possible among non-Western G20 members?
โIs there the political will for a constructive dialogue within the G20?
โHow can the G20 format be more effective in bridging the gap between Western and non-Western approaches to global politics, economics and social development?
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), VK, Telegram and Dzen.
#GlobalAlternatives #G20
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https://vk.com/video-214192832_456239180
#GlobalAlternatives #G20
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Vk
Valdai to Discuss the Role of the G20 in Harmonising Approaches to Global Development
On March 14 at 12:00 noon Moscow time, the Valdai Club will host an expert discussion titled โThe West against the rest of the world: the role of the G20 in harmonising approaches to global development and promoting sustainable multilateralism.โ
Valdai Discussion Club pinned ยซ๐ฅ LIVE: at 12:00 noon Moscow time, we are starting an expert discussion titled โThe West against the rest of the world: the role of the G20 in harmonising approaches to global development and promoting sustainable multilateralism.โ https://vk.com/video-2โฆยป
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โIn what form are new settlement mechanisms possible within the BRICS framework?
โWhat problems may arise during the implementation of various financial projects?
โHow universal can such mechanisms be?
โWhat factors will determine the competitiveness of new mechanisms?
โWhat can be done within the framework of the Russian presidency of BRICS to develop the initiative on new financial mechanisms?
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.
#Multipolarity_and_Connectivity #BRICS #economy #finance
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https://vk.com/video-214192832_456239181
#Multipolarity_and_Connectivity #BRICS #economy #finance
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VK ะะธะดะตะพ
LIVE: An Expert Discussion Dedicated to the Financial Settlements of the BRICS Countries
On March 18 at 2:00 p.m. Moscow time, the Valdai Club will host an expert discussion dedicated to the financial settlements of the BRICS countries. More: https://valdaiclub.com/multimedia/video/an-expert-discussion-dedicated-to-the-financial-settlementsโฆ
Valdai Discussion Club pinned ยซ๐ฅ LIVE: at 2:00 p.m. Moscow time, the Valdai Club will host an expert discussion dedicated to the financial settlements of the BRICS countries. https://vk.com/video-214192832_456239181 #Multipolarity_and_Connectivity #BRICS #economy #finance ๐ฃ ๐ฃ ๐ฃ ยป
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๐ต๐ฐ 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.
โช๏ธ Integrating Pakistan into BRICS would broaden the group's geographic diversity and amplify its negotiating power internationally.
โช๏ธ 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.
โช๏ธ 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.
โช๏ธ Pakistan's economy, with its mix of agricultural, industrial, and emerging technological sectors, provides extensive opportunities for cooperation with BRICS countries.
โช๏ธ 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
๐ฃ ๐ฃ ๐ฃ
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.
โช๏ธ Integrating Pakistan into BRICS would broaden the group's geographic diversity and amplify its negotiating power internationally.
โช๏ธ 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.
โช๏ธ 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.
โช๏ธ Pakistan's economy, with its mix of agricultural, industrial, and emerging technological sectors, provides extensive opportunities for cooperation with BRICS countries.
โช๏ธ 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: Pakistanโs BRICS Ambitions Amidst Russiaโs 2024 Presidency
Pakistanโs intellectual and political circles regard BRICS as an essential platform for advancing the nationโs strategic and economic interests globally. Achieving this goal, however, demands meticulous navigation of geopolitical challenges, particularlyโฆ
๐ช 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.
๐ท๐บ 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.
๐จ๐ณ 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.
๐ฎ๐ท 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
๐ฃ ๐ฃ ๐ฃ
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.
๐ท๐บ 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.
๐จ๐ณ 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.
๐ฎ๐ท 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 usefulโฆ
๐ช 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.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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
๐ฃ ๐ฃ ๐ฃ
On March 18, 2024, the Valdai Club hosted an expert discussion dedicated to financial settlements within the BRICS.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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.
๐ฌ 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 memberโฆ
๐ฆ๐ฒ๐ฆ๐ฟ 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 โ after an extraordinary session of peopleโs 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 โfirstโ 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 โ 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
๐ฃ ๐ฃ ๐ฃ
Most citizens of the then Soviet Union learned about it in February 1988 โ after an extraordinary session of peopleโs 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 โfirstโ 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 โ 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 โ 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 zoneโฆ