Russia: Indonesia, Malaysia and Thailand are new partners in BRICS

Russia: Indonesia, Malaysia and Thailand are new partners in BRICS

    Friday, November 15, 2024   No comments

Russian Deputy Foreign Minister Alexander Pankin revealed that Indonesia, Malaysia and Thailand have become partners in the BRICS bloc.

Pankin explained during a joint meeting of foreign and trade ministers of APEC member states that the BRICS summit held in Kazan "demonstrated the desire of the global majority to create a fair world order, with a focus on reforming international institutions and strengthening equal economic relations."

He also pointed out that "the summit resulted in a set of important agreements in the fields of trade, investment, artificial intelligence, energy, climate and logistics."

Pankin pointed out that "the share of the economies of the Asia-Pacific region in Russia's foreign trade has reached 70%, while about 90% of payments are made in national currencies."

In a related context, the Russian Deputy Foreign Minister confirmed that his country continues to secure stable supplies of energy resources to the APEC countries.

It is noteworthy that the BRICS summit, which was held in Kazan between October 22 and 24, was attended by the heads of state of the group.

BRICS Calling for a ceasefire in Gaza: We condemn Israel's attacks on Lebanon and Syria

BRICS Calling for a ceasefire in Gaza: We condemn Israel's attacks on Lebanon and Syria

    Wednesday, October 23, 2024   No comments

The BRICS group of countries stressed the need for an immediate and permanent ceasefire in Gaza, expressing its condemnation of the Israeli occupation's targeting of humanitarian operations and aid distribution centers in the Strip.

In a statement issued by the summit held in Russia on Wednesday, BRICS expressed its support for granting occupied Palestine full membership in the United Nations.

In addition, the group's countries confirmed that they consider the occupation's bombing of pagers in Lebanon a violation of international laws, expressing their condemnation of Israel's targeting of Iranian diplomatic buildings in Damascus.

In the statement, BRICS urged all parties to resume the Iranian nuclear agreement, calling for strengthening the "non-proliferation regime and establishing a nuclear-weapon-free zone in the Middle East."

Regarding the war in Ukraine, BRICS countries welcomed "good offices proposals on the Ukrainian settlement."

They also called for accelerating "the development and adoption of a comprehensive agreement to combat international terrorism within the framework of the United Nations," expressing "deep concern about the negative impact of unilateral sanctions on the global economy and other areas," and stressing the group's "leading role in the process of improving the global financial system."

It is noteworthy that the activities of the second day of the BRICS Summit 2024 began on Wednesday in the Russian city of Kazan, where a number of leaders, leaders and guests arrived in the city to participate in the summit, which was held in an expanded manner.

During a brief meeting held by Russian President Vladimir Putin with the group’s leaders, he confirmed “the existence of radical changes in a multipolar world,” stressing that his country “seeks to strengthen BRICS’ position in the world and focus on solving global and local problems,” adding that the group’s countries “show responsibility in their dealings with global situations through actions, not words.”

What to expect from BRICS under Russia's leadership

Russian President Vladimir Putin announced today, Wednesday, during a narrow meeting with the leaders of the BRICS group, that there are radical changes in a multipolar world.

During the meeting, Putin stressed that the BRICS countries have enormous economic, scientific, demographic and political potential.

He pointed out that Russia seeks to strengthen the position of BRICS in the world and focus on solving global and local problems, adding that the group's countries "show responsibility in their dealings with global situations through actions, not words."

The Russian president also stressed that "the BRICS countries' share in the global economy by the end of this year will represent 36.7%, which is more than the share of the G7 countries," adding that "the BRICS countries have become the most powerful economic group in the world."

He stressed that using the dollar as a weapon undermines confidence in it, noting that Russia is not abandoning it but is forced to look for alternatives.

Regarding the expansion of BRICS, Putin said: “Of course, it would be wrong to ignore the unprecedented interest of the countries of the Global South and East in strengthening contacts with the group’s countries, as more than 30 countries have already expressed this desire in one form or another,” but at the same time, “it is necessary to maintain balance and prevent a decline in BRICS’ effectiveness.”

During the meeting, the Russian President proposed to form a list of BRICS partner countries and to fix this in the final declaration of the Kazan Summit.

An alternative to SWIFT and de-dollarization.. BRICS expansion pushes towards a new global financial system

With the BRICS summit being held in the Russian city of Kazan with the participation of 36 countries, the group's aims have begun to materialize in practice, as its serious and decisive efforts to expand its membership circle have become apparent, and thus push towards creating a new financial system, far from the SWIFT system, which serves specific economic entities and entrenches economic crises that harm every entity trying to find a place outside the framework of Western hegemony.

The use of the US dollar and the SWIFT system as a weapon by the United States of America, especially after targeting Russia and separating it from the SWIFT system in 2022, has raised deep concerns about the security of the global financial system centered around America, as this exclusion has serious economic consequences, not only for the targeted countries, but for global trade in general.

This situation has highlighted the urgent need for alternatives to SWIFT, and for a financial system less dependent on the dollar to mitigate such risks. In this context, the group has long been discussing the idea of ​​a BRICS currency, which could be a basket of currencies backed by natural resources such as gold, oil and gas. What helps BRICS is that its countries collectively have larger gold reserves than the International Monetary Fund and the European Central Bank combined, according to the Independent Online website, and it is now seeking to expand its membership.

  

Media Review: Finnish President's article in The Economist, "the era of Western dominance as we know it is over"

Media Review: Finnish President's article in The Economist, "the era of Western dominance as we know it is over"

    Monday, July 08, 2024   No comments

Finnish President Alexander Stubb has said that what we are witnessing today is in many ways equivalent to what happened in 1918, 1945 and 1989, and that the next few years will likely determine the world order, its balance and its dynamics for the rest of the century, or at least for decades to come.

In an article in The Economist, Stubb spoke of “moments in international relations when we know that the world is changing, but we don’t know exactly where it is heading,” stressing that “we are living in one of those moments when an era dies and a new one is born.”

The Finnish president noted in his article that “the things that were supposed to bring us together – trade, technology, energy, information and currency – are now tearing us apart.”

Stubb admitted that he was among many who believed that the end of the Cold War would mean the end of history, but that did not happen. The era of Western hegemony, as we used to know it, is over.

He believed that the question now is how global power will be shared in the future, while we are now witnessing a reorganization of the balance between three areas of power: the global West, the global East, and the Global South, stressing that this classification of the power triangle, if it constitutes an oversimplification, helps to clarify how the world is changing.

"West and East are fighting for hearts and minds in the South"

Stubb summed up the equation by saying that "West and East are fighting for hearts and minds in the South", attributing the matter to his realization that the South will decide the direction of the new world order.

Stubb believed that the West is mistaken if it imagines that the South will be attracted to it only because of what he called "the values ​​or power of freedom and democracy", and that the East is also mistaken if it imagines that huge infrastructure projects and direct financing will give it complete influence in the South.

The Finnish president concluded in his article that "it is ultimately a matter of values ​​and interests together", and that "the South will choose what it wants, because it can do so".

Stubb believed that the West must choose between continuing to believe in the illusion that it can remain dominant, as it has done for centuries, or accepting the facts of change and starting to act accordingly, especially towards the South.

Stubb stressed that Indian Foreign Minister Vinay Mohan Kwatra provided material worthy of thought when he pointed out that “Europe must get rid of the mentality that Europe’s problems are the world’s problems, but the world’s problems are not Europe’s problems.”

He pointed out that one of the reasons why the East is a more convincing partner for the South is related to the systematic infrastructure, financial and development programs that China is implementing around the world, describing China’s strategy as “successful.”

Stubb concluded his article by emphasizing that if the West “returns to its old ways of direct or indirect domination, or outright arrogance, it will lose the battle.”

BRICS Foreign Ministers Support Granting Palestine Full UN Membership

BRICS Foreign Ministers Support Granting Palestine Full UN Membership

    Tuesday, June 11, 2024   No comments

The foreign ministers of the BRICS member states condemned the Israeli attacks against the Palestinians and declared their support for Palestine's full membership in the United Nations. This came in a joint statement issued after their meeting in the Russian city of Nizhny Novgorod on Monday evening, which was published on a Russian Foreign Ministry's website.

The statement explained that the ongoing conflicts around the world are "worrying", stressing the need to commit to peaceful resolution of disputes through diplomacy, dialogue, consultation, coordination and cooperation.

It also affirmed support for all efforts that help peaceful resolution of crises, stressing "the need to respect international humanitarian law in conflicts and provide humanitarian assistance as stipulated in United Nations resolutions".

The statement expressed deep concern over "the deterioration of the situation in the occupied Palestinian territories and the unprecedented Israeli escalation of violence in Gaza, which has caused casualties and destroyed civilian infrastructure".

In this context, the ministers called for the effective implementation of relevant UN General Assembly resolutions and Security Council Resolution 2720, regarding the safe and unhindered delivery of humanitarian assistance to civilians in the Gaza Strip.

The statement also expressed deep concern over the increasing Israeli attacks on Rafah, noting that the ministers "condemned the Israeli military operation in Rafah and its consequences, which directly affect the lives of civilians and the forced displacement of Palestinians, and reiterated their rejection of any attempt to displace or transfer them to another location, and warned of the effects of the increasing tensions extending to the rest of the Middle East region."

The statement stressed "support for Palestine's full membership in the United Nations, and commitment to the vision of a two-state solution, including an independent Palestinian state on the 1967 borders, with East Jerusalem as its capital."

It is worth noting that "BRICS" is a bloc founded in 2006 and includes China, Brazil, Russia, India and South Africa, before Egypt, Ethiopia, Iran and the UAE joined it in early 2024.

Source: Joint Statement of the BRICS Ministers of Foreign Affairs/International Relations, Nizhny Novgorod, Russian Federation, 10 June 2024

Argentina will likely withdraw its application to join BRICS

Argentina will likely withdraw its application to join BRICS

    Tuesday, November 21, 2023   No comments

With a new president who wants to align Argentina with the US, especially if Trump returns to the White House next year, Argentina is likely to halt its pursuit of joining BRICS.

Diana Mondino, the candidate for Argentine Foreign Minister, relayed to Sputnik after the elections that Argentina will not be joining BRICS.

 “I don’t know why there is such interest in BRICS,” Mondino added.

 Mondino further added that joint collaborations with China and Brazil will stop, despite them being Argentina's main trading partners, as she stressed that the country intends to stay in the South American trade bloc Mercosur.

 It is worth noting that Milei is against joining BRICS.

Earlier in August, Argentina, alongside Egypt, Iran, Ethiopia, UAE, and Saudi Arabia were invited to join BRICS.

Argentinian president Fernandez articulated at the time that Buenos Aires is grappling with an economic crisis with high inflation and weak foreign currency reserves, and was looking to join the bloc.

Meanwhile, BRICS nations meet today in a virtual summit to discuss the crisis in Gaza. After the meeting, the President of South Africa read the final statement of the BRICS countries regarding the situation in the Gaza Strip.

The statement expresses condolences to all those affected in Israel and the Gaza Strip, while also accusing Israel of violating international law. Ramaphosa, states that the primary cause of the conflict is Israel's illegal construction of settlements. The President of South Africa calls for the release of hostages taken during the Palestinian-Israeli conflict — a statement from the BRICS countries. The President of South Africa urges the International Criminal Court to initiate an investigation into those who committed war crimes during the Palestinian-Israeli conflict — a statement from the BRICS countries.

The aftermath of BRICS expansion: The West will warn its Arab Allies who joined the Bloc

The aftermath of BRICS expansion: The West will warn its Arab Allies who joined the Bloc

    Monday, September 04, 2023   No comments

BRICS membership expanded, and with that expansion comes benefits and responsibilities. Among them is closer economic cooperation among member states. This would mean that Russia, the hardest hit country by Western sanctions, and Iran, the second longest hit country by Western sanctions will be able to trade without fear of Western limits. Tow of the Arab nations that joined BRICS recently, Saudi Arabia and UAE, will feel the heat from their Western allies. It already started.

Officials from the US, UK, and EU are planning to “jointly press” the UAE into halting shipments of goods to Russia that "could help Moscow in its war against Ukraine,' according to western officials who spoke with the Wall Street Journal (WSJ).

Several US and European officials started a trip to the Gulf monarchy on 4 September “as part of a collective global push to keep computer chips, electronic components, and other so-called dual-use products” away from Russia.

Western envoys also traveled “jointly and separately” to countries such as Turkiye and Kazakhstan to pressure authorities into preventing western dual-use products from reaching Russia.

Despite ongoing pressure from the west, Abu Dhabi has not enforced sanctions imposed on Russia, instead deepening cooperation with the Kremlin. Nonetheless, the Gulf nation has condemned the invasion of Ukraine at the UN several times, and an Emirati official told the WSJ that the country enforces UN-imposed sanctions on Russia.

The official added the Gulf state is monitoring the export of dual-use products and is committed to protecting “the integrity of the global financial system.”

In response to the position taken by the UAE, US officials publicly labeled the UAE "a country of focus" earlier this year as they look to clamp down on Russia's ties with independent nations.

Dubai, in particular, has reaped the benefits of the Emirati government's neutrality, as Russian nationals have become the largest buying group of real estate in the luxurious Emirate, which has also become a hub for Russian oil traders.

The new pressure campaign from the west comes less than two weeks after the UAE was officially invited to join the Russian and Chinese-led BRICS+ group of nations. The expanded bloc also pledged to help Africa develop its local economy through investments by member states who have the cash and loans from the New Development Bank (BRICS bank). UAE, a country with cash that need to be invested, is taking advantage of this new opportunity.

The UAE pledged $4.5 billion in clean energy investments for the African continent on 5 September during the second day of the three-day African Climate Summit held in the Kenyan capital, Nairobi.

“We will deploy $4.5 billion … to jumpstart a pipeline of bankable clean energy projects in this very important continent,” Sultan Ahmed al-Jaber, the head of state-owned renewable energy firm Masdar and the Emirati national oil company ADNOC, told attendees on Tuesday.

“If Africa loses, we all lose,” warned Jaber, adding that the investment aims “to develop 15 GW (gigawatts) of clean power by 2030” and “catalyze at least an additional $12.5 billion from multilateral, public and private sources.”

Jaber, who is also president of the upcoming COP28 climate summit to be hosted by the UAE, said a consortium including Masdar would help achieve the clean power goals and stressed that a “surgical intervention of the global financial architecture that was built for a different era” is needed, urging institutions to lower debt burdens.

According to the International Renewable Energy Agency (IREA), Africa’s renewable generation capacity was 56 GW in 2022. Despite possessing an abundance of natural resources, just 3 percent of energy investments worldwide are made in Africa.

The three-day climate summit in Nairobi has attracted heads of state, government, and industry, including UN head Antonio Guterres, EU chief Ursula von der Leyen, and US climate envoy John Kerry.

“Renewable energy could be the African miracle, but we must make it happen,” Guterres told the summit on Monday. He also addressed the member states of the G20 to “assume your responsibilities” in the battle to combat climate catastrophe.

Kenyan President William Ruto said trillions of dollars in “green investment opportunities” would be needed as the climate crisis accelerates.

“Africa holds the key to accelerating decarbonization of the global economy. We are not just a continent rich in resources. We are a powerhouse of untapped potential, eager to engage and fairly compete in the global markets,” Ruto said.

Abu Dhabi sealed a deal with Egypt in June to build Africa's largest wind farm as the nation looks to rapidly expand the use of clean energy abroad and at home, where it operates three nuclear power reactors. The UAE also has three of the world's largest and lowest-cost solar plants. 

This focus on clean energy is part of the UAE’s Net Zero by 2050 Strategic Initiative.

The development of renewable energy sources has recently become a priority for Gulf states, including Saudi Arabia, which plans to source 50 percent of its energy requirements from renewables by 2030.

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