TASS reports Mr Lavrov’s comments on BRICS. The list of countries wanting to join, is growing.
- The BRICS economies (Brazil, Russia, India, China and South Africa) embody a synergy of cultures and are a model of genuine multilateral diplomacy
- Principles are: Equality, Mutual respect and Justice
- The structure is fitting, for the challenges of today: This international structure is a model of true multilateral diplomacy in compliance with the 21st century realities
- The world is thirsty and hungry for a new dispensation: Early this month, the Algerian officials filed a formal application to join the BRICS club. According to the calculations of TASS made on the basis of IMF data for 2022, BRICS countries would account for two-thirds of the world economy, if new members, namely Saudi Arabia, Turkey, Egypt and Algeria, joined the association. Previously, Iran and Argentina also applied to enter the BRICS club. Egypt, Turkey and the UAE also voiced their intention to join the association.
BRICS is taking over as a leadership model.
The Sirius report wrote 3 articles on BRICS. Again, this is must-read work and please read in full.
In 2006, foreign ministers of the initial four BRIC General states (Brazil, Russia, India and China) met on the sidelines of the General Debate of the UN Assembly, marking the beginning of a new alliance between the BRIC nations. The first official BRIC summit was held in 2009. Its focus was on improving the global economic situation and reforming financial institutions and better cooperation between the four nations in the future.
In the aftermath of the 2009 summit, the nations announced the need for a new global reserve currency. The replacement of the US dollar as such was not directly mentioned, but the inference was most definitely there.
In addition, there was a desire to safeguard global peace and security, to stay true to multilateralism, to the UN Charter, abide by international law and basic norms governing international relations and to settle disputes through dialogue and differences through consultation. Furthermore, to give the BRICS alliance a voice on the international stage and to jointly work for a new type of international relations.
BRICS was also focused on building a network of closer partnerships. The fledgling BRICS+ format at that time was adopted at the Xiamen Summit to strengthen the unity and coordination among BRICS members and to broaden the BRICS “circle of friends” in a joint pursuit of shared development and prosperity for all emerging markets and developing countries. BRICS+ was aimed at boosting cooperation and development of emerging markets as well as developing countries.
BRICS recognised the need for significant changes during the 2010s and the further development of the multipolar world via cooperation in trade, investment, finance and cooperation. During this decade, the BRICS nations have sought to establish and enhance global economic governance, to counter protectionism which is mutually destructive to all nations concerned. The BRICS alliance seeks to establish an open and inclusive world, to advance trade and true liberalisation. In so doing, it aims to rebalance economic globalisation to make it fit for purpose in the 21st century, reflecting the reality of the post-colonial world in which emerging economies continue to develop rapidly.
The BRICS nations alone account for 40% of the global population, 25% of global GDP, 30% of the global land mass and around 20% of global trade. In the context of the BRICS nations and by extension nations seeking to join the BRICS+ initiative, collectively they possess enormous levels of natural resources, including all fossil fuels, precious metals, rare earths, minerals, hard and soft commodities to include agriculture. When we assess the future expansion of BRICS+ it is likely to control well over half of oil and gas reserves and have a GDP well in excess of the US, whose GDP is massively overstated anyway.
The plan was always to integrate the original BRICS and BRICS+ format with other multilateral institutions, namely China’s BRI (Belt and Road Initiative), EAEU (Eurasian Economic Union), CSTO (Collective Security Treaty Organisation), SCO (Shanghai Cooperation Organisation), ASEAN (Association of Southeast Asian Nations), RCEP (Regional Comprehensive Economic Partnership, ADC, COMESA and EAC trade blocs making up the AFTZ (Africa Free Trade Zone).
Suddenly the integration of the BRICS New Development Bank (NDB) and Asia Infrastructure Investment Bank (AIIB) with China’s CIPS and Russia’s MIR along with a myriad of other financial institutions in the Global South begins to take on the dimensions of something which will dwarf the existing Western-led international order.
Here is my prediction: Brics will in time take over the current legal functions of the UN.