Latest news with #Alipov
Hans India
6 days ago
- Business
- Hans India
BRICS summit to focus on local currency trade
Weeks before top BRICS leaders converge in Rio de Janeiro for summit talks, envoys of leading member nations of the grouping hinted that it could focus on greater use of national currencies for trade in the face of uncertainties over Trump administration's aggressive policy on tariff. Russian Ambassador Denis Alipov reaffirmed Moscow's strong support for trade in local currency among BRICS member nations and described the grouping as 'a serious platform for discussing joint soluti'ons to big challenges'. The summit is unlikely to make any significant progress on the proposed BRICS currency as it will need significant structural changes and reforms. In the last few months, President Donald Trump has cautioned BRICS member nations against rolling out a BRICS currency to replace the US dollar. 'BRICS is not a counter-bloc. It is a centre of gravity for countries seeking mutual respect and non-interference,' Alipov said at a conference titled 'BRICS in Rio: Shaping an Inclusive and Sustainable World Order' that was co-organised by the Embassy of Brazil in India and Centre for Global India Insights (CGII), a leading think tank focused on global affairs. The 17th BRICS ((Brazil, Russia, India, China, and South Africa) summit will be held in Rio de Janeiro on July 6 and 7. Brazil is hosting the summit in its capacity as the chair of the influential bloc. Prime Minister Narendra Modi, Chinese President Xi Jinping, South African President Cyril Ramaphosa and several other leaders of the member nations of the grouping are expected to attend the summit. Enhancing the use of national currencies in settling intra-BRICS trade figured prominently in discussions, with all panellists backing the proposal, which is already being implemented by BRICS countries. However, the panellists found the idea of a BRICS common currency impractical. Besides Alipov, India's BRICS sherpa and Secretary (Economic Relations) in the Ministry of External Affairs (MEA) Dammu Ravi, Brazil's Ambassador to India Kenneth Felix Haczynski da Nobrega, Indonesia Ambassador Ina Hagniningtyas Krisnamurthi and Egypt's envoy Kamel Zayed Kamel Galal attended the conference. In his remarks, Ravi clarified that discussions around a BRICS common currency are still at a very early stage. 'Today, for now, we are only looking at trade settlement in national currencies. Harmonisation of fiscal and monetary policies is very, very difficult to achieve, he said. Nobrega and Ravi both reiterated that a common currency would require far deeper policy harmonisation -- something the EU struggled with despite far more economic alignment.
Time of India
7 days ago
- Business
- Time of India
BRICS summit in Rio: Bloc may push trade in local currencies, countries differ on common currency; India says discussions still at 'early stage'
Ahead of the July 6–7 BRICS summit in Rio de Janeiro, senior diplomats from leading member nations said the grouping is likely to intensify efforts toward settling trade in national currencies, even as they ruled out any imminent move toward a unified BRICS currency. At a conference co-hosted by the Embassy of Brazil and Centre for Global India Insights (CGII) on Friday, Russian Ambassador Denis Alipov described BRICS as 'a serious platform for discussing joint solutions to big challenges,' while reaffirming Moscow's support for trade in local currencies. 'BRICS is not a counter-bloc. It is a centre of gravity for countries seeking mutual respect and non-interference,' said Alipov, rejecting suggestions that the group was being shaped as an anti-West coalition, reported PTI. He noted that trade in national currencies was already underway between BRICS members. India's BRICS Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs, Dammu Ravi, said discussions around a BRICS common currency are 'at a very early stage.' 'Today, for now, we are only looking at trade settlement in national currencies. Harmonisation of fiscal and monetary policies is very, very difficult to achieve,' he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brass Krishna Idols For Prosperity & Protection In Life Luxeartisanship Shop Now Undo Brazilian Ambassador Kenneth da Nobrega echoed the sentiment, adding that while deeper integration like a common currency requires years of policy alignment, local currency trade was already showing results. 'It's a long way. But trading in local currencies? That's already working,' Nobrega said. The summit comes amid geopolitical unease following warnings by President Donald Trump against any formal move by BRICS nations to undermine the US dollar's dominance in global trade. The Trump administration's tariffs have already drawn concern among developing economies. The summit is set to be attended by Prime Minister Narendra Modi, Chinese President Xi Jinping, South African President Cyril Ramaphosa, and leaders of newly inducted members such as Egypt, Ethiopia, Iran, UAE, and Indonesia. Ambassador Ina Krisnamurthi of Indonesia called for systemic reform, saying, 'Our international order, the rules-based system, is crashing into the limits of its founding vision.' She said BRICS must evolve from 'just dialogue to delivery,' focusing on climate finance, humanitarian relief, and data equity. 'Right now, the Global South represents 85 per cent of the world's population and 39 per cent of global GDP,' Krisnamurthi noted. 'Yet multilateral institutions do not reflect this reality.' Citing a surge in the middle class across India, China and ASEAN, she said: 'In 2000, only 150 million enjoyed middle-class living standards. Today, that number is 1.5 billion — double the total population of Western countries.' Egyptian envoy Kamel Galal said Cairo had always seen itself as a natural part of the bloc. 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' he said, stressing a development-first agenda for Africa and the Middle East. Touching on global flashpoints like Gaza, Syria, Lebanon and Sudan, Galal called for reforming global institutions to better reflect 'the evolving dynamics and rising role of developing countries.' Quoting the Egyptian Book of the Dead, he added, 'What I hate is ignorance, smallness of imagination, the eye that sees no further than its own idol. All things are possible. Who you are is limited by who you think you are.' Replacing the oft-cited 'conflict, crisis and challenge' narrative, Galal proposed a new vision for BRICS: 'collaboration, complementarity, consensus and cohesion.' The panel concluded with a Q&A session that focused on the institutional future of BRICS, prospects of a unified currency, and the bloc's ambitions under the UN Sustainable Development Goals framework. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Wire
29-05-2025
- Politics
- The Wire
Russian Ambassador Says ‘Discussion Ongoing' On India Getting More S-400 Air Defence System Units: Report
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Security Russian Ambassador Says 'Discussion Ongoing' On India Getting More S-400 Air Defence System Units: Report The Wire Staff 11 minutes ago Following the recent conflict with Pakistan earlier this month, after Operation Sindoor, the S-400 air defence system has been credited with shooting down several incoming missiles from across the border. Denis Alipov. Photo: @AmbRus_India Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: Russian Ambassador to India Denis Alipov has said that discussions are ongoing between two countries on the procurement of more S-400 air defence system units. Alipov also cited various reports about Operation Sindoor to term the performance of the S-400 system and jointly-manufactured BrahMos missiles in the recent conflict with Pakistan as 'exemplary', reported IANS. 'From what we know, India has clearly stated the goals and undertook actions after having identified the targets and the terrorists it promised to do. As far as we know, during the operation, the S-400 system was used and the BrahMos missiles were engaged. Judging by the reports available, the performance of these weapons was exemplary,' said Alipov. 'Our discussion, on this particular topic, as on many others, is ongoing. It is a continuous one, but it would be incorrect for me and also premature to speak about the results of it at the moment,' Alipov added. Following the recent conflict with Pakistan earlier this month, after Operation Sindoor, the S-400 air defence system has been credited with shooting down several incoming missiles from across the border. IANS cited sources and reported that New Delhi may soon procure more S-400 air defence systems soon. 'We have a joint venture, designing and producing of these weapons. We are very satisfied with the results of this collaboration. It has, very promising prospects. And, we wish, to expand on that track, as on many other, that we discussed are in the pipeline or are being implemented already,' said Alipov. Make a contribution to Independent Journalism Related News Army Blames News Reports, Contradicts Corps Commander's Claim of Air Defence Guns at Golden Temple For Arms Dealers, Operation Sindoor Was Not a Crisis Conflict But a Business Opportunity Another Round, No Results: India–US Carrier Talks Remain Stuck in Symbolism Operation Sindoor Highlights That It's Time for the Indian Air Force to Make Key Procurements 'India's Foreign Policy Has Collapsed,' Says Rahul Gandhi Targeting Jaishankar Signalgate: Trump's National Security Adviser to Step Down, Nominated as UN Ambassador Trump Says India and Pakistan Have 'Gone Tit-For-Tat' Jaishankar Speaks to Taliban Counterpart, Welcomes Kabul's Rejection of Pak Claims During Conflict In Calls to Jaishankar and Shehbaz Sharif, US Secretary of State Urges 'Immediate De-Escalation' About Us Contact Us Support Us © Copyright. All Rights Reserved.
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First Post
29-05-2025
- Politics
- First Post
Made-in-India BrahMos was 'exemplary' in Operation Sindoor: Russian envoy
Denis Alipov said that talks between India and Russia to procure more S-400 air defence systems are 'ongoing' as both countries move to solidify the Special and Privileged Strategic Partnership read more The Russian Ambassador to India, Denis Alipov, has said that India's deployment of the S-400 missile system and the BrahMos missiles, which New Delhi co-manufactured with Moscow, was 'exemplary' during the military conflict with Pakistan earlier this month. 'From what we know, India has clearly stated the goals and undertook actions after having identified the targets and the terrorists it promised to do. As far as we know, during the operation, the S-400 system was used and the BrahMos missiles were engaged. Judging by the reports available, the performance of these weapons was exemplary,' Alipov told IANS. STORY CONTINUES BELOW THIS AD He added that talks between India and Russia to procure more S-400 air defence systems are 'ongoing' as both countries move to solidify the Special and Privileged Strategic Partnership. Refresh for updates.
Time of India
28-05-2025
- Politics
- Time of India
Russia envoy: S-400, BrahMos were top guns during Operation Sindoor
The S-400 was credited with the shooting down of Pakistani drones and missiles during the conflict that followed Operation Sindoor NEW DELHI: The S-400 system and the jointly-manufactured BrahMos missiles were used by India in the conflict with Pakistan and their performance was exemplary, said Russian ambassador Denis Alipov. The ambassador also said that discussions between India and Russia on the procurement of more S-400 air defence system units are "ongoing" as both countries continue to solidify the Special and Privileged Strategic Partnership. "From what we know, India has clearly stated the goals and undertook actions after having identified the targets and the terrorists it promised to do. As far as we know, during the operation, the S-400 system was used and the BrahMos missiles were engaged. Judging by the reports available, the performance of these weapons was exemplary," Alipov told IANS news agency. The S-400 was credited with the shooting down of Pakistan drones and missiles during the conflict that followed India's Operation Sindoor that targeted terrorist camps in Pakistan. While India maintained that it had only hit terrorist camps and its actions on May 7 were non-escalatory, Pakistan chose to launch a military operation against India three days later that was rebuffed by Indian armed forces. India has longstanding and wide-ranging cooperation with Russia in the field of defence. India and Russia have been involved in several bilateral projects, including the supply of S-400, licenced production of T-90 tanks and Su-30 MKI, supply of MiG-29 and Kamov helicopters, INS Vikramaditya (formerly Admiral Gorshkov), production of Ak-203 rifles in India and BrahMos missiles. Sources indicate that considering the strategic planning and military preparedness, New Delhi may procure more S-400 air defence systems soon. "Our discussion, on this particular topic, as on many others, is ongoing. It is a continuous one, but it would be incorrect for me and also premature to speak about the results," confirmed Alipov. He mentioned that Moscow is also "very satisfied" with the 'Made in India' BrahMos missiles, a product of joint collaboration with Russia. "We have a joint venture, designing and producing these weapons. We are very satisfied with the results of this collaboration. It has very promising prospects. And, we wish to expand on that track, as on many others that we discussed are in the pipeline or are being implemented already," Alipov remarked.
