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First Post
08-07-2025
- Business
- First Post
Brics Rio summit: A double espresso shot for big effort ahead
Brazil, as the current chair, and India, as the next chair of Brics, should collaborate to devise a way to bring the US and European Union closer to the Rio formulations read more The 17th summit of Brics was held in Rio de Janeiro from 6 to 7 July under trying circumstances, with Israeli and US military strikes against Iran—a new Brics member—dominating the immediate backdrop. Furthermore, the failure of the Brics foreign ministers to produce a joint statement at their April meeting had raised doubts about whether Rio would succeed in crafting a joint declaration at all. In this light, Brazil, as the chair and host, scored a notable success, delivering an impressive summit. Prime Minister Narendra Modi, therefore, commended President Lula for the summit's excellent organisation, which gave Brics cooperation 'fresh momentum and vitality.' Modi added, 'And let me say—the energy we have received isn't just an espresso; it is a double espresso shot.' STORY CONTINUES BELOW THIS AD Besides the Rio Declaration, the summit produced three other important documents: on climate finance, the global governance of artificial intelligence, and the partnership for the elimination of socially determined diseases. To appreciate the value and importance of what was achieved at Rio, it is necessary to analyse the summit declaration and then assess the potential for its implementation in the future. Declaration – Key Elements With its 126 paragraphs, the Rio Declaration is longer than the declaration of the Johannesburg Summit (2023) but shorter than the declaration of the Kazan Summit (2024), which had 134 paragraphs. Right at the outset, the latest declaration reiterates the commitment to 'the Brics spirit', encompassing 'mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, collaboration, and consensus.' It refers to the grouping's three pillars of cooperation: political and security, economic and financial, and cultural and people-to-people connect. Brics aims to enhance strategic partnership through the promotion of peace, a fairer international order, a reinvigorated and reformed multilateral system, and sustainable development. The declaration is divided into five sections. The first section on strengthening multilateralism and reforming global governance highlights the need for comprehensive reform of global governance institutions, particularly the UN, the World Bank, the WTO, and the WHO. Para 6 deals with the reform of the UN Security Council. It represents some improvement from India's perspective. Deviating from the Kazan Declaration, it stresses the support of China and Russia as permanent members of the Security Council for 'the aspiration of Brazil and India to play a greater role in the United Nations, including its Security Council'. In contrast, the Kazan formulation referred to 'Brics countries', not Brazil and India specifically, in this context. The underlying spirit of the Rio Summit was to strengthen cooperation among the Global South countries. Para 8 emphasised the importance of the Global South 'as a driver for positive change', especially in light of geopolitical tensions, rapid economic downturns, and technological changes. The summit participants were fully cognisant of the need for a 'collective global effort' to establish suitable AI governance. STORY CONTINUES BELOW THIS AD In the second section on promoting peace, security, and international stability, the grouping articulated its consensus view on several global and regional issues, including the conflicts in Ukraine and West Asia. It condemned the military strikes against Iran, without naming the authors. Para 34 contains a 'strong condemnation of any act of terrorism'. Bearing India's imprint, the Rio Declaration condemned 'in the strongest terms the terrorist attack in Jammu and Kashmir.' It renewed the call for the finalisation and adoption of the Comprehensive Convention on International Terrorism, which remains elusive. The third section relating to deepening international economic trade and financial cooperation welcomed the results of the 'Strategy for Brics Economic Policy 2025'. It encouraged the ongoing expansion of the New Development Bank's (NDB) membership and the strengthening of its governance framework. Para 50 makes it clear that the work on the 'Brics Cross-Border Payments Initiatives' will continue. The plan is to realise the potential for 'greater interoperability of Brics payment systems'. STORY CONTINUES BELOW THIS AD The last two sections, which pertain to combating climate change and promoting sustainable, fair, and inclusive development, as well as partnership for the promotion of human, social, and cultural development, contain a wealth of ideas for ongoing and new projects based on cooperation within the expanded Brics family and beyond. Focus on the Founders The thoughts of the Bricsleadership were also reflected in the statements of their key leaders. President Luiz Inácio Lula da Silva's opening remarks at the first session, devoted to peace, security, and reform of global governance, drew international attention. He called Brics 'an heir of the Non-Aligned Movement'. Pointing out that in 2025 Brazil hosted the fourth Brics summit, he added, 'Of all of them, this one is taking place amid the most adverse scenario,' marked by 'an unprecedented collapse of multilateralism.' He made a strong plea for investment in reform and peace. Regretting that it was always easier to invest in war than in peace, he noted, 'It is easier to designate 5 per cent of the GDP to military spending than to allocate the 0.7 per cent that has been provided for Official Development Assistance.' He believed that the world still has the opportunity to lay the groundwork for 'a reinvigorated governance model'. STORY CONTINUES BELOW THIS AD Remarks at the same session by Prime Minister Narendra Modi were brief but crisp. From West Asia to Europe, he said, the world is surrounded by disputes and tensions. 'The path to peace is the only option for the good of humanity,' he stated. On reform, he said that global institutions without adequate representation for the Global South are 'like a mobile phone with a SIM card but no network'. He devoted utmost attention to the scourge of international terrorism, asserting, 'Condemning terrorism must be a matter of principle and not just of convenience.' The media made an unnecessary play of the absence of President Xi Jinping. Premier Li Qiang represented China well. He expressed his nation's readiness to work with fellow Brics members to make global governance 'more just, equitable, efficient, and well-ordered'. Delivering an online address, President Vladimir Putin argued that it was important for Brics to continue expanding the use of national currencies in mutual payments as well as to create 'an independent payment and monetary system within Brics'. STORY CONTINUES BELOW THIS AD Critical Assessment Evaluation of the summit needs to address several facets of the present and future of Brics. First, the expanded grouping (with 11 members, 10 partners, and other attendees) has indeed become more influential than before. It reflects the collegiate leadership of the Global South, although not all nations may accept China and Russia as integral parts of the Global South. Second, while the Brics does have a wise agenda, backed by considerable unity, it is not in a strong position to garner the world's support for it. The fissures within the G7, the tensions between the US and Europe, and the unilateralism of Washington combine to leave little room for Brics to develop an international consensus on the issues agreed at Rio. Finally, even if a reasonable consensus were to emerge on the issues of peace and security, reform of global institutions, economic cooperation, and climate change, the real challenge would be to mobilize the political will of the G7 economies and others to translate their commitments into action. That is a tall order! STORY CONTINUES BELOW THIS AD Therefore, it is suggested that Brazil, as the current chair, and India, as the next chair of Brics, should collaborate to devise a way to bring the US and EU closer to the Rio formulations. Should there be some success in this endeavour, these two nations could then work together with South Africa, the current president of the G20. The Rio Declaration has emphasised the G20's key role as the premier global forum for international economic cooperation. This larger forum has the best chance of devising a consensus on the vital issues of our time. However, first, there is the daunting challenge of persuading the US President and his advisers, who continue to view Brics in rather negative terms. Clearly, more coffee and hard work may be required. Rajiv Bhatia is a Distinguished Fellow at Gateway House, a former Indian Ambassador with extensive diplomatic experience in regional and global groupings, and the author of three books on Indian foreign expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views. STORY CONTINUES BELOW THIS AD
Daily News Egypt
02-07-2025
- Politics
- Daily News Egypt
BRICS media influence is growing, offers alternative agenda, officials say
The influence of BRICS media is growing, offering an alternative cultural and information agenda based on the principles of respect and objectivity, media representatives and a Russian official said at the St. Petersburg International Economic Forum (SPIEF). Speaking at a session titled 'BRICS Media: Defending Free Speech and Promoting an Alternative Cultural and Information Agenda,' Russian Ministry of Foreign Affairs spokesperson Maria Zakharova said the media space of the BRICS countries is based on respect, objectivity and national specificity. 'BRICS does not simply defend the right to freedom of speech – our association implements it through broadcasting channels, cultural forums, student exchanges, scientific platforms, social networks and, of course, through such meetings. […] We are humanity, we are the voice of a free and diverse future,' Zakharova said. She added that the Kazan Declaration of the 16th BRICS Summit emphasises the need to ensure free and open access to reliable information. Wang Bin, head of CCTV's Eurasian bureau, noted that the BRICS countries represent a significant force globally due to their combined economic potential and cultural diversity. He said that China Media Group is actively expanding its global presence with a focus on promoting the country's traditional culture. 'The media of the BRICS countries base their work on the principles of openness, inclusiveness and mutually beneficial cooperation. […] We tell one common story, but from different points of view. This is the true freedom of speech,' said Wang Bin. Ayanda Hollow, president of TV BRICS Africa, said that Africa holds a strong position in BRICS and called for communication to be strengthened. This, he said, would allow more people to learn about the life and values of the group's member states. In a separate interview at the forum, CGTN presenter Zheng Junfeng said the growing power of Russia, China and other developing countries is contributing to the expansion of their influence in the global information field. The journalist emphasised the importance of intercultural exchange and information dialogue, adding that TV BRICS is successfully fulfilling its role as a communication platform within the expanding association.
See - Sada Elbalad
16-06-2025
- Business
- See - Sada Elbalad
Vietnam Joins BRICS as Partner Country
Yara Sameh The Brazilian Ministry of Foreign Affairs has announced Vietnam's accession to BRICS as a partner. This was reported on the official website of the Brazilian Presidency in BRICS, according to TV BRICS. "Vietnam becomes the tenth BRICS partner country, alongside Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan," the statement said. It was emphasised that Vietnam is a country with a population of almost 100 million people and a dynamically developing economy that is integrated into global value chains. The country shares with BRICS participants a commitment to an inclusive international order, the ministry added. Vietnam is also a member of the Association of Southeast Asian Nations (ASEAN). The category of BRICS partner countries was introduced at the 16th summit of the association in October 2024. All group's states supported this decision in the Kazan Declaration . read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Malaysian Reserve
30-04-2025
- Business
- Malaysian Reserve
BRICS countries support use of nationals currencies in trade, financial settlements
RIO DE JANEIRO — Top diplomats from the BRICS nations supported the use of national currencies in trade and instructed finance ministers and Central Bank governors to elaborate relevant mechanisms, according to the declaration adopted after their meeting in Rio de Janeiro, Russian News Agency (TASS) reported. 'The Ministers underscored the importance of the enhanced use of local currencies in trade and financial settlements between BRICS countries and their trade partners. They recalled the paragraph 66 of the Kazan Declaration tasking the Finance Ministers and Central Bank Governors, as appropriate, to continue consideration of the issue of local currencies, payment instruments and platforms,' the document reads. 'The Ministers emphasised the need for a comprehensive reform of the global financial architecture to enhance the voice of the developing countries and their representation in the international financial institutions,' it says. 'They reaffirmed the call to ensure that the reform of the International Financial Institutions would focus on increasing the scale of finance and enable simplified access to resources, especially to developing and least developed countries,' it says. They reaffirmed the Group of Twenty's important role as 'the premier forum for international economic cooperation that comprises both emerging and developed economies.' 'The Ministers also acknowledged the importance of strengthening international cooperation in the critical mineral sector, including through downstreaming industrial policy, technology transfer, and sustainable practices, to ensure that these resources contribute to inclusive and equitable development, particularly for source countries,' according to the declaration. — BERNAMA-TASS
