Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
The 2024 BRICS summit in Kazan, Russia (October 22-24) is very significant this week, as it will not only induct new members into its ranks, but also define the bloc’s strategy for fulfilling its core values ​​and its role in shaping the new world order. .
To strengthen unity and present a unified voice to the Global South, BRICS Foreign Ministers (FM) met last week (June 10-11) in Russia to reiterate their commitment to mutual respect, collective economic and social prosperity, and new international development. A financial system without hegemonic power for any member states, an alternative to the current SWIFT system. In addition, the ministers discussed global and regional trends and bilateral issues, regional security and equal participation of the Global South in the decision-making process of the UN institutions. At the end of the summit, the foreign ministers issued a joint statement consisting of 54 key priorities. According to initial estimates, there were deals 78 billion dollar bilateral agreement signed on the sidelines of this summit. The FMs also condemned the ongoing massive loss of innocent lives and jointly declared their determination for an immediate ceasefire and a permanent two-state solution for Palestine in accordance with UN resolutions.
This week, the BRICS bloc will focus on three main issues at the summit; (1) politics and security, (2) economics and finance, and (3) cultural and people-to-people exchanges. This clearly demonstrates that the BRICS bloc is not limited to economic matters only; It has truly ambitious plans to change the world by supporting and uplifting the entire Global South, including other developing countries.
The BRICS countries, along with other countries from the Global South, express deep disappointment with the UN. Their main complaint lies in the dominance of Western countries within key international institutions and decision-making processes.
A common perception among BRICS countries and other global south countries is that the UN and other international bodies exhibit a bias in favor of Western countries. This sentiment is particularly pronounced when it comes to human rights issues.
BRICS members such as China and Russia have often faced criticism within the UN, while similar issues in Western countries receive less attention or scrutiny. This perceived double standard fosters mistrust and discontent, eroding confidence in the UN’s ability to address global challenges without Bias.
The United Nations (UN) was established in 1945 to promote world peace and security in response to the horrors of World War II and to correct the failings of the League of Nations. The purpose of the UN was to offer a platform for all nations to discuss and solve global problems together.
Many Global South countries, including the BRICS countries, rely on financial aid and development assistance from international institutions, such as the IMF, WB, ADB, etc. However, they believe that the Western-led organizations impose strict conditions. These conditions hinder economic growth, limit policy flexibility and harm their national security and sovereignty. The Global South is looking for a more equitable approach – one that recognizes their unique contexts and development needs.
As a result, there is a push for extensive reforms, and some are even advocating a complete replacement of the United Nations. The goal is to create a more balanced and representative global governance system.
The BRICS bloc aims to grow, develop and cooperate, including partnership with the West, but they aim to do so on equal terms. This means that no single hegemon can impose sanctions or force nations to act against their national interests. The BRICS bloc focuses on peace, security, mutual respect and cooperation on equal terms. The BRICS initiative highlights key strategies that will have a lasting impact on the establishment of a multipolar political and economic world order (MPWO), one of which includes reducing dependence on the US dollar by switching to local currencies for all their cross-border transactions.
BRICS is actively developing a payment infrastructure aimed at enhancing the voice of the Global South. This system will provide an alternative to the existing international financial settlement system (SWIFT). The new system will be free from political pressure, abuse and sanctions interference.
The development of cross-border trade between the members, together with the reduction of dependence on the dollar, will be a central theme during the BRICS summit. This is why, during the summit, the FMs emphasized the focus on trade, maritime routes and logistics as a basis for their cooperation. Such initiatives will no doubt attract more new members as the developing countries of the Global South (mostly landlocked) seek to grow their economies through trade.
BRICS advocates reforming the governance structure of the International Monetary Fund. The current system disproportionately favors the Western powers. BRICS seeks fairness and fair conditions in decision-making processes. By pushing for reforms, BRICS aims to ensure that the Global South has a stronger voice in shaping international financial policy.
The New Development Bank (NDB), established by BRICS in 2013, plays a crucial role in financing projects in the Global South. It is positioned to become the main lender to developing countries, offering an alternative to traditional institutions like the IMF, WB and ADB, etc. on more favorable terms. According to the most recent (July 25, 2022) publicly available data, the NDB has financed 77 projects worth $29.7 billion and a capital base of over $50 billion. As of May 10, 2024, the American credit agency, S&P Global, rated NDB at AA+.
Cheap and reliable energy is essential for national security and economic development. The BRICS countries recognize this and emphasize energy cooperation.
Joint efforts in energy production, distribution and technology sharing can benefit all member states and contribute to their overall stability, growth and security.
BRICS supports the principle of “African solutions to African problems”. This approach recognizes that local contexts require tailored solutions.
The foreign ministers of the BRICS countries also expressed their support for Palestine’s full membership in the UN. They advocate a two-state solution based on the 1967 borders.
In conclusion, BRICS is actively working not only to create a multipolar world order but also to develop an unprecedented financial system where no single country will have hegemonic power for trade, sanctions, confiscation of assets and freezing of bank accounts. The new system will increase the representation of the global south and promote cooperation on equal terms in all areas of the new world order. Its efforts extend beyond economic matters to geopolitical and humanitarian issues, emphasizing fairness and inclusion under fair conditions for every member of the bloc.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://thefinancialdaily.com/brics-2024-the-new-world-order/
