Latest news with #JimO'Neill
Perth Now
16-07-2025
- Business
- Perth Now
Residents' input sought on vision for beloved street
Residents and businesses in East Fremantle's Plympton precinct are being invited to share their vision for one of the town's well-known streets. The Town of East Fremantle and placemakers Village Well want to develop a community action plan for George Street, which they describe as a document 'developed by the community for the community'. Residents sought support from the council late last year for the development of a vision for the George Street area. Mayor Jim O'Neill said the plan was an opportunity for people living and working in the Plympton area to unlock new ideas for the much-loved street. 'This is an exciting new era in the street's history for the community to come together to co-create a bold and meaningful vision for George Street's future and to celebrate what makes the street special,' he said. Mr O'Neill said while the council was a supporting partner, where possible the plan would be designed to be owned and actioned by the community. 'It will be the community's street, ideas and leadership that will bring this vision to life,' he said. Earlier this year the council voted to 'pause' the George Street Festival due to increasing costs. The festival began in the 1990s and was held on the first Sunday of December each year. It had grown into an award-winning and high-drawing affair, with crowds of up to 17,000 people in recent years. A community workshop on the future of George Street will be held at the East Fremantle Town Hall, 135 Canning Highway, on Tuesday, July 29, from 6-8pm. Spaces are limited. RSVP to admin@ by Friday, July 25.
The Hindu
12-07-2025
- Business
- The Hindu
From the margins to the centre
The idea of the Global South historically referred to the grouping of countries primarily in Asia, Africa and Latin America that shared a history of colonialism and ongoing struggles against global inequalities. They sought to transform a historically Western-dominated world order through 'South-South cooperation' — a set of practices and organising concepts that these nations aim to use to achieve development through mutual assistance and increased solidarity among themselves. This aspiration has roots in landmark initiatives such as the Bandung Conference of 1955 and the Non-Aligned Movement (NAM), which sought to foster economic and cultural cooperation while promoting human rights and establishing a New International Economic Order (NIEO). These movements aimed to counteract the vertical power relations between former colonies and their colonisers, advocating for fair trade relationships, sovereignty over natural resources, and the right to nationalise key industries. Also Read | Global South's voice key to contemporary world's progress: PM Modi tells Ghana's Parliament The Global South has never been monolithic. Its diversity — vastly different histories, economies and political systems — has been both a potential source of strength and a cause of internal divisions that complicate efforts to form unified positions on global issues. However, the BRICS grouping has emerged as a more solidified possibility, representing a formalised attempt to advance many of the Global South's aims, even if it doesn't entirely embody its full aspirations or overcome all its inherent contradictions. The recent BRICS summit held in Rio de Janeiro exemplified this challenge, with members navigating different relationships with both the U.S. and Russia, particularly regarding the ongoing conflict in Ukraine, where most BRICS members have sought a middle ground in contrast to Western positions. Institutional voice BRICS began as an economic acronym coined by Goldman Sachs economist Jim O'Neill in 2001. It has now evolved into a substantial intergovernmental organisation comprising 35% of the global economy and almost half of the world's population — surpassing the G7's 30% economic share as of 2024. The bloc's primary objectives centre on fostering economic, political, and social cooperation among members while increasing their collective influence in international governance. This includes advocating for greater representation in global bodies, coordinating economic policy, and reducing reliance on the U.S. dollar. Initiatives such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) were designed to offer alternatives to Western-dominated financial institutions such as the World Bank and the International Monetary Fund. Also Read | G7 summit: Will highlight priorities of Global South in G-7, says PM Modi The Rio summit demonstrated both the potential and limitations of this approach. The declaration's strong language on Gaza and Iran reflected genuine consensus on critical geopolitical issues as opposed to the West's view, while India's successful inclusion of condemnation of the Pahalgam terror attack showcased the bloc's capacity to address diverse security concerns. The summit also endorsed expanded roles for India and Brazil in the UN Security Council, advancing a long-standing demand for greater Global South representation. Significantly, the summit introduced a new 'partner countries' category, extending associate status to nations including Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. This institutional innovation suggests BRICS is evolving beyond its original membership structure to accommodate broader Global South participation. Priorities and realities The Global South's diversity becomes particularly apparent when examining BRICS members' different regional contexts and priorities. Brazil's focus on environmental issues and sustainable development reflects its role as a guardian of the Amazon rainforest, while also serving its agribusiness interests. India's emphasis on technology and services reflects its emergence as a global IT powerhouse, even as it maintains significant agricultural and manufacturing sectors. China's Belt and Road Initiative represents perhaps the most ambitious attempt at South-South cooperation, yet it has also generated concerns about debt dependency among recipient countries. Russia's inclusion in BRICS, despite its geographical location largely in the Global North, reflects how the grouping wants to transcend simple geographical boundaries for shared interests in challenging Western hegemony. Intra-BRICS trade has grown at a faster pace than that of G7 countries, demonstrating tangible shifts in global economic activity. Trade between Brazil and China increased fiftyfold in 20 years, and China-India trade rose 28 times in the same period. The NDB has begun providing alternative funding for sustainable development and infrastructure projects, addressing perceived gaps left by traditional financial institutions. Yet, the path to challenging Western economic dominance faces significant obstacles. The U.S. dollar remains entrenched as the world's principal reserve currency, used in the vast majority of global trade transactions. While BRICS advocates for lesser dependence on the dollar, creating a workable alternative currency system faces enormous technical and political hurdles. Internal Contradictions A critical examination of BRICS reveals inherent contradictions that mirror broader challenges in South-South cooperation. While the rhetoric emphasises solidarity and mutual benefit, the pursuit of national interests by individual members can overshadow collective goals. For example, China's domination within the grouping has resulted in lopsided economic engagement with other developing nations, leading to what some critics have termed 'near-colonial patterns of trade', where raw materials are exported to China in exchange for manufacturing goods. Brazil's advocacy for fairer global trading systems, while simultaneously pursuing the interests of its competitive export-oriented agribusiness sector, exemplifies how national economic interests can complicate collective solidarity. Russia's recent actions in Ukraine negate the idea of South-South cooperation as a legacy of former colonised nations. Besides, Western powers have not remained passive observers of BRICS' growth. Donald Trump, responding to the bloc's criticism of unilateral tariffs and military strikes on Iran, threatened that any country 'aligning itself with' what he termed 'the Anti-American policies of BRICS' would face an additional 10% tariff. This marked an escalation from his earlier threats of 100% tariffs if BRICS countries attempted to replace the U.S. dollar as a reserve currency. Moreover, Western institutions have shown capacity to adapt and co-opt rising powers. The emergence of the G20 can be seen as a response designed to give emerging economies a seat at the table, even if decision-making remains largely influenced by dominant Western powers. Beyond National Interests: A People-Centered Vision As India prepares to assume BRICS leadership next year with its theme of 'Building Resilience and Innovation for Cooperation and Sustainability', the bloc stands at a crossroads. As the world's largest democracy and a major economy with complex relationships with both China and the U.S., India may be uniquely positioned to bridge internal divisions within BRICS. However, ongoing border tensions with China and India's growing strategic partnership with the U.S. through initiatives such as the Quad complicate its role as a unifying force. BRICS undoubtedly represents the most viable institutional expression of Global South aspirations, offering developing nations unprecedented collective economic leverage and political voice in global affairs. However, its current trajectory risks becoming merely another arena for great power competition rather than genuine transformation. The bloc's ultimate promise lies not in replacing Western hegemony with a new form of elite-driven multipolarity, but in evolving into a platform that prioritises the developmental needs and democratic aspirations of the Global South's peoples.
&w=3840&q=100)
First Post
10-07-2025
- Business
- First Post
Brics joint statement on Iran: A challenge for Trump
Although Iran has managed to get the support of Brics+ nation, it would be interesting to see if this will have any impact on the strategic calculus of Israel and the US read more Leaders and representatives from Brazil, China, Russia, India, Indonesia, South Africa, Egypt, Ethiopia, the UAE, and Iran pose for a family photo during the BRICS Summit in Rio de Janeiro on July 6. (Reuters) At a time when President Donald Trump is making all out efforts to turn the wheels of history back by converting the contemporary world order as unipolar with the US as the default, de facto and de jure power of the world, or at best as bipolar, with the US and China as the only 'players who matter', it seems his plans are failing, just like his efforts to 'stop the war between Russia and Ukraine'. STORY CONTINUES BELOW THIS AD Several other states and regional blocks are asserting themselves independently and taking stands that do not subscribe to dominant US views, especially on controversial issues like wars, climate change, green financing and responsibility of the developed nations, etc. The joint statement of the leaders of the Brics countries that came out after the recently concluded Brics summit at Brazil is a testimony to it. The statement has given a significant boost to Iran, the new joinee to the block in its foreign policy outreach after the attack on its three nuclear sites by Israel and the US. It is also a reflection of changing geopolitical dynamics and a push back by developing countries to assert themselves. What's Brics? Brics initially referred to a group of nations undergoing swift economic expansion that, if sustained at comparable rates, would become the preeminent economic powers of the 21st century. The abbreviation, originating from the names of the initial members Brazil, Russia, India, China, and South Africa, has been adopted as the designation of a formal international organisation that seeks to enhance economic and geopolitical integration and cooperation among its member states. The phrase Bric, representing Brazil, Russia, India, and China, was initially coined by Goldman Sachs economist Jim O'Neill to characterise the four economies that might potentially control the world economy by 2050, if they sustain growth. Representatives of the BRIC nations commenced informal meetings during the 2006 session of the United Nations General Assembly (UNGA), paving the way for the formalisation of the group in the future. STORY CONTINUES BELOW THIS AD During their inaugural summit in 2009, the BRIC nations reiterated their dedication to a multipolar world order and global non-interventionism, advocating for a new global reserve currency as a substitute for the U.S. dollar. In 2011, South Africa became a member of the organisation, resulting in the group's acronym being altered to Brics. This indicated a shift from a particular economic classification to a broader coalition of emerging regional leaders. The Brics organisation is also perceived as an initiative to establish a geopolitical bloc that can counteract the dominance of Western-led global organisations like the International Monetary Fund (IMF) and the World Bank. The true cohesion and alignment of the Brics nations, as well as the actual worth of the alliance, however, remains a subject of contention. Several analysts highlight the significant disparities in the political systems, economy, and geopolitical standings of the member states as indicators of the organization's fragility. Brics expanded in 2024 to include Egypt, Ethiopia, Iran, and the UAE, with Indonesia joining in 2025, along with ten associate nations, turning it as Brics+. Brics currently emphasises climate financing, artificial intelligence governance, and alternative payment systems, while managing internal diversity and global issues. STORY CONTINUES BELOW THIS AD About the 17th Brics Summit The 17th Brics Summit took place in Rio de Janeiro, Brazil, on July 6-7, 2025, representing a significant event for the group during Brazil's leadership, with the subject 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' The Summit convened amid rising geopolitical tensions and a changing global order, seeking to establish Brics as a counterbalance to Western-dominated institutions such as the IMF and G7, while steering clear of outright conflict. Nonetheless, the increasing U.S. protectionism under President Donald Trump, who threatened substantial tariffs on Brics states engaging in de-dollarization, highlighted the difficulties of manoeuvring through the US-China competition and Western scepticism. During the summit, host nation Brazil's emphasis on climate finance, AI governance, and health equity signified a pragmatic transition towards the goals of the Global South, in contrast to the 2024 Kazan Summit's concentration on Russia's anti-sanction agenda. Internal differences, especially about UN Security Council reform and de-dollarisation, underscored the bloc's challenges in achieving cohesion amidst its varied political systems—three democracies (Brazil, India, South Africa) and two authoritarian regimes (China, Russia). STORY CONTINUES BELOW THIS AD Brics Statement on Iran The major highlight of the summit, however, was a joint statement released by Brics leaders that sharply rebuked the United States and Israeli bombardments of Iran in June 2025, calling them a 'blatant breach of international law' while voicing strong support for the creation of a Palestinian state. Iran garnered significant diplomatic support during the summit, as the group denounced recent bombings on Iranian soil. The block condemned 'the military strikes against the Islamic Republic of Iran,' alluding to assaults by Israel and the United States. The joint statement, although not explicitly naming the U.S. or Israel, constituted Brics' most robust condemnation to date. China and Russia indicated their strong apprehensions against the actions of the US and Israel, with Moscow describing the strikes as 'unprovoked.' The consolidated stance of Brics, now inclusive of Iran, indicates an increasing alignment among non-Western nations in opposing the recent US-led actions on bombing the three nuclear sites in Iran. Tehran's backing by Brics countries comes at a pivotal moment as it pursues worldwide acknowledgement of what it perceives as an illegitimate attack on its sovereignty and nuclear infrastructure. Over a period of time, Iran has persistently attempted to escape diplomatic isolation. Full membership in Brics, together with a collective declaration of solidarity, may enhance its capacity to contest the Western narrative in global platforms such as the United Nations and the International Atomic Energy Agency. STORY CONTINUES BELOW THIS AD The Iranian delegation in Brazil had, however, advocated for an even stronger language of condemnation regarding the attack on its nuclear installations. The concluding statement has denounced the strikes and underscored that 'assaults on critical infrastructure and nuclear facilities are impermissible under international law.' With backing from Brics, Iran is anticipated to intensify its demands for a formal inquiry via the U.N. Security Council and the IAEA. In this context, Tehran may also seek additional security guarantees from Russia and China. As Brics evolves into a more cohesive political organisation, Iran's inclusion may alter future reactions to regional disputes involving Western countries. Peace, till when? By the time of writing this article, there was no official reaction from the Government of Israel on the Brics joint statement. It would be interesting to see how Israel reacts to it. The joint declaration denouncing Israeli actions against Iran also received support from India. Earlier this month, India distanced itself from a statement released by the Shanghai Cooperation Organisation (SCO), which vehemently criticised Israel's military actions on Iranian soil. STORY CONTINUES BELOW THIS AD Although Iran has managed to get the support of Brics+ nation, it would be interesting to see if this will have any impact on the strategic calculus of Israel and the US, which want not just an end of Iran's nuclear dreams, but also a regime change, something that is almost impossible without putting boots on the ground. Peace, in West Asia, is just like a comma, and never a full stop! It may look like it is finally achieved, but then even a small incident spills over to bring back violence. Pavan Chaurasia is a Research Fellow at India Foundation, a New Delhi based think tank working on foreign policy and national security. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
&w=3840&q=100)
First Post
04-07-2025
- Business
- First Post
Brics bigger than G7: Expansion boosts global clout but Trump, China pose challenge
Brics has expanded from initial four to eleven members and has sought a greater say in the world's affairs in recent years, but the group has faced a challenge to its relevance from US President Donald Trump's direct threats and attempts by China to turn the group into an anti-West bloc to take on the United States. read more Over the past two decades, Brics has evolved from a forum of four emerging economies to a group of 11 nations that its supporters say is ushering true multilateralism in the world. Critics, however, say that the bloc is just a Chinese tool to unseat the United States to become the world's foremost superpower. The idea of Brics emerged in 2001 when then-Goldman Sachs Chief Economist Jim O'Neill argued that Brazil, Russia, India, and China had the potential to reshape the global economic landscape by 2050 due to their large populations, rapid economic growth, rising global influence, and rapid upward social mobility. STORY CONTINUES BELOW THIS AD In 2006, the four countries came together to form Bric — South Africa joined in 2010. With the expansion in 2024, the group has 11 members. Brics has positioned itself as a non-Western alternative for supporting economic growth and cooperation. Even though the group's influence has risen, challenges have also risen and the group now finds itself as a critical juncture. Brics is bigger than G7 but faces tough challenges In 2015, Brics launched New Development Bank (NDB) to fund infrastructure and development projects in developing countries. With initiatives like the NDB and the Russia-led grain exchange, and collaboration in other areas of emerging technologies and economies, Brics has positioned itself as an alternative to Western-dominated financial institutions like the International Monetary Fund (IMF) and World Bank. But, even as Brics continues to attract new members, the group is far from replacing IMF or World Bank and stares at formidable challenges — both internally and externally. Internally, the very purpose of Brics is under question as China has sought to become the leader of the group and turn it into an anti-Western bloc. Russia has supported China to the hilt in this quest. The two countries are already part of an anti-Western alliance also comprising Iran and North Korea (the so-called CRINK bloc) and want to make Brics an extension of that bloc — while the CRINK bloc clashes with the West militarily, Brics takes on the West economically. Externally, Brics has faced strong opposition from US President Donald Trump, who has dubbed any move by the group to dethrone the US Dollar as a red line. He has threatened Brics members with 100 per cent tariffs if they move towards a Brics currency or dedollarisation. With such challenges that put the very basis of the group in question, Brics stands as a unique blend of opportunities, aspirations, and challenges, and India as a founding member and a competitor of China has its own share of challenges. STORY CONTINUES BELOW THIS AD A non-Western group or an anti-Western group? India has gone to great lengths to explain to the West that Brics is not an anti-Western group and that it supplements Western institutions like the IMF and World Bank and does not seek to replace them. But China and Russia continue to push the group as an anti-Western bloc. Brics is definitely a China-dominated group as China is the largest economy and contributes to 40 per cent of the bloc's gross domestic product. Moreover, NBD is headquartered in Shanghai even as five initial members —Brazil, Russia, India, China, and South Africa— are equal shareholders of the bank. The presence of ironclad partners Russia and China (and Iran as well) in Brics further adds to the anti-Western impression of the bloc. However, India's presence in the group and, more importantly, its status as a founding member counterbalances the China-Russia influence. India has so far prevented the bloc from turning into an anti-Western bloc. In March, External Affairs Minister S Jaishankar dismissed fears of Brics trying to replace the US Dollar. Instead, India considers the strength of the US Dollar essential for global stability, said Jaishankar. 'I don't think there's any policy on our part to replace the dollar. As I said, at the end of the day, the dollar as the reserve currency is the source of international economic stability. And right now, what we want in the world is more economic stability, not less,' said Jaishankar. STORY CONTINUES BELOW THIS AD India has also used its status as an equal shareholder at NDB to prevent the bank from turning into an extension of the Belt and Road Initiative (BRI). As China is not just working to dethrone the United States, but is also looking forward to suppress India's rise, India's continued presence and assertion of its role as a founding member in Brics is a must. Anushka Saxena, a China researcher at the Takshashila Institution, previously told Firstpost that India's involvement in Brics and Shanghai Cooperation Organisation (SCO) is a must to ensure these institutions work for stated purposes and not become China's tools. 'In Brics, India's priorities lie in making sure that principled guidelines are laid out to set benchmarks for membership, in creating space for consensus-building against the possibility of China's influence-peddling, and in attempting to retain the image and brand value of Brics as a community of developing market economies demanding more voice in global governance,' she said Saxena. STORY CONTINUES BELOW THIS AD 'Similarly, in the SCO, India's role as a disruptor is vital. If China and Russia continue to propagate the idea that these groupings are anti-West, India's presence becomes necessary to maintain the balance and act as a bridge with the West,' Saxena further said.
First Post
05-06-2025
- Business
- First Post
Not against America: India at BRICS is a balancing force and a bridge builder
BRICS plus is a reality that is growing stronger by the month. From originally being conceived as BRIC by Jim O'Neill of Goldman Sachs in the 1990s, as the grouping of emerging economies that was deemed to acquire much greater heft in the global scheme of things, it has acquired a much greater traction and attraction on the geo-economic matrix. While representing the cross-continental mix, it has expanded to more than double its original membership from across the geo-political divide in a comparatively short span as over two dozen aspirants for partnership and inclusion are in the pipeline. STORY CONTINUES BELOW THIS AD The combined GDP of BRICS countries already exceeds that of G7 economies. However, given the current global churn and geo-political competition, the group has China and Russia as its important pivots that are challenging the unilateralism and hegemony of the United States. Several of these countries, including India, are rightful claimants for a seat on the horseshoe table of the UNSC that refuses to be reformed while it has two of the BRICS constituents (China and Russia) as its permanent members. Currently, Brazil is the BRICS chair and the next Summit will be held in the first week of July. Prime Minister Narendra Modi is expected to attend the Summit. India follows a policy of strategic autonomy, multi-alignment and ambidexterity. Following a sane foreign policy with 'Vasudhaiv Kutumbakam' as its core value and concern, New Delhi is able to navigate its close and intrinsic partnership with all the major powers and groupings. It is an integral part of the Quad in the Indo-Pacific where it seeks to enhance the critical economic heft and leverage in key areas, avoiding the pitfalls of the alliance architecture to create and sustain alternate value and supply chains while underscoring the need of freedom of navigation in accordance with the UNCLOS and other international rules and conventions. It considers and propagates global commons and global goods for the global welfare. Likewise, New Delhi has been a founding member of the BRICS and is an important pivot in this and other mechanisms like RIC (Russia, India and China) and IBSA (India, Brazil and South Africa). BRICS now represents 60 per cent of the global population and 30 per cent of the world's economy. India, itself, is the fourth largest fast-growing major economy in the world. In addition, while India is a comprehensive strategic partner in the ever expanding and deepening ties with the US, irrespective of the political dispensation there, it has time tested, trusted and strategic partnership with Russia. These are not seen by India as a zero-sum game but by its capacity to strike friendships across the geo-political spectrum on its own strength and strategic heft. It is in a geo-political sweet spot as the geo-economic lever hinges more to the South. It also has more than thirty strategic partnerships with countries from Global North to South. STORY CONTINUES BELOW THIS AD President Donald Trump, who wants to develop closer partnerships with Russia and China despite strategic rivalry but on his own terms and in his own unpredictable and unique style, considers BRICS plus as a threat, especially in the context of de-dollarisation. The US fails to appreciate that it was its own confrontational policy, especially under the Biden era, leading to the weaponisation of financial instruments and unilateral sanctions on Russia and others in an unprecedented manner, which have been solely responsible for that shift and search for alternatives by other countries through alternate currencies and bilateral and plurilateral transactional mechanisms. Self-introspection and course correction might help restore some faith in reasonable outcomes and the already stressed financial architecture led by Bretton woods Institutions. BRICS has its own New Development Bank. There have been proposals for some sort of a BRICS currency which New Delhi has not yet subscribed to. President Trump warned BRICs member nations that he would impose 100 per cent penal tariffs if the latter went ahead against the hegemony of the US dollar. Ironically such steps might only lead to hardening of resolve. Minilaterals and plurilateral groupings are natural to subserve certain national interests of the members but pitching them as rivals and enemies may lead to wrong policy choices. BRICS is neither uni-focal nor uniform in its objectives and approaches. It has its own challenges and dynamic as is clearly evident in the non-issuance of the joint statement of the recent BRICS plus foreign ministers meeting. STORY CONTINUES BELOW THIS AD Recently, US Commerce Secretary Howard Lutnick said, 'The Indian economy is extraordinary, your human capital capacity is amazing, your growth rate is amazing. But, you know, there were certain things that the Indian government did that generally rubbed the United States the wrong way.' Speaking of de-dollarisation by BRICS he stretched, 'The group's stance to move away from supporting the US dollar is not really the way to make friends and influence people in America. For instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia. So, I think India is starting to move towards buying military equipment from the United States, which then goes a long way.' They do, however, appear to appreciate India's logical approach in this regard. But threatening tones in diplomacy, when going is good, might be counter-productive. India will follow what is in its best national interest, while valuing its relationship with the US. STORY CONTINUES BELOW THIS AD India does not consider BRICS being pitched against the West. New Delhi, along with others, including Russia, considers it to be non-Western, and not anti-West. Although President Trump and his administration admit that there are many powers and economic players and multi-polarity is the norm, their reaction and behaviour often resort to unilateral decisions and commentary which further undermines whatever trust is left in the existing global systemic architecture. India is in a position to be a bridge as it assiduously and consciously wants to be the 'Voice of the Global South'. It has the capacity and intent and levers and also trust to play that role as the world grapples with stasis in institutions of governance and challenges posed by terrorism and non-state actors as well as non-traditional threats engineered by technology and climate change among others which are existential in nature. India seeks and supports an inclusive, sustainable and multipolar world, with effective, efficient and reformed multilateral institutions. STORY CONTINUES BELOW THIS AD The author is the former Indian Ambassador to Jordan, Libya and Malta and is currently a Distinguished Fellow with Vivekananda International Foundation. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
