The BRICS as a game changer, BRICS Pay, & Cryptocurrency Adoption: The BRICS Summit from Kazan, Russia, from October 22 to 24, 2024

Date: October 22, 2024
Location: Kazan, Russia

The 16th BRICS Summit will be held in Kazan, Russia, from October 22 to 24, 2024

 

This summit will bring together leaders from the BRICS nations: Brazil, Russia, India, China, and South Africa, along with new members Egypt, Ethiopia, Iran, and the United Arab Emirates.

The primary purpose of the summit is to discuss and promote cooperation on various global issues, including economic development, trade, investment, and sustainable
development.

 

The Russian 2024 BRICS Chairmanship

The Russian 2024 BRICS Chairmanship, under the theme of ‘Strengthening
Multilateralism for Just Global Development and Security,’ is committed to
promoting positive and constructive cooperation with all involved nations. »

Russia, as the host

 

Russia, as the host, is expected to push for initiatives like dedollarization and the introduction of the BRICS Pay card, which aims to facilitate financial transactions between the central banks of
the member countries, serving as an alternative to the Western interbank system
SWIFT.

The summit also provides a platform for these emerging economies to collaborate on addressing global challenges and to strengthen their collective influence on the world stage.

 

The BRICS summit, involving Brazil, Russia, India, China, and South Africa, is seen by some as an  indication of shifting global power
dynamics.

 

While it’s not officially a « new world order, » it highlights the growing influence of these emerging economies on the global stage.
Their cooperation on issues like trade, investment, and sustainable development
challenges traditional power structures.

This alliance aims to create a more balanced global economic order, promoting multipolarity in international relations.
Whether it represents a true « new world order » is still up for debate, but it’s clear that
BRICS is redefining the landscape.

The use of cryptocurrency in international trade is gaining traction as it offers several advantages over traditional methods.

Here are some key points:

Decentralization
Cryptocurrencies operate on blockchain technology, which means transactions can be conducted without the need for a central authority like a bank.
This reduces the risk of interference and increases transaction speed.

Lower Fees
Traditional international transactions often involve high fees and exchange rates. Cryptocurrencies can significantly reduce these costs, making transactions more economical.

Transparency and Security
 Blockchain technology ensures that all transactions are transparent and immutable, reducing the risk of fraud and increasing trust between parties2.

Global Accessibility
 Cryptocurrencies can be used by anyone with internet access, making it easier for businesses in different countries to transact without worrying about currency exchange issues.

Innovation and Adaptability
The use of cryptocurrencies encourages innovation and adaptability in the financial sector, paving the way for new business models and financial products.

 

BRICS Pay, and cryptocurrency adoption

By bypassing the use of the US dollar, countries and businesses can reduce their
dependence on the traditional financial system and explore alternative methods of value exchange.
This can be particularly beneficial for countries facing economic sanctions or those looking to diversify their financial strategies.

Initiatives like dedollarization, BRICS Pay, and cryptocurrency adoption signify a move towards greater economic independence and innovation. These changes can lead to more balanced global relations and open new avenues for development and cooperation among member nations.

 

The BRICS summit news members

The BRICS summit, especially with the recent expansion to include new members like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, can be seen as a step towards a new world order.
This coalition represents a significant portion of the global population and economy, which gives it substantial influence on the world stage.

Impact on Population: The BRICS nations, along with the new members, collectively represent about 46% of the world’s population.
This means that decisions and policies made within the BRICS framework can have a direct impact on nearly half of the global population.

The summit’s focus on economic cooperation, trade, and sustainable development can lead to initiatives that benefit these large populations, potentially improving living standards, economic opportunities, and regional stability.

 

 The BRICS as a game changer

Definitely a game changer. The BRICS summit marks a pivotal shift towards a more multipolar world order, challenging the traditional dominance of Western economies.
With the inclusion of new members and an emphasis on economic collaboration, the
BRICS coalition is poised to redefine global power dynamics.

By representing nearly half of the world’s population, BRICS countries can influence international trade, finance, and political policies.

The expansion of BRICS

The expansion of BRICS and its growing influence can have several consequences for
non-member countries:

Economic Shifts
Non-member countries might find themselves at a competitive disadvantage as BRICS nations strengthen their economic ties and create alternative financial systems, such as the BRICS Pay card.

Trade Dynamics
 Traditional trade partners may need to adapt to new trade agreements and partnerships formed within the BRICS framework, potentially impacting their market access and trade terms.

Political Influence
The increased political clout of BRICS could lead to a shift in global governance structures, with non-member countries needing to navigate a more multipolar world order.

Investment Opportunities
Non-member countries might miss out on direct investment opportunities within the BRICS network, but they could also benefit indirectly from the economic growth and stability promoted by BRICS initiatives.

Overall, while there are challenges, there are also opportunities for non-member countries to engage with BRICS through strategic partnerships and cooperation.

 

“The Turkish delegation is participating in the BRICS Summit at the highest level, proof of our great interest in the organization.
I have no doubt that this cooperation will create even more opportunity to expand relations,” Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Russia Tanju Bilgic said.

 

Brics Summit 2024 Live : World Leaders Arrive

BRICS Summit 2024 LIVE: World Leaders Arrive in the Russian City of Kazan for BRICS Summit The 16th BRICS Summit 2024 kickstarts in Russia’s Kazan. Russia wants the BRICS summit to showcase the rising clout of the non-Western world, but Moscow’s partners from China, India, Brazil and the Arab world are urging President Vladimir Putin to find a way to end the war in Ukraine.

The BRICS group now accounts for 45% of the world’s population and 35% of its economy, based on purchasing power parity, though China accounts for over half of its economic might.

Putin, who is cast by the West as a war criminal, told reporters from BRICS nations that « BRICS does not put itself into opposition to anyone », and that the shift in the drivers of global growth was simply a fact.

« This is an association of states that work together based on common values, a common vision of development and, most importantly, the principle of taking into account each other’s interests, » he said.

Report by Firstposthttps://www.youtube.com/@Firstpost

 

Which Navigating conflicts and embargoes with BRICS members ?

Navigating conflicts and embargoes with BRICS members requires a nuanced approach.

Here are some strategies:

Diplomatic Engagement
 Maintain open lines of communication and engage in dialogue to address conflicts and find common ground.

Multilateral Forums
 Utilize international organizations like the United Nations to mediate and resolve
disputes.

Economic Cooperation
 Focus on areas of mutual interest, such as trade, investment, and development projects, to build trust and cooperation.

Cultural and Educational Exchanges
Promote people-to-people connections through cultural and educational programs to foster understanding and goodwill.

Humanitarian Aid
Provide humanitarian assistance in times of crisis to demonstrate goodwill and build positive relations.

By employing these strategies, countries can work towards peaceful resolutions and strengthen their relationships with BRICS members.