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BRICS: Advancing Global South's Quest for Equitable Financial Structures
BRICS: Advancing Global South's Quest for Equitable Financial Structures
Sputnik India
Developed countries have played a major role in shaping and controlling the global financial landscape, underlining how major economies have leveraged their... 30.10.2024, Sputnik India
2024-10-30T20:13+0530
2024-10-30T20:13+0530
2024-10-30T20:16+0530
political affairs
government of india
ministry of external affairs (mea)
bharatiya janata party (bjp)
brics summit 2024
kazan brics summit
brics currency
brics expansion
vladimir putin
russia
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BRICS represents a significant group of developing economies that have made rapid progress and are now vital engines of global economic growth, according to Indian MP Baijayant Panda, national vice-president of the governing Bharatiya Janata Party (BJP), who spoke to Sputnik India.Despite some initial skepticism regarding the group's geographical diversity, the commonalities in their economic paths and shared challenges actually create a strong and influential coalition, Panda highlighted.He noted that "developed countries have held significant influence and control over the modern global financial system," stressing how major economies have leveraged their power for advantage."This was but natural because of the position they had built up for themselves while earlier large economies such as India had dwindled under colonial rule," Panda added.But as many developing nations' economies have grown substantially, it is only natural for them to begin taking on more significant roles in the global financial system, the Indian politician asserted.Regardless of any past abuses of power, as more states — particularly BRICS members — emerge as influential players in global trade and finance, greater equity and balance among all nations will naturally follow.BRICS is committed to strengthening financial partnerships, enhancing inter-bank communication, and establishing independent settlement mechanisms in national currencies, Russian President Vladimir Putin stated at a press conference after the BRICS Summit in Kazan.He pointed to the summit's debates on promoting investments to boost growth in BRICS and the Global South, stressing the New Development Bank's role under its Brazilian President Dilma Rousseff.Putin proposed extending Brazil's leadership of the bank, acknowledging its upcoming chairmanship of the G20 group and its future presidency of BRICS, while underlining potential cooperation in industry, energy, logistics, technology and cultural and scientific exchanges.He clarified that while BRICS members are not creating an alternative to SWIFT, they are focused on using national currencies and existing payment systems, including one developed by the Bank of Russia.Putin also noted that other BRICS nations have their own systems and that they will continue to build on this framework without the need for a separate joint system at this time.The world's leading economies have abused their position by printing money and fuelling inflation around the world, the president said.
https://sputniknews.in/20241023/creating-brics-grain-exchange-to-safeguard-national-markets-putin-8314055.html
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government of india, ministry of external affairs (mea), bharatiya janata party (bjp), brics summit 2024, kazan brics summit , brics currency, brics expansion, vladimir putin, russia, joint indo-russian venture
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BRICS: Advancing Global South's Quest for Equitable Financial Structures
20:13 30.10.2024 (Updated: 20:16 30.10.2024) Developed countries have played a major role in shaping and controlling the global financial landscape, underlining how major economies have leveraged their power for advantage, an Indian politician argues.
BRICS represents a significant group of developing economies that have made rapid progress and are now vital engines of global economic growth, according to Indian MP Baijayant Panda, national vice-president of the governing Bharatiya Janata Party (BJP), who spoke to Sputnik India.
Despite some initial skepticism regarding the group's geographical diversity, the commonalities in their economic paths and shared challenges actually create a strong and influential coalition, Panda highlighted.
"Without a doubt closer coordination on many fronts, including financial cooperation and partnerships, are an extremely important development and are going to positively impact trade both intergroup as well as globally," Panda said.
He noted that "developed countries have held significant influence and control over the modern
global financial system," stressing how major economies have leveraged their power for advantage.
"This was but natural because of the position they had built up for themselves while earlier large economies such as India had dwindled under colonial rule," Panda added.
But as many developing nations' economies have
grown substantially, it is only natural for them to begin taking on more significant roles in the global financial system, the Indian politician asserted.
Regardless of any past abuses of power, as more states — particularly BRICS members — emerge as influential players in global trade and finance, greater equity and balance among all nations will naturally follow.
"It is indeed important for BRICS to be efficient, fair, objective and effective in building robust trade and financial cooperation," Panda said, noting that India advocates for equitable treatment of all stakeholders in a transparent manner. "Only such an approach will be widely appreciated and supported by a majority of nations, rather than any narrow geopolitical considerations."
BRICS is committed to strengthening financial partnerships, enhancing inter-bank communication, and establishing
independent settlement mechanisms in national currencies, Russian President Vladimir Putin stated at a press conference after the BRICS Summit in Kazan.
He pointed to the summit's debates on promoting investments to boost growth in BRICS and the Global South, stressing the New Development Bank's role under its Brazilian President Dilma Rousseff.
Putin proposed extending Brazil's leadership of the bank, acknowledging its upcoming chairmanship of the G20 group and its future presidency of BRICS, while underlining potential cooperation in industry, energy, logistics, technology and cultural and scientific exchanges.
BRICS is open to collaboration with countries that share its values and heeds the global demand for cooperation, the Russian President said, noting discussions on expanding BRICS through a new category of "partner states."
He clarified that while BRICS members are not creating an alternative to SWIFT, they are focused on using
national currencies and existing payment systems, including one developed by the Bank of Russia.
Putin also noted that other BRICS nations have their own systems and that they will continue to build on this framework without the need for a separate joint system at this time.
The world's leading economies have abused their position by printing money and fuelling inflation around the world, the president said.
