... global financial architecture. Besides, BRICS is destined to accelerate the ongoing process of de-dollarization of the global economy by promoting trade between its members in local currencies and experimenting with an innovative digital payment platform ... ... that BRICS can play is going to increase over time—the group can become one of the most efficient mechanisms that the rising Global South has withing its reach to make its voice listened to in the future discussions on the new world order.
BRICS is capable ...
... acquaintances, exchange views on matters of common interest and have fun interacting with fellow club members.
Alexander Korolev:
To BRICS or Not to BRICS: the Group’s Future After Expansion
This is probably one of the main reasons why many nations of the Global South want to join BRICS. An important feature of BRICS is that the entrance ticket is free, and there are no membership fees. You don't have to meet numerous accession criteria or high institutional standards; you are not expected to make heavy ...
... earlier.
The pressure of Western sanctions was steadily increasing not only on Russia itself, but also on its key partners in the Global South through various instruments of ‘secondary sanctions’; however, this pressure did not prevent a continuous rise ... ... Putin, in the first half of 2024, the national economic growth amounted to almost unbelievable 4.6%. There are concerns that the economy might be overheated and over the second half of year it should perform a kind of ‘soft landing’ assisted by high Central ...
... electricity/food price surges, labor shortages, disruption in global supply chains, etc. This may be the price that the world economy pays for the “overshooting of globalization” in the preceding decades and the political expediency of developing nations ... ... countries in the resource space is likely to lead to a further expansion in the reserves held by the sovereign funds of the Global South economies. The rise of these sovereign funds, to a significant degree, reflected the growing role of such developing ...
... will be reinforced—this concerns the “technological gap” between developed and developing economies.
Rather than perpetuating these inequalities and imbalances, developed economies need to advance inclusive formats across all levels of the world economy. This can be done within the framework of G20 by inviting the African Union and other regional groups from the Global South as members or as partners of dialogue; this can also be done by creating task forces and engagement groups that are focused on facilitating technology transfers to developing economies. Another possible venue is the World Trade Organization ...
... ambitious steps directed at strengthening South-South economic cooperation.
At the same time, rising protectionism across the global economy, looming risks of stagflation and the division lines emerging along the Global North-South axis raise the expediency of ... ... economies. An ambitious goal in advancing such South-South cooperation may be the creation of a free trade area (FTA) for the Global South economies with particular care accorded to the needs of the vulnerable developing nations, including the world’s ...
... divergence in growth performance across the global economy was notably affected by the Covid pandemic, as China weathered the crisis notably better thus far compared to most of the developed economies
A common platform for economic cooperation across the Global South opens the possibility for the world economy to lower global imbalances via creating a “no core – no periphery” mode of cooperation, writes Valdai Club Programme Director Yaroslav Lissovolik.
The divergence in growth performance across the global economy was notably affected by the ...
... assessing the business and investment climate,” the World Bank
informed
.
The Bretton Woods Institutions’ Original Sin and BRICS
While colonialism seems to be the thing of the past, the sad reality is that inequality between the Global North and the Global South persists. This is happening due to power imbalances inscribed in the world economy and maintained by the developed countries, which claim to have the right and responsibility to set the rules of international trade and finance for the rest of the world.
To serve “their own economic interests, quite often at the expense of ...
