BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.

The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda.

The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brics-backed-new-development-bank-invites-saudi-arabia-to-join-the-club-598674">BRICS-backed New Development Bank invites Saudi Arabia to join the club</a>

As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said.

<h2>Greenback backlash: What else is happening?</h2>

All over the world, a backlash is brewing against the hegemony of the US dollar.&nbsp;

Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar.&nbsp;

India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade.&nbsp;

Among its allies, France is starting to complete transactions in yuan.&nbsp;

Also watch |&nbsp;Gravitas: India asks BRICS to fight for terror

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In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past.&nbsp;

For many countries, their reasons for taking these measures are not much different from one another.&nbsp;

The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them.&nbsp;

"Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg.&nbsp;

"More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added.&nbsp;

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BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.

BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries. The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda. The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting. Also read | BRICS-backed New Development Bank invites Saudi Arabia to join the club As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said. Greenback backlash: What else is happening? All over the world, a backlash is brewing against the hegemony of the US dollar. Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar. India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade. Among its allies, France is starting to complete transactions in yuan. Also watch | Gravitas: India asks BRICS to fight for terror × In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past. For many countries, their reasons for taking these measures are not much different from one another. The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them. "Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg. "More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Greenback backlash: BRICS 'common currency' targets economic weaponisation of US dollar

The arrest warrant against Russian President Vladimir Putin overshadowed the BRICS foreign ministers meeting in South Africa. Why the ICC issued an arrest warrant for Putin? What did the BRICS foreign ministers say during the meeting in Capetown? The power of an ICC arrest warrant versus the weight of diplomatic immunity and similar scenarios from the past & how they played out. BRICS leaders have said they are open to admitting new members, an expansion is likely on the agenda of the ongoing meeting. Iran's foreign minister and his Saudi counterpart were also in cape town to participate in the BRICS forum.

BRICS Summit 2023: South Africa FM says mulling over if Putin attend August meet

BRICS Foreign Ministers' meeting was held in Cape Town. This was a run-off to the BRICS summit, which is to be hosted by South Africa this year. At this meeting, India's EAM Dr S. Jaishankar strongly called out on terrorism. With that, he took a dig at Pakistan and China. What exactly happened? Molly Gambhir reports.

Gravitas: India asks BRICS to fight for terror

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe - Air raid alerts lifted across Ukraine, Zelensky expresses frustration over civilian deaths, BRICS Foreign Ministers meeting in South Africa, US-Taiwan trade deal, Debt ceiling bill cleared.

Air raid alerts lifted across Ukraine | US debt ceiling bill cleared | WION Speed News

India’s Foreign Minister S Jaishankar called on the BRICS members to make sincere efforts to push reforms of international institutions such as the United Nations Security Council (UNSC).

Speaking at the BRICS foreign ministers meeting in Cape Town, South Africa, the minister reiterated India’s long-standing demand of reforming the UNSC to make it more representative.

"For two decades, we have heard calls for reform of multilateral institutions, only to be continuously disappointed. It is, therefore, imperative that BRICS members demonstrate sincerity in regard to reforming global decision-making, including that of the UN Security Council," he said in his opening remarks at the BRICS foreign ministers’ meeting on Thursday (June 1).

The BRICS grouping consists of five of the largest developing countries in the world: Brazil, Russia, India, China, and South Africa.

Without mentioning China, which is a permanent member of the UNSC, Jaishankar reasoned that at the heart of the problems the countries faced was the economic concentration that left too many nations at the mercy of too few.

"This may be in regard to production, resources, services or connectivity. Recent experiences impacting health, energy and food security only highlight this fragility,” he said.

Apart from China, the other permanent members - or P5- of the UNSC are Russia, the United Kingdom, France and the United States and these countries can veto any substantive resolution.

The Indian minister called on the BRICS to send out a strong message that the world is multipolar, rebalancing and “that old ways cannot address new situations”.

“Contemporary challenges underline the deep shortcomings of the current international architecture, which does not reflect today’s politics, economics, demographics or indeed aspirations,” he added.

He said India, the current chair of the G20, undertook the&nbsp;voice of the Global South&nbsp;exercise to place these issues before the grouping.

"We urge that BRICS gives it particular consideration and promotes the economic decentralisation that is so essential to political democratisation," he said.

<h2>What has been the response of P5?</h2>

Apart from China, all the other major P5 countries have endorsed India’s position on UNSC reforms.

China, too, batted for constructive reforms, saying there should be representation for developing countries, especially the small and medium countries, but remained mum on India's inclusion at the high table of the permanent members.

The UNSC has been criticised for being a closed grouping, often out of touch with the ground reality and using the platform to serve selfish interests.

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India’s Foreign Minister S Jaishankar called on the BRICS members to make sincere efforts to push reforms of international institutions such as the United Nations Security Council (UNSC).

India’s Foreign Minister S Jaishankar called on the BRICS members to make sincere efforts to push reforms of international institutions such as the United Nations Security Council (UNSC). Speaking at the BRICS foreign ministers meeting in Cape Town, South Africa, the minister reiterated India’s long-standing demand of reforming the UNSC to make it more representative. "For two decades, we have heard calls for reform of multilateral institutions, only to be continuously disappointed. It is, therefore, imperative that BRICS members demonstrate sincerity in regard to reforming global decision-making, including that of the UN Security Council," he said in his opening remarks at the BRICS foreign ministers’ meeting on Thursday (June 1). The BRICS grouping consists of five of the largest developing countries in the world: Brazil, Russia, India, China, and South Africa. Without mentioning China, which is a permanent member of the UNSC, Jaishankar reasoned that at the heart of the problems the countries faced was the economic concentration that left too many nations at the mercy of too few. "This may be in regard to production, resources, services or connectivity. Recent experiences impacting health, energy and food security only highlight this fragility,” he said. Apart from China, the other permanent members - or P5- of the UNSC are Russia, the United Kingdom, France and the United States and these countries can veto any substantive resolution. The Indian minister called on the BRICS to send out a strong message that the world is multipolar, rebalancing and “that old ways cannot address new situations”. “Contemporary challenges underline the deep shortcomings of the current international architecture, which does not reflect today’s politics, economics, demographics or indeed aspirations,” he added. He said India, the current chair of the G20, undertook the voice of the Global South exercise to place these issues before the grouping. "We urge that BRICS gives it particular consideration and promotes the economic decentralisation that is so essential to political democratisation," he said. What has been the response of P5? Apart from China, all the other major P5 countries have endorsed India’s position on UNSC reforms. China, too, batted for constructive reforms, saying there should be representation for developing countries, especially the small and medium countries, but remained mum on India's inclusion at the high table of the permanent members. The UNSC has been criticised for being a closed grouping, often out of touch with the ground reality and using the platform to serve selfish interests. WATCH WION LIVE HERE

India’s Jaishankar calls on BRICS to push for UNSC reforms

Indian External Affairs Minister (EAM) Dr S Jaishankar addressed the Friends of BRICS Foreign Ministers' Meeting in Cape Town on Friday&nbsp;where he said that BRICS is no longer an alternative, but rather an established feature of the global landscape.

The EAM took to Twitter later and posted, "BRICS is no longer an ‘alternative’, it is an established feature of the global landscape."

"The message of reform that BRICS embodies must permeate the world of multilateralism. The Friends of BRICS strongly support UNSC reform," he wrote.

He added that BRICS is not only an expression of multipolarity but of the many and diverse ways of meeting international challenges.&nbsp;

:BRICS' focus is on building a fairer, inclusive and open international architecture with sustainable development at its core. Creating resilient and reliable supply chains are central to ensuring that no one is left behind," he tweeted.

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Addressed the Friends of BRICS Foreign Ministers’ meeting today in Cape Town. 
 
Welcomed the opportunity as a demonstration of a larger convergence on contemporary issues. 
 
BRICS is no longer an ‘alternative’, it is an established feature of the global landscape. 
 
The message of… <a href="https://t.co/g6TKGZ8VbA">pic.twitter.com/g6TKGZ8VbA</a>
— Dr. S. Jaishankar (@DrSJaishankar) <a href="https://twitter.com/DrSJaishankar/status/1664618745539469312?ref_src=twsrc%5Etfw">June 2, 2023</a></blockquote>
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&nbsp;

He further thanked the BRICS members for an open exchange of perspectives.

"Thank all BRICS members and Friends for an open and constructive exchange of perspectives," he said.

<h2>Lavrov discusses international, regional problems with Jaishankar</h2>

On Thursday, during the BRICS Foreign Ministers' meeting in Cape Town, South Africa, Russian Foreign Minister Sergei Lavrov in a meeting with Indian counterpart S Jaishankar, discussed the topical issues of the bilateral agenda and also had a discussion about the international as well as regional problems.

The two foreign ministers also appreciated the verve of collaboration in the most important sectors of special and privileged strategic partnerships between India and Russia.

"On June 1, during his visit to South Africa to take part in the BRICS Foreign Ministers' meeting Russian Foreign Minister Sergey Lavrov met with his Indian counterpart Dr S. Jaishankar. Topical issues of the bilateral agenda, as well as international and regional problems, were discussed," the Russian Foreign Ministry said in a statement.

During the meeting, emphasis was laid on developing discussion in the SCO, BRICS, and G20.&nbsp;

"The Ministers commended the dynamics of cooperation in the most important areas of the special and privileged strategic partnership between two countries. Particular attention was paid to expanding the dialogue in the SCO, BRICS and the G20," the statement from the Russian Foreign Ministry further added.&nbsp;

(With inputs from agencies)

&nbsp;

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Indian External Affairs Minister (EAM) Dr S Jaishankar addressed the Friends of BRICS Foreign Ministers' Meeting in Cape Town on Friday where he said that BRICS is no longer an alternative, but rather an established feature of the global landscape.

Indian External Affairs Minister (EAM) Dr S Jaishankar addressed the Friends of BRICS Foreign Ministers' Meeting in Cape Town on Friday where he said that BRICS is no longer an alternative, but rather an established feature of the global landscape. The EAM took to Twitter later and posted, "BRICS is no longer an ‘alternative’, it is an established feature of the global landscape." "The message of reform that BRICS embodies must permeate the world of multilateralism. The Friends of BRICS strongly support UNSC reform," he wrote. He added that BRICS is not only an expression of multipolarity but of the many and diverse ways of meeting international challenges. :BRICS' focus is on building a fairer, inclusive and open international architecture with sustainable development at its core. Creating resilient and reliable supply chains are central to ensuring that no one is left behind," he tweeted. Addressed the Friends of BRICS Foreign Ministers’ meeting today in Cape Town. Welcomed the opportunity as a demonstration of a larger convergence on contemporary issues. BRICS is no longer an ‘alternative’, it is an established feature of the global landscape. The message of… pic.twitter.com/g6TKGZ8VbA — Dr. S. Jaishankar (@DrSJaishankar) June 2, 2023 × He further thanked the BRICS members for an open exchange of perspectives. "Thank all BRICS members and Friends for an open and constructive exchange of perspectives," he said. Lavrov discusses international, regional problems with Jaishankar On Thursday, during the BRICS Foreign Ministers' meeting in Cape Town, South Africa, Russian Foreign Minister Sergei Lavrov in a meeting with Indian counterpart S Jaishankar, discussed the topical issues of the bilateral agenda and also had a discussion about the international as well as regional problems. The two foreign ministers also appreciated the verve of collaboration in the most important sectors of special and privileged strategic partnerships between India and Russia. "On June 1, during his visit to South Africa to take part in the BRICS Foreign Ministers' meeting Russian Foreign Minister Sergey Lavrov met with his Indian counterpart Dr S. Jaishankar. Topical issues of the bilateral agenda, as well as international and regional problems, were discussed," the Russian Foreign Ministry said in a statement. During the meeting, emphasis was laid on developing discussion in the SCO, BRICS, and G20. "The Ministers commended the dynamics of cooperation in the most important areas of the special and privileged strategic partnership between two countries. Particular attention was paid to expanding the dialogue in the SCO, BRICS and the G20," the statement from the Russian Foreign Ministry further added. (With inputs from agencies) WATCH WION LIVE HERE

India’s EAM Jaishankar calls BRICS summit 'established feature of global landscape'

The arrest warrant against Russian president Vladimir Putin overshadowed the BRICS foreign ministers meeting in South Africa. Why the ICC issued an arrest warrant for Putin? What did the BRICS foreign ministers say during the meeting in Capetown? The power of an ICC arrest warrant versus the weight of diplomatic immunity and similar scenarios from the past & how they played out. BRICS leaders have said they are open to admitting new members, an expansion is likely on the agenda of the ongoing meeting. Iran's foreign minister and his Saudi counterpart were also present in cape town to participate in the BRICS forum.

The arrest warrant against Russian president Vladimir Putin overshadowed the BRICS foreign ministers meeting in South Africa. Today, on World DNA, we break down this story for you. Why the ICC issued an arrest warrant for Putin? What the BRICS foreign ministers said during the meeting in Capetown?

Arrest warrant against Putin overshadows BRICS FMs meeting in South Africa | All you need to know

Will Putin attend BRICS summit in August? Putin's arrest overshadows FMs meet

The arrest warrant against Russian president Vladimir Putin overshadowed the BRICS foreign ministers meeting in South Africa. Today, on World DNA, we break down this story for you. Why the ICC issued an arrest warrant for Putin? What the BRICS foreign ministers said during the meeting in Capetown? The power of an ICC arrest warrant versus the weight of diplomatic immunity and similar scenarios from the past & how they played out. BRICS leaders have said they are open to admitting new members, an expansion is likely on the agenda of the ongoing meeting. Iran's foreign minister and his Saudi counterpart were also present in cape town to participate in the BRICS forum.

Putin involved in forcibly deporting Ukrainian children: ICC

The South African government is currently facing a diplomatic dilemma. The ruling government is trying to evade the arrest warrant issued for Putin. However, the opposition parties of South Africa are reluctant to provide any respite soon. A leading opposition party in South Africa has approached a court to force Putin's arrest.

Will South Africa be forced to arrest Putin after facing a legal bid?

A leading opposition party in South Africa said on Tuesday (May 30) that it has&nbsp;approached&nbsp;a court to force the national government to&nbsp;arrest Russian President Vladimir Putin if he attends the upcoming BRICS Summit in the country. Putin has an arrest warrant against him issued by the International Criminal Court (ICC). South African government is currently facing a diplomatic dilemma. The BRICS meeting is scheduled for August.

The Democratic Alliance (DA) party said it has&nbsp;lodged a court application for Putin's arrest "should President Putin set foot in South Africa" and further demanded that Putin then be handed over to the ICC.

"This pre-emptory court action aims to ensure that South Africa upholds its obligations," DA shadow minister of justice Glynnis Breytenbach said in a statement.&nbsp;

Watch | How Russia &amp; United States turned Europe into a nuclear playground

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South Africa is a member of the ICC and has close diplomatic relations with Moscow. But the government is yet to declare its unequivocal official position about how it will deal with the Putin situation. However, it has granted diplomatic immunity to all officials attending the summit.

Breytenbach said the DA was seeking a "declaratory order" to avoid a repeat of 2015 when Pretoria failed to arrest then-Sudanese President Omar Hassan al-Bashir, who was similarly wanted by the ICC.

<h2>No comment from Russia right now</h2>

Kremlin spokesman Dmitri Peskov declined to comment on Tuesday on whether Putin plans to travel to South Africa for the summit.

"Russia will be duly represented," Peskov said, adding that&nbsp;Moscow expected its BRICS partners "not be guided" by "illegitimate decisions" such as the ICC arrest warrant.&nbsp;

Some view the move as a preparatory step to provide legal cover for Putin's visit — something Pretoria has denied.&nbsp;

"These immunities do not override any warrant that may have been issued by any international tribunal against any attendee of the conference," South Africa's foreign affairs department said in a statement.

Their issuing was "standard" procedure for the hosting of international conferences, it said.

Russia attacked Ukraine in February last year. South Africa, however, has chosen to not condemn the Russian invasion. Since its attack on Ukraine, Russia has found itself increasingly isolated on the international stage. South Africa has maintained that it prefers to stay neutral and has supported dialogue to end the war.

Also Read | <a href="https://www.wionews.com/world/vladimir-putin-vows-response-to-alleged-ukraine-drone-attacks-on-moscow-598477">Vladimir Putin vows ‘response’ to alleged Ukrainian drone attacks on Moscow</a>

South African President Cyril Ramaphosa said earlier this month that his country has been under "extraordinary pressure" to pick sides in the Ukraine conflict. South Africa has been on the receiving end of accusations that it has a tilt towards Kremlin.

Putin is wanted by the ICC over accusations that Russia unlawfully deported Ukrainian children.

(With inputs from agencies)

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&nbsp;

A leading opposition party in South Africa said on Tuesday (May 30) that it has approached a court to force the national government to arrest Russian President Vladimir Putin if he attends the upcoming BRICS Summit in the country.

A leading opposition party in South Africa said on Tuesday (May 30) that it has approached a court to force the national government to arrest Russian President Vladimir Putin if he attends the upcoming BRICS Summit in the country. Putin has an arrest warrant against him issued by the International Criminal Court (ICC). South African government is currently facing a diplomatic dilemma. The BRICS meeting is scheduled for August. The Democratic Alliance (DA) party said it has lodged a court application for Putin's arrest "should President Putin set foot in South Africa" and further demanded that Putin then be handed over to the ICC. "This pre-emptory court action aims to ensure that South Africa upholds its obligations," DA shadow minister of justice Glynnis Breytenbach said in a statement. Watch | How Russia & United States turned Europe into a nuclear playground × South Africa is a member of the ICC and has close diplomatic relations with Moscow. But the government is yet to declare its unequivocal official position about how it will deal with the Putin situation. However, it has granted diplomatic immunity to all officials attending the summit. Breytenbach said the DA was seeking a "declaratory order" to avoid a repeat of 2015 when Pretoria failed to arrest then-Sudanese President Omar Hassan al-Bashir, who was similarly wanted by the ICC. No comment from Russia right now Kremlin spokesman Dmitri Peskov declined to comment on Tuesday on whether Putin plans to travel to South Africa for the summit. "Russia will be duly represented," Peskov said, adding that Moscow expected its BRICS partners "not be guided" by "illegitimate decisions" such as the ICC arrest warrant. Some view the move as a preparatory step to provide legal cover for Putin's visit — something Pretoria has denied. "These immunities do not override any warrant that may have been issued by any international tribunal against any attendee of the conference," South Africa's foreign affairs department said in a statement. Their issuing was "standard" procedure for the hosting of international conferences, it said. Russia attacked Ukraine in February last year. South Africa, however, has chosen to not condemn the Russian invasion. Since its attack on Ukraine, Russia has found itself increasingly isolated on the international stage. South Africa has maintained that it prefers to stay neutral and has supported dialogue to end the war. Also Read | Vladimir Putin vows ‘response’ to alleged Ukrainian drone attacks on Moscow South African President Cyril Ramaphosa said earlier this month that his country has been under "extraordinary pressure" to pick sides in the Ukraine conflict. South Africa has been on the receiving end of accusations that it has a tilt towards Kremlin. Putin is wanted by the ICC over accusations that Russia unlawfully deported Ukrainian children. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

South Africa opposition moves court demanding Putin’s arrest during BRICS Summit

Here, we bring you the news that is trending across WION's social media platforms- South African government has granted diplomatic immunity to all the participants, including Russian President Vladimir Putin, arriving in the country to take part in BRICS-related events.

South Africa to provide diplomatic immunity to Putin during BRICS event

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported.

The bank, consisting of Brazil, Russia, India, China, and South Africa, aims to diversify its members based on geography, development stages, and country size, Dilma Rousseff, the bank's president, said.&nbsp;

During the annual meeting held in Shanghai on Tuesday, Rousseff announced that Saudi Arabia is in discussions to join the bank, a move that would enhance the lender's financial strength.&nbsp;

The NDB was formed in 2014 as a counterbalance to the International Monetary Fund (IMF) and the World Bank.

Expanding NDB's Influence

As an institution open to any United Nations member country, the NDB has steadily expanded its membership. Bangladesh, the United Arab Emirates and Uruguay became members in 2021, Egypt joined the multilateral bank in&nbsp;February this year.&nbsp;

Drawing on her experience as the former president of Brazil, Rousseff emphasised that new members will contribute resources to the bank, enabling it to diversify its portfolio and enhance its ability to mobilize funds. She acknowledged the crucial role multilateral banks play in developing countries, recognising the challenges they face in obtaining finance to address social and economic issues on a large scale.

In an apparent bid to accelerate the de-dollarisation of the world economy, Rousseff announced that the bank would finance more projects in local currencies. In doing so, she argued that it would strengthen domestic markets and shield borrowers from currency fluctuations.

Several countries in the global south -- the developing and less developed countries --&nbsp;have currencies that are not fully convertible within the current financial framework, causing their economies&nbsp;to suffer from sudden exchange rate fluctuations.&nbsp;

"The world is going through a transformation process, and it's not about one currency against another one," Bloomberg quoted Rousseff as saying during a press briefing in Shanghai.

Leslie Maasdorp, Vice President and Chief Financial Officer of the NDB, confirmed that the bank is on track to achieve its goal of financing 30 percent of its projects in local currencies by 2026. Currently, the bank allocates approximately 22 percent of project funding in local currencies.&nbsp;

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported.

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported. The bank, consisting of Brazil, Russia, India, China, and South Africa, aims to diversify its members based on geography, development stages, and country size, Dilma Rousseff, the bank's president, said. During the annual meeting held in Shanghai on Tuesday, Rousseff announced that Saudi Arabia is in discussions to join the bank, a move that would enhance the lender's financial strength. The NDB was formed in 2014 as a counterbalance to the International Monetary Fund (IMF) and the World Bank. Expanding NDB's Influence As an institution open to any United Nations member country, the NDB has steadily expanded its membership. Bangladesh, the United Arab Emirates and Uruguay became members in 2021, Egypt joined the multilateral bank in February this year. Drawing on her experience as the former president of Brazil, Rousseff emphasised that new members will contribute resources to the bank, enabling it to diversify its portfolio and enhance its ability to mobilize funds. She acknowledged the crucial role multilateral banks play in developing countries, recognising the challenges they face in obtaining finance to address social and economic issues on a large scale. In an apparent bid to accelerate the de-dollarisation of the world economy, Rousseff announced that the bank would finance more projects in local currencies. In doing so, she argued that it would strengthen domestic markets and shield borrowers from currency fluctuations. Several countries in the global south -- the developing and less developed countries -- have currencies that are not fully convertible within the current financial framework, causing their economies to suffer from sudden exchange rate fluctuations. "The world is going through a transformation process, and it's not about one currency against another one," Bloomberg quoted Rousseff as saying during a press briefing in Shanghai. Leslie Maasdorp, Vice President and Chief Financial Officer of the NDB, confirmed that the bank is on track to achieve its goal of financing 30 percent of its projects in local currencies by 2026. Currently, the bank allocates approximately 22 percent of project funding in local currencies.

BRICS-backed New Development Bank invites Saudi Arabia to join the club

South Africa said it will be providing diplomatic immunity to all the participants, including Russian President Vladimir Putin, arriving in the country to take part in BRICS-related events.

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The Russian president, who is expected to attend the summit in August, is wanted by the International Criminal Court (ICC) for war crimes in relation to the Ukrainian invasion.&nbsp; The South African leadership had extended the invitation to Putin.

Being a member of the ICC, South Africa is obligated to arrest Putin if he attends the event.

However, the African country on Tuesday indicated that the 70-year-old would be protected by diplomatic immunity, which the government said is routine.

“This is a standard conferment of immunities that we do for all international conferences and summits held in South Africa irrespective of the level of participation,” the Department of International Relations and Cooperations said in the official notice said on Tuesday, reports Bloomberg.

The notice signed on May 19 and gazetted on May 22 states that Putin and his international counterparts will be granted immunities and privileges provided in terms of Section 6(1)(a) as per the Diplomatic Immunity and Privileges Act.&nbsp;

<h2>International Court warrant against Putin; South Africa due to host BRICS summit</h2>

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“The immunities are for the conference and not for specific individuals. They are meant to protect the conference and its attendees from the jurisdiction of the host country for the duration of the conference.”

From June 1-2, foreign ministers from the bloc, encompassing Brazil, Russia, India, China and South Africa, will gather in the capital Cape Town,&nbsp;a Government Gazette published on Monday stated.&nbsp;

Following this, another BRICS-related event is scheduled to take place between August 22 and August 24 during which the heads of state of these countries will meet.&nbsp;

<h2 dir="ltr">Russia says Putin will attend BRICS meet</h2>

Kremlin Spokesman Dmitry Peskov on Tuesday announced that Russia will participate in the BRICS summit at an “appropriate level”.&nbsp;

"Russia will take part in this summit at a proper level," he said, while responding to a question about whether Putin will participate in the summit in South Africa, the state-run Tass news agency reported.

Peskov, however, did not give further details.&nbsp;

"Russia attributes great importance to the development of this integration format," the Kremlin Spokesman said, referring to BRICS.

<h2 dir="ltr">South Africa’s stand</h2>

During an interview with BBC last month, South Africa's ruling party, ANC's Secretary General Fikile Mbalula, asserted that they will not arrest Putin if he ever visits South Africa, adding that he is a head of the state.

The interview aired nearly two months after the International Criminal Court issued an arrest warrant for Putin in March.

In the interview, Mbalula stood firm in his position and said that it would not yield to external pressure, including from Western nations.

Mbalula also called out what he perceived as hypocrisy from the West, especially citing Iraq and Afghanistan.&nbsp;

He pointed out the alleged war crimes committed by Western countries like Britain and the United States and wondered why their leaders had not faced such consequences.

(With inputs from agencies)

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South Africa said it will be providing diplomatic immunity to all the participants, including Russian President Vladimir Putin, arriving in the country to take part in BRICS-related events.

South Africa said it will be providing diplomatic immunity to all the participants, including Russian President Vladimir Putin, arriving in the country to take part in BRICS-related events. The Russian president, who is expected to attend the summit in August, is wanted by the International Criminal Court (ICC) for war crimes in relation to the Ukrainian invasion. The South African leadership had extended the invitation to Putin. Being a member of the ICC, South Africa is obligated to arrest Putin if he attends the event. However, the African country on Tuesday indicated that the 70-year-old would be protected by diplomatic immunity, which the government said is routine. “This is a standard conferment of immunities that we do for all international conferences and summits held in South Africa irrespective of the level of participation,” the Department of International Relations and Cooperations said in the official notice said on Tuesday, reports Bloomberg. The notice signed on May 19 and gazetted on May 22 states that Putin and his international counterparts will be granted immunities and privileges provided in terms of Section 6(1)(a) as per the Diplomatic Immunity and Privileges Act. International Court warrant against Putin; South Africa due to host BRICS summit “The immunities are for the conference and not for specific individuals. They are meant to protect the conference and its attendees from the jurisdiction of the host country for the duration of the conference.” From June 1-2, foreign ministers from the bloc, encompassing Brazil, Russia, India, China and South Africa, will gather in the capital Cape Town, a Government Gazette published on Monday stated. Following this, another BRICS-related event is scheduled to take place between August 22 and August 24 during which the heads of state of these countries will meet. Russia says Putin will attend BRICS meet Kremlin Spokesman Dmitry Peskov on Tuesday announced that Russia will participate in the BRICS summit at an “appropriate level”. "Russia will take part in this summit at a proper level," he said, while responding to a question about whether Putin will participate in the summit in South Africa, the state-run Tass news agency reported. Peskov, however, did not give further details. "Russia attributes great importance to the development of this integration format," the Kremlin Spokesman said, referring to BRICS. South Africa’s stand During an interview with BBC last month, South Africa's ruling party, ANC's Secretary General Fikile Mbalula, asserted that they will not arrest Putin if he ever visits South Africa, adding that he is a head of the state. The interview aired nearly two months after the International Criminal Court issued an arrest warrant for Putin in March. In the interview, Mbalula stood firm in his position and said that it would not yield to external pressure, including from Western nations. Mbalula also called out what he perceived as hypocrisy from the West, especially citing Iraq and Afghanistan. He pointed out the alleged war crimes committed by Western countries like Britain and the United States and wondered why their leaders had not faced such consequences. (With inputs from agencies) WATCH WION LIVE HERE

South Africa won’t arrest Vladimir Putin, to provide diplomatic immunity during BRICS event

South African government has granted diplomatic immunity to all the participants, including Russian President Vladimir Putin, arriving in the country to take part in BRICS-related events.

South Africa grants diplomatic immunity for attendees of BRICS event

The acronym of the group of emerging economies is soon going to change. As BRICS is about to welcome a new member. Saudi Arabia prepares to potentially join the BRICS. The impact on its economy and the global landscape could be monumental. A geopolitical move can transform Saudi Arabia's economy and reshape global power dynamics.

Will BRICS membership prove to be a game-changer for Saudi Arabia’s economy?

Several nations are knocking on the door of the BRICS. The BRICS group of nations are preparing to hold the proposed annual summit in South Africa. Meanwhile, nineteen countries have expressed an interest so far in joining the bloc. Thirteen countries have formally asked to join and another six have asked informally. The BRICS bloc consists of Brazil, Russia, India, China, and South Africa. The member nations will meet in Cape Town on June 2-3 to discuss its expansion.

Will BRICS invite more members as 19 nations, including Saudi Arabia & Iran, show interest?

Russia's President Vladimir Putin has accepted the invitation to attend an&nbsp;in-person BRICS summit in South Africa later this year in August, said BRICS South Africa Sherpa Anil Sooklal in an exclusive interview with WION.&nbsp;

The five nation bloc consisting of Brazil, Russia, India, China and South Africa (BRICS)&nbsp;has a combined Gross Domestic Product (GDP) slightly more than the United States. The five major economies constitute 41 per cent of world population, 24 per cent of the world GDP and 16 per cent of global trade flows.

Speaking to WION's diplomatic correspondent Sidhant Sibal, BRICS Sherpa Anil Sooklal&nbsp;said that Russia is "preparing to attend the summit. And South Africa is preparing to host an in-person summit in August this year."

The comments assume significance since International Criminal Court issued a warrant against President Putin which raised concern over his participation. On top of that,&nbsp;<a href="https://www.wionews.com/world/putins-icc-arrest-warrant-will-south-africa-arrest-russian-leader-575587">South Africa is one of 123 signatories to the Rome Statute</a> that established the International Criminal Court, further throwing the BRICS summit host of the year into a geopolitical dilemma.&nbsp;

The Sherpa also spoke about expansion of the grouping, explaining, 20 countries have formally or informally approached BRICS leaders to become full members of BRICS.&nbsp;

Asked about India, the Sherpa Anil said, "India has been a founding member of the BRICS and has played a critical role over the past 15 years."

WION <a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">reported</a> in recent weeks about how the BRICS nations are banding together to counter the dominance of dollar as a nearly hegemonic currency in global trade. "BRICS Sherpa called for "focusing on reforming the global multilateral architecture at geopolitical, geo-economic and geo-financial" levels.

"Well, we already have an agreement that we signed several years ago, the BRICS interbank agreement mechanism that lays the foundation to trade in local currency," Sooklal&nbsp;said.

ALSO WATCH |&nbsp;Brazilian President Lula da Silva wants a BRICS currency

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Sidhant Sibal: What is the key focus of the South African Presidency of the BRICS?

Anil Sooklal: You've rightfully pointed out that we are president of BRICS this year for the third time, having hosted in 2013 and 2018. Whenever South Africa has the opportunity to share BRICS, it's always also about the African continent. This was the case in 2013 and again in 2018. Because BRICS is first, in the first instance the partnership between the five of us, but it's also looking at the larger global South. So, for this year, South Africa has chosen the theme BRICS and Africa partnership for mutually accelerated growth as well as sustainable development and inclusive multilateral. Now if you break down the theme, it consists of four parts firstly, the partnership between BRICS and Africa, which will be a major focus of, of our summit. Secondly, it focuses on mutually accelerate growth, given the challenges of the post COVID environment that we find ourselves, in an environment where you have major power conflict that is impacting global growth, including BRICS Member States and of course, thirdly, we will also look at the sustainable development goals as you are aware as a result of COVID we have fallen back in terms of meeting the targets of the 2030 agenda and the SDGs.

So, we will have a discussion on how we can best assist each other in bringing back, bringing us back on track in terms of meeting our SDG goals. And of course, inclusive multilateralism is a standing agenda item of BRICS. BRICS has always focused on how we reform the current global multi-multilateral architecture that has severe fault lines. So focusing on reforming the global multilateral architecture,&nbsp;the geopolitical, geo economic and geo financial architecture will be a major focus for us. So these are some of our key priorities.

Now, of course, in terms of specific deliverables, as I've indicated, we want to use the summit to focus on Africa and specifically the African continental Free Trade Agreement, how BRICS, can partner with the African continent to advance this agreement for the mutual benefit of BRICS countries and the African continent. All of the BRICS countries are major partners in Africa's development, in Africa's economy, so we're having an interaction during the BRICS plus and outreach summit that we will have post the BRICS leaders' summit, with leaders from Africa and other global south partners will give us this opportunity to focus on Africa. And to focus on the larger economy. We are also going to be looking at some specific areas of cooperation especially around energy transition and establishing a BRICS Africa- just the energy transition platform. As you know, all of us have made commitments to transit to green energy, but we must ensure that it's a just transition that does not impact negatively on our economic growth does not impact negatively on employment opportunities, and does not impact negatively on poverty alleviation measures. So, energy also be a major focus for us.

We'll also look at skills and capacity building for the future. As you know, with new technologies, the future of work is very under discussion. So again, we will look at how we can cooperate in addressing the challenges that new technologies pose to capacity and skills development in the workplace, and how we can also harness the tremendous opportunities that New Technologies provides all of us on the workplace. So these are some of our key priorities. And as I indicated, addressing collectively the challenges of the multilateral architecture as it's currently exist, and what is it the BRICS can do as a collective to advance the discussions and debate on the global stage and not just advance to discussion, but practically, how can we ensure that we bring back the United Nations at the center of the multilateral order. This is something all of us subscribe to and to ensure that the current multilateral order reflects the current global reality which is quite different from when the United Nations was formed almost 50 years ago.

Sidhant Sibal: What about trading in national currencies, are there any plans?

Anil Sooklal: Well, we already have an agreement that we signed several years ago, the BRICS interbank agreement mechanism that lays the foundation to trade in local currency. So the framework already exists through that MOU that has been signed. What we need to do now is actualize this and given the current situation that we find ourselves in in terms of the global financial architecture, you will see that increasingly BRICS countries and other countries of the global south are starting to trade in their own currencies. India has agreement it is close to 20 plus countries. I was two weeks ago in Moscow and this feature very sharply in the discussions I had with the Russian BRICS Sherpa. And likewise, China is doing the same Brazil. President Lula was recently in China, and he spoke strongly about this. So I think you're going to see this this is also already a discussion within BRICS. The framework in-place and also, I should point out that the New Development Bank, will give 30% of its new lending will be in the local currency. So this process has in terms of lending within BRICS, it's also started in terms of trading between ourselves in local currency. And I think you're going to see this accelerating, and this discussion is very much part of the BRICS agenda this year.

Sidhant Sibal: If you can talk about the expansion of the grouping..

Anil Sooklal: Yes, as you will recall, last year at the Beijing summit under China's chair ship, paragraph 73 of the declaration specifically spoke to expansion wherein it stated that we need to start having discussions on BRICS expansion and the leaders tasked sherpas to start looking at the modalities, rules and guidelines governing expansion. So a working group has been created that is specifically working on this mandate. We have had several meetings, we started under China's chair ship last year with 2 meetings, &nbsp;and since South Africa assumed chairmanship, we had three such meetings. We have a further meeting next week at the level of Su Sherpa, specifically discussing expansion. And at the end of May we have a Sherpa meeting to also take forward the discussions and prepare report for our foreign ministers who will be meeting on the first and second of June, on where we are in this process. As you have observed, something like 13 countries have formally asked BRICS leaders to become full members of BRICS. In addition, about the five or six countries that we informally made queries wanting to become BRICS members. So something like 20 countries have formally or informally approached BRICS leaders to become full members of BRICS. So expansion is something that we have, in principle agreed to our leaders have agreed to the expansion of BRICS, but it's working on the modalities and timeframes of how this will pan out and that's what we are seeing.

Sidhant Sibal: Countries who have been invited for the BRICS outreach summit?

Anil Sooklal: Well, this is a process under consultation, but we are looking at using a formula that we have discussed with the African Union, which we use in 2013 and 2018. That worked well. Because BRICS is an inclusive process. So, we must ensure that we are inclusive in the manner in which we invite global leaders from the Global South, including Africa. So what we have done in the past is to invite the political heads of the regional economic communities of Africa, which we have eight that is recognized by the African Union and in addition, we will invite the chair of the African Union, chair of the African Union Commission. Likewise, in terms of invitees from the Global South, in 2018. We also found a formula that was acceptable to all BRICS partners, and I think to the global south as well. We will invite the political heads of all the global south bodies like the Nam, the G 77, the SCO ASEAN, CARICOM, and the Pacific Island forum. So that's the envisaged list of countries we intend to invite together with the African leaders for the architects. Of course, there's a lot of interest in it and a number of countries have approached us wanting to be invited to the summit. So, we'll have to look at how we are involved in a process that is inclusive.

Sidhant Sibal: How much will be the conflict in Africa, like the Sudan crisis will be discussed?

Anil Sooklal: Well, look, global hotspots has always been an integral part of the Brexit agenda, both at the level of foreign ministers as well as at the summit, not just on conflict in Africa, but conflict throughout the world be it the Western Asia region, in Northeast Asia, in Africa, in Latin America And in Europe. So we will look at some global hotspots and how is it that we can cooperate as BRICS countries to ensure that we instil a movement towards peace through diplomatic dialogue and trying to avert future conflicts and addressing current conflicts in a peaceful and inclusive manner through the respective united with the involvement of the United Nations with the involvement of the regional bodies in the case of Africa, the African Union and the regional economic communities and likewise, in the case of Southeast Asia, for example, the situation in Myanmar with the ASEAN in that instance. So I think addressing peace on the global stage in a comprehensive and inclusive manner, wherever it is.

Sidhant Sibal: What does India brings to the table?

Anil Sooklal: Well, India has been a founding member of the BRICS and has played a critical role over the past 15 years that we are meeting at the level of Summit. I've been privileged to partake whenever India has chaired as way back as 2012 at the Delhi summit and subsequently the Goa Summit, and India has brought tremendous value to the BRICS on all three areas of cooperation as you know, we are arranged in such a manner that we have three pillars of cooperation, the political and security, economic and finance and of course, the social and people to people interaction. And in all of these areas, India has been a critical contributor like the other BRICS members, it was in New Delhi that we in 2012 started the process of looking at establishing a BRICS Bank, which ultimately turned out to be the New Development Bank and that was the initiative of India to look at how we as countries of the global south should develop our own multilateral development bank. And so, India has been critical in several important developments over the years in advancing BRICS cooperation, including the standalone statement that we had on addressing terrorism, including the issues of global peace and security. As well as the tremendous economic opportunities that we have through the BRICS Business Council, where the Indian chapter plays a very important role through the woman's Business Alliance, and of course through the think tank Council where Indian academia and think tanks have been an important dimension for cooperation.

Sidhant Sibal: Has BRICS outgrown G7?

Anil Sooklal: Well, let me say that when BRICS came together as a formation, we did so with a common agenda to advance the agenda of the global south as a collective and addressing the fault lines that exist in the global, geopolitical, geo economic financial architecture. That is what BRICS is about , BRICS is an inclusive process. We will never form as a bloc in opposition to any other block nor will be seen as a counterweight to any other block. It is about ourselves and how do we ensure that the global south is not marginalized as we have been constantly marginalized in terms of what is happening on the global front in reshaping a more inclusive and equitable architecture. So, of course, the G7 is there for a long time. And the G7 is about the global north and they cannot speak for the global south because they do not have the same challenges and experiences that we are having as the global south. And that's why you see a tremendous, tremendous interest from a large number of emerging markets, developing countries, very important countries from the Global South, wanting to have a former relationship and join the BRICS. They're not asking to join other bodies. They're asking to join the BRICS. And that's because we are doing certain things that are appealing to them in terms of addressing the imbalances that exist in a very unequal world at the present time.

Sidhant Sibal: Will President Putin be able to attend the summit in South Africa given a warrant has been issued?

Anil Sooklal: Well, let me say that President Ramaphosa has sent out invitations to all four of the BRICS leaders, all of the countries including President Putin have accepted the invitation and they are all looking forward to attending the summit in person in South Africa in August, which is the first time in four years as a result of COVID that we are convening in person. And I was in Moscow two weeks ago where I met the Russian BRICS Sherpa. They are preparing to attend the summit. And South Africa is preparing to host an in-person summit in August this year.

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Russia's President Vladimir Putin has accepted the invitation to attend an in-person BRICS summit in South Africa later this year in August, said BRICS South Africa Sherpa Anil Sooklal in an exclusive interview with WION.

Russia's President Vladimir Putin has accepted the invitation to attend an in-person BRICS summit in South Africa later this year in August, said BRICS South Africa Sherpa Anil Sooklal in an exclusive interview with WION. The five nation bloc consisting of Brazil, Russia, India, China and South Africa (BRICS) has a combined Gross Domestic Product (GDP) slightly more than the United States. The five major economies constitute 41 per cent of world population, 24 per cent of the world GDP and 16 per cent of global trade flows. Speaking to WION's diplomatic correspondent Sidhant Sibal, BRICS Sherpa Anil Sooklal said that Russia is "preparing to attend the summit. And South Africa is preparing to host an in-person summit in August this year." The comments assume significance since International Criminal Court issued a warrant against President Putin which raised concern over his participation. On top of that, South Africa is one of 123 signatories to the Rome Statute that established the International Criminal Court, further throwing the BRICS summit host of the year into a geopolitical dilemma. The Sherpa also spoke about expansion of the grouping, explaining, 20 countries have formally or informally approached BRICS leaders to become full members of BRICS. Asked about India, the Sherpa Anil said, "India has been a founding member of the BRICS and has played a critical role over the past 15 years." WION reported in recent weeks about how the BRICS nations are banding together to counter the dominance of dollar as a nearly hegemonic currency in global trade. "BRICS Sherpa called for "focusing on reforming the global multilateral architecture at geopolitical, geo-economic and geo-financial" levels. "Well, we already have an agreement that we signed several years ago, the BRICS interbank agreement mechanism that lays the foundation to trade in local currency," Sooklal said. ALSO WATCH | Brazilian President Lula da Silva wants a BRICS currency × Sidhant Sibal: What is the key focus of the South African Presidency of the BRICS? Anil Sooklal: You've rightfully pointed out that we are president of BRICS this year for the third time, having hosted in 2013 and 2018. Whenever South Africa has the opportunity to share BRICS, it's always also about the African continent. This was the case in 2013 and again in 2018. Because BRICS is first, in the first instance the partnership between the five of us, but it's also looking at the larger global South. So, for this year, South Africa has chosen the theme BRICS and Africa partnership for mutually accelerated growth as well as sustainable development and inclusive multilateral. Now if you break down the theme, it consists of four parts firstly, the partnership between BRICS and Africa, which will be a major focus of, of our summit. Secondly, it focuses on mutually accelerate growth, given the challenges of the post COVID environment that we find ourselves, in an environment where you have major power conflict that is impacting global growth, including BRICS Member States and of course, thirdly, we will also look at the sustainable development goals as you are aware as a result of COVID we have fallen back in terms of meeting the targets of the 2030 agenda and the SDGs. So, we will have a discussion on how we can best assist each other in bringing back, bringing us back on track in terms of meeting our SDG goals. And of course, inclusive multilateralism is a standing agenda item of BRICS. BRICS has always focused on how we reform the current global multi-multilateral architecture that has severe fault lines. So focusing on reforming the global multilateral architecture, the geopolitical, geo economic and geo financial architecture will be a major focus for us. So these are some of our key priorities. Now, of course, in terms of specific deliverables, as I've indicated, we want to use the summit to focus on Africa and specifically the African continental Free Trade Agreement, how BRICS, can partner with the African continent to advance this agreement for the mutual benefit of BRICS countries and the African continent. All of the BRICS countries are major partners in Africa's development, in Africa's economy, so we're having an interaction during the BRICS plus and outreach summit that we will have post the BRICS leaders' summit, with leaders from Africa and other global south partners will give us this opportunity to focus on Africa. And to focus on the larger economy. We are also going to be looking at some specific areas of cooperation especially around energy transition and establishing a BRICS Africa- just the energy transition platform. As you know, all of us have made commitments to transit to green energy, but we must ensure that it's a just transition that does not impact negatively on our economic growth does not impact negatively on employment opportunities, and does not impact negatively on poverty alleviation measures. So, energy also be a major focus for us. We'll also look at skills and capacity building for the future. As you know, with new technologies, the future of work is very under discussion. So again, we will look at how we can cooperate in addressing the challenges that new technologies pose to capacity and skills development in the workplace, and how we can also harness the tremendous opportunities that New Technologies provides all of us on the workplace. So these are some of our key priorities. And as I indicated, addressing collectively the challenges of the multilateral architecture as it's currently exist, and what is it the BRICS can do as a collective to advance the discussions and debate on the global stage and not just advance to discussion, but practically, how can we ensure that we bring back the United Nations at the center of the multilateral order. This is something all of us subscribe to and to ensure that the current multilateral order reflects the current global reality which is quite different from when the United Nations was formed almost 50 years ago. Sidhant Sibal: What about trading in national currencies, are there any plans? Anil Sooklal: Well, we already have an agreement that we signed several years ago, the BRICS interbank agreement mechanism that lays the foundation to trade in local currency. So the framework already exists through that MOU that has been signed. What we need to do now is actualize this and given the current situation that we find ourselves in in terms of the global financial architecture, you will see that increasingly BRICS countries and other countries of the global south are starting to trade in their own currencies. India has agreement it is close to 20 plus countries. I was two weeks ago in Moscow and this feature very sharply in the discussions I had with the Russian BRICS Sherpa. And likewise, China is doing the same Brazil. President Lula was recently in China, and he spoke strongly about this. So I think you're going to see this this is also already a discussion within BRICS. The framework in-place and also, I should point out that the New Development Bank, will give 30% of its new lending will be in the local currency. So this process has in terms of lending within BRICS, it's also started in terms of trading between ourselves in local currency. And I think you're going to see this accelerating, and this discussion is very much part of the BRICS agenda this year. Sidhant Sibal: If you can talk about the expansion of the grouping.. Anil Sooklal: Yes, as you will recall, last year at the Beijing summit under China's chair ship, paragraph 73 of the declaration specifically spoke to expansion wherein it stated that we need to start having discussions on BRICS expansion and the leaders tasked sherpas to start looking at the modalities, rules and guidelines governing expansion. So a working group has been created that is specifically working on this mandate. We have had several meetings, we started under China's chair ship last year with 2 meetings, and since South Africa assumed chairmanship, we had three such meetings. We have a further meeting next week at the level of Su Sherpa, specifically discussing expansion. And at the end of May we have a Sherpa meeting to also take forward the discussions and prepare report for our foreign ministers who will be meeting on the first and second of June, on where we are in this process. As you have observed, something like 13 countries have formally asked BRICS leaders to become full members of BRICS. In addition, about the five or six countries that we informally made queries wanting to become BRICS members. So something like 20 countries have formally or informally approached BRICS leaders to become full members of BRICS. So expansion is something that we have, in principle agreed to our leaders have agreed to the expansion of BRICS, but it's working on the modalities and timeframes of how this will pan out and that's what we are seeing. Sidhant Sibal: Countries who have been invited for the BRICS outreach summit? Anil Sooklal: Well, this is a process under consultation, but we are looking at using a formula that we have discussed with the African Union, which we use in 2013 and 2018. That worked well. Because BRICS is an inclusive process. So, we must ensure that we are inclusive in the manner in which we invite global leaders from the Global South, including Africa. So what we have done in the past is to invite the political heads of the regional economic communities of Africa, which we have eight that is recognized by the African Union and in addition, we will invite the chair of the African Union, chair of the African Union Commission. Likewise, in terms of invitees from the Global South, in 2018. We also found a formula that was acceptable to all BRICS partners, and I think to the global south as well. We will invite the political heads of all the global south bodies like the Nam, the G 77, the SCO ASEAN, CARICOM, and the Pacific Island forum. So that's the envisaged list of countries we intend to invite together with the African leaders for the architects. Of course, there's a lot of interest in it and a number of countries have approached us wanting to be invited to the summit. So, we'll have to look at how we are involved in a process that is inclusive. Sidhant Sibal: How much will be the conflict in Africa, like the Sudan crisis will be discussed? Anil Sooklal: Well, look, global hotspots has always been an integral part of the Brexit agenda, both at the level of foreign ministers as well as at the summit, not just on conflict in Africa, but conflict throughout the world be it the Western Asia region, in Northeast Asia, in Africa, in Latin America And in Europe. So we will look at some global hotspots and how is it that we can cooperate as BRICS countries to ensure that we instil a movement towards peace through diplomatic dialogue and trying to avert future conflicts and addressing current conflicts in a peaceful and inclusive manner through the respective united with the involvement of the United Nations with the involvement of the regional bodies in the case of Africa, the African Union and the regional economic communities and likewise, in the case of Southeast Asia, for example, the situation in Myanmar with the ASEAN in that instance. So I think addressing peace on the global stage in a comprehensive and inclusive manner, wherever it is. Sidhant Sibal: What does India brings to the table? Anil Sooklal: Well, India has been a founding member of the BRICS and has played a critical role over the past 15 years that we are meeting at the level of Summit. I've been privileged to partake whenever India has chaired as way back as 2012 at the Delhi summit and subsequently the Goa Summit, and India has brought tremendous value to the BRICS on all three areas of cooperation as you know, we are arranged in such a manner that we have three pillars of cooperation, the political and security, economic and finance and of course, the social and people to people interaction. And in all of these areas, India has been a critical contributor like the other BRICS members, it was in New Delhi that we in 2012 started the process of looking at establishing a BRICS Bank, which ultimately turned out to be the New Development Bank and that was the initiative of India to look at how we as countries of the global south should develop our own multilateral development bank. And so, India has been critical in several important developments over the years in advancing BRICS cooperation, including the standalone statement that we had on addressing terrorism, including the issues of global peace and security. As well as the tremendous economic opportunities that we have through the BRICS Business Council, where the Indian chapter plays a very important role through the woman's Business Alliance, and of course through the think tank Council where Indian academia and think tanks have been an important dimension for cooperation. Sidhant Sibal: Has BRICS outgrown G7? Anil Sooklal: Well, let me say that when BRICS came together as a formation, we did so with a common agenda to advance the agenda of the global south as a collective and addressing the fault lines that exist in the global, geopolitical, geo economic financial architecture. That is what BRICS is about , BRICS is an inclusive process. We will never form as a bloc in opposition to any other block nor will be seen as a counterweight to any other block. It is about ourselves and how do we ensure that the global south is not marginalized as we have been constantly marginalized in terms of what is happening on the global front in reshaping a more inclusive and equitable architecture. So, of course, the G7 is there for a long time. And the G7 is about the global north and they cannot speak for the global south because they do not have the same challenges and experiences that we are having as the global south. And that's why you see a tremendous, tremendous interest from a large number of emerging markets, developing countries, very important countries from the Global South, wanting to have a former relationship and join the BRICS. They're not asking to join other bodies. They're asking to join the BRICS. And that's because we are doing certain things that are appealing to them in terms of addressing the imbalances that exist in a very unequal world at the present time. Sidhant Sibal: Will President Putin be able to attend the summit in South Africa given a warrant has been issued? Anil Sooklal: Well, let me say that President Ramaphosa has sent out invitations to all four of the BRICS leaders, all of the countries including President Putin have accepted the invitation and they are all looking forward to attending the summit in person in South Africa in August, which is the first time in four years as a result of COVID that we are convening in person. And I was in Moscow two weeks ago where I met the Russian BRICS Sherpa. They are preparing to attend the summit. And South Africa is preparing to host an in-person summit in August this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Exclusive | Russian President Putin accepts invite for BRICS summit: South Africa's BRICS Sherpa Anil Sooklal

India, Russia, China, Brazil and South Africa form one of the world’s most important economic blocs. As per UN data, the BRICS grouping represents more than one-quarter of global GDP; and 42% of the world’s population. Significantly, the BRICS have seen their economic influence increase over the past decades, as drivers of global growth, trade and investment. South Africa's BRICS Sherpa, Anil Sooklal, spoke to our principal diplomatic correspondent on India's role. He also spoke about the conflicts in Asia and Africa.

India's role in BRICS: Grouping represents over one-quarter of global GDP & 42% of world population

Russian President Putin accepts invite for BRICS summit: South Africa's BRICS Sherpa Anil Sooklal

South Africa's BRICS Sherpa Anil Sooklal has said that President Putin have accepted the invitation to attend the BRICS summit in the country in the month of August. Speaking to our diplomatic correspondent Sidhant Sibal, he said, Russia is " preparing to attend the summit. And South Africa is preparing to host an in-person summit in August this year." The comments assume significance since international criminal court has issued a warrant against President Putin which raises concern over his participation. The Sherpa also spoke about expansion of the grouping, explaining, 20 countries have formally or informally approached BRICS leaders to become full members of BRICS. BRICS is an acronym for 5 countries, Brazil, Russia, India, China and South Africa. One of the largest groupings in terms of population, the group has leading economies of the world. Asked about India, the Sherpa Anil said, "India has been a founding member of the BRICS and has played a critical role over the past 15 years'.

Prez Putin has accepted invite to attend BRICS Summit: South Africa's BRICS Sherpa Anil Sooklal

Luiz Inacio Lula da Silva was speaking at the new development Bank, a bank created by the BRICS located in China Shanghai he said, 'why can't an institution like the BRICS bank have a currency to finance trade relations between Brazil and China. Between Brazil and all the other BRICS countries who decided that the dollar was the trade currency unquote the idea of a common BRICS currency has been in the works for some time now the idea gained momentum after Russia a member of the BRICS group was cut off from the Global Financial system and paying for Russian oil in US dollars became very difficult however the brics currency is unlikely to see the light of day anytime soon.

Brazilian President Lula da Silva wants a BRICS currency

Here, we bring you the news that is trending across WION's social media platforms - Donald Trump has arrived in New York city to face charges stemming from a probe into hush money paid to a porn star. Mumbai is the cheapest city for pubic commute according to a study.

Trump opposes court coverage on TV; BRICS common currency soon?

The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies. Besides, countries either seen as aligned or neutral by the West in terms of the ongoing Russian offensive in Ukraine, are increasingly banding together to focus on mutual global finance.

<h2>BRICS currency to challenge US dollar's dominance?</h2>

The BRICS (Brazil, Russia, India, China and South Africa) countries are reportedly exploring the creation of a common currency for trade amongst themselves. A new financial arrangement, seen with a potential to translate into a common BRICS currency, could be announced as soon as in August 2023 at the forthcoming BRICS summit in South Africa.

While speaking at the St. Petersburg International Economic Forum event in New Delhi, India, last week, Alexander Babakov, the deputy chairman of Russian parliament the State Duma, said that the plan is to initially transition to using domestic currencies in transactions. Following this, the introduction and circulation of a digital or an alternative form of currency could be explored. The potential introduction of a common BRICS currency is significant given the bilateral differences between India and China due to ongoing military standoff along the Line of Actual Control between the two Asian giants.&nbsp;&nbsp;

Babakov pointed out that the BRICS leaders summit will reveal a preparedness to implement this particular initiative, with work on the project ongoing, Russian news agency Sputnik reported.

ALSO WATCH |&nbsp;Gravitas: India pushes for trade in rupee

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"The US dollar plays a far too dominant role in global finance," Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the acronym BRIC, wrote in a paper published in the Global Policy journal last month.

"Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic."

Brazil, Russia, India and China established BRIC in 2009 and the bloc became BRICS a year later when South Africa was admitted.&nbsp;

If it expands to include other "emerging nations with persistent surpluses," a globally fairer, multi-currency global system could emerge, O’Neill said.&nbsp;

<h2>India, China march forward to internationalise their currencies</h2>

India has been making consistent efforts to replace the dollar with rupee as global reserve currency. New Delhi is offering countries facing dollar shortage to settle their trade payments in Indian rupee. The country aims to “disaster proof” countries in its immediate neighbourhood and the one with which it shares significant trade volumes.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/rupee-and-taka-to-replace-dollar-as-currency-of-exchange-between-india-bangladesh-568558">Rupee and Taka to replace Dollar as currency of exchange between India, Bangladesh</a>

China set up its own commodity exchange in Shanghai – the Shanghai International Energy Exchange (INE) in 2018 for oil deliveries from countries such as Iran, Venezuela and Russia. The contracts traded in INE are solely in the Chinese renminbi.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-to-use-indian-rupee-for-international-trade-543895">Sri Lanka to use Indian rupee for international trade, more countries aim to follow</a>

A potential deal between China and Saudi Arabia to settle trade transactions in renminbi may further push back the US dollar from the oil territory.

<h2>Why uproar against the US dollar's dominance in global trade?&nbsp;</h2>

This is because the US dollar, almost hegemonically, is a dominant force in global finance. This can be best illustrated by the US dollar's status in global oil trading. Most of the trade is denominated in the US dollars even when neither the barrels of crude (in terms of country of origin) nor the parties trading it have anything to do with it.&nbsp;

According to Basel, Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars.&nbsp;

This disproportionately large reliance on the US dollar is in spite of the United States accounting for just over a 10th of global trade.

The dollar’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions.

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The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies.

The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies. Besides, countries either seen as aligned or neutral by the West in terms of the ongoing Russian offensive in Ukraine, are increasingly banding together to focus on mutual global finance. BRICS currency to challenge US dollar's dominance? The BRICS (Brazil, Russia, India, China and South Africa) countries are reportedly exploring the creation of a common currency for trade amongst themselves. A new financial arrangement, seen with a potential to translate into a common BRICS currency, could be announced as soon as in August 2023 at the forthcoming BRICS summit in South Africa. While speaking at the St. Petersburg International Economic Forum event in New Delhi, India, last week, Alexander Babakov, the deputy chairman of Russian parliament the State Duma, said that the plan is to initially transition to using domestic currencies in transactions. Following this, the introduction and circulation of a digital or an alternative form of currency could be explored. The potential introduction of a common BRICS currency is significant given the bilateral differences between India and China due to ongoing military standoff along the Line of Actual Control between the two Asian giants. Babakov pointed out that the BRICS leaders summit will reveal a preparedness to implement this particular initiative, with work on the project ongoing, Russian news agency Sputnik reported. ALSO WATCH | Gravitas: India pushes for trade in rupee × "The US dollar plays a far too dominant role in global finance," Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the acronym BRIC, wrote in a paper published in the Global Policy journal last month. "Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic." Brazil, Russia, India and China established BRIC in 2009 and the bloc became BRICS a year later when South Africa was admitted. If it expands to include other "emerging nations with persistent surpluses," a globally fairer, multi-currency global system could emerge, O’Neill said. India, China march forward to internationalise their currencies India has been making consistent efforts to replace the dollar with rupee as global reserve currency. New Delhi is offering countries facing dollar shortage to settle their trade payments in Indian rupee. The country aims to “disaster proof” countries in its immediate neighbourhood and the one with which it shares significant trade volumes. ALSO READ | Rupee and Taka to replace Dollar as currency of exchange between India, Bangladesh China set up its own commodity exchange in Shanghai – the Shanghai International Energy Exchange (INE) in 2018 for oil deliveries from countries such as Iran, Venezuela and Russia. The contracts traded in INE are solely in the Chinese renminbi. ALSO READ | Sri Lanka to use Indian rupee for international trade, more countries aim to follow A potential deal between China and Saudi Arabia to settle trade transactions in renminbi may further push back the US dollar from the oil territory. Why uproar against the US dollar's dominance in global trade? This is because the US dollar, almost hegemonically, is a dominant force in global finance. This can be best illustrated by the US dollar's status in global oil trading. Most of the trade is denominated in the US dollars even when neither the barrels of crude (in terms of country of origin) nor the parties trading it have anything to do with it. According to Basel, Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars. This disproportionately large reliance on the US dollar is in spite of the United States accounting for just over a 10th of global trade. The dollar’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

BRICS common currency soon? India, China step up to counter US dollar's dominance

South African President Cyril Ramaphosa has claimed that Saudi Arabia wants to join BRICS. He says Crown Prince MBS showed interest in joining the bloc during his recent meeting with him. Is Riyadh trying to disassociate itself from the West? Molly Gambhir reports.

Gravitas: Saudi Arabia wants to join BRICS

India's Minister of External Affairs S Jaishankar met his Chinese counterpart Wang Yi in New York on Thursday in the BRICS ministerial meeting. The two leaders came face to face for the foreign ministers meet hosted by South Africa and the meeting was also attended by Russia's Foreign Minister Sergey Lavrov.

India's Foreign Minister S Jaishankar meets Chinese counterpart Wang Yi to discuss global issues

The External Affairs Minister, Dr S Jaishankar is en route to the United States for an 11-day visit from 18-28 September 2022. The EAM is set to attend meetings of several groupings including the foreign ministers' meetings of Quad nations and BRICS nations. Dr Jaishankar will also represent India this year at the United Nations General Assembly (UNGA).

During the visit, the EAM is also scheduled to meet with senior officials of the incumbent US President Joe Biden's administration&nbsp;including the US Secretary of State Antony Blinken. Additionally, he is also set to hold several other plurilateral, trilateral and bilateral meetings.&nbsp;

A statement released on Saturday by the Ministry of External Affairs indicated that during his visit Dr Jaishankar will be in New York from September 18 to 24, where he is set to lead the Indian delegation for the “high level week” at the 77th Session of the United Nations General Assembly (UNGA).&nbsp;

The EAM will also address the 77th UNGA at forenoon on September 24, said the statement. The theme for this year’s UNGA is “A watershed moment: Transformative Solutions to Interlocking Challenges.” Subsequently, while he is in New York, Dr Jaishankar will also participate in plurilateral meetings of the Quadrilateral Security Dialogue (Quad) grouping which includes India, Australia, Japan and the US and the conference for the Brazil-Russia-India-China-South Africa (BRICS) grouping.

“In keeping with India’s strong commitment to reformed multilateralism, EAM will be hosting a Ministerial meeting of the G4 (India, Brazil, Japan, Germany), as well as participating at the High Level Meeting of the L.69 Group on ‘Reinvigorating Multilateralism and Achieving Comprehensive Reform of the UN Security Council’”, the MEA said. The L.69 Group is a grouping of 42 developing nations from Asia, Africa, Latin America, the Caribbean and Small Island Developing States, that are focused on UNSC reform.&nbsp;

ALSO READ: <a href="https://www.wionews.com/india-news/jaishankar-better-to-engage-with-world-on-own-terms-than-try-to-please-it-474304">Jaishankar: Better to engage with world on own terms than try to please it</a>

On the other hand, Dr Jaishankar will hold three key trilateral meetings – one with France and Australia, the other with France and UAE and also meet his counterparts from Indonesia and Australia. He will also hold bilateral meetings with his foreign ministers of the G20 nations and UNSC member states and so on, the MEA indicated.&nbsp;

On September 24, in order to commemorate the “Azadi Ka Amrit Mahotsav”, the EAM will address a special event called “India@75: Showcasing India UN Partnership in Action”. The event will reportedly highlight India’s development journey and its contributions to South-South Cooperation. It is also expected to be addressed by the President of the 77th UNGA, foreign ministers of several nations and the United Nations Development Programme (UNDP) administrator.&nbsp;

During his visit, the EAM will reportedly also meet UN Secretary-General António Guterres and the incoming President of UNGA, Csaba Kőrösi. Dr Jaishankar will also participate in meetings for the India-Brazil-South Africa (IBSA) grouping, India-Presidency Pro Tempore CELAC and India-CARICOM.&nbsp;

“Upon completing his 77th UNGA-related engagements, the EAM will visit Washington D.C. from 25-28 September for bilateral meetings with US interlocutors. His program includes inter alia, discussions with his counterpart Secretary of State Antony Blinken; senior members of the U.S. Administration, US business leaders, a round-table focused on S&amp;T and interaction with the Indian Diaspora,” said the MEA.&nbsp;

According to the statement, the ministry believes that the EAM’s visit will enable “a high-level review of the multifaceted bilateral agenda and strengthen cooperation on regional and global issues to further consolidate the India-US strategic partnership”. &nbsp;&nbsp; 
&nbsp;

The External Affairs Minister, Dr S Jaishankar is en route to the United States for an 11-day visit from 18-28 September 2022. The EAM is set to attend meetings of several groupings including the foreign ministers' meetings of Quad nations and BRICS nations.

The External Affairs Minister, Dr S Jaishankar is en route to the United States for an 11-day visit from 18-28 September 2022. The EAM is set to attend meetings of several groupings including the foreign ministers' meetings of Quad nations and BRICS nations. Dr Jaishankar will also represent India this year at the United Nations General Assembly (UNGA). During the visit, the EAM is also scheduled to meet with senior officials of the incumbent US President Joe Biden's administration including the US Secretary of State Antony Blinken. Additionally, he is also set to hold several other plurilateral, trilateral and bilateral meetings. A statement released on Saturday by the Ministry of External Affairs indicated that during his visit Dr Jaishankar will be in New York from September 18 to 24, where he is set to lead the Indian delegation for the “high level week” at the 77th Session of the United Nations General Assembly (UNGA). The EAM will also address the 77th UNGA at forenoon on September 24, said the statement. The theme for this year’s UNGA is “A watershed moment: Transformative Solutions to Interlocking Challenges.” Subsequently, while he is in New York, Dr Jaishankar will also participate in plurilateral meetings of the Quadrilateral Security Dialogue (Quad) grouping which includes India, Australia, Japan and the US and the conference for the Brazil-Russia-India-China-South Africa (BRICS) grouping. “In keeping with India’s strong commitment to reformed multilateralism, EAM will be hosting a Ministerial meeting of the G4 (India, Brazil, Japan, Germany), as well as participating at the High Level Meeting of the L.69 Group on ‘Reinvigorating Multilateralism and Achieving Comprehensive Reform of the UN Security Council’”, the MEA said. The L.69 Group is a grouping of 42 developing nations from Asia, Africa, Latin America, the Caribbean and Small Island Developing States, that are focused on UNSC reform. ALSO READ: Jaishankar: Better to engage with world on own terms than try to please it On the other hand, Dr Jaishankar will hold three key trilateral meetings – one with France and Australia, the other with France and UAE and also meet his counterparts from Indonesia and Australia. He will also hold bilateral meetings with his foreign ministers of the G20 nations and UNSC member states and so on, the MEA indicated. On September 24, in order to commemorate the “Azadi Ka Amrit Mahotsav”, the EAM will address a special event called “India@75: Showcasing India UN Partnership in Action”. The event will reportedly highlight India’s development journey and its contributions to South-South Cooperation. It is also expected to be addressed by the President of the 77th UNGA, foreign ministers of several nations and the United Nations Development Programme (UNDP) administrator. During his visit, the EAM will reportedly also meet UN Secretary-General António Guterres and the incoming President of UNGA, Csaba Kőrösi. Dr Jaishankar will also participate in meetings for the India-Brazil-South Africa (IBSA) grouping, India-Presidency Pro Tempore CELAC and India-CARICOM. “Upon completing his 77th UNGA-related engagements, the EAM will visit Washington D.C. from 25-28 September for bilateral meetings with US interlocutors. His program includes inter alia, discussions with his counterpart Secretary of State Antony Blinken; senior members of the U.S. Administration, US business leaders, a round-table focused on S&T and interaction with the Indian Diaspora,” said the MEA. According to the statement, the ministry believes that the EAM’s visit will enable “a high-level review of the multifaceted bilateral agenda and strengthen cooperation on regional and global issues to further consolidate the India-US strategic partnership”.

EAM leaves for an 11-day visit to the US; will attend UNGA, Quad, BRICS meets

Argentina's envoy to India Hugo Javier Gobbi says his country's membership for BRICS grouping has been raised with India & New Delhi 'has been very receptive of our request'.

'Argentina-India are strategic partners,' Argentina's envoy to India speaks to WION | EXCLUSIVE

Ambassador of Argentina to India Hugo Javier Gobbi has said membership of his country for inclusion in an expanded BRICS grouping has been discussed with India and "it is being considered".

Ambassador of Argentina to India Hugo Javier Gobbi has said membership of his country for inclusion in an expanded BRICS grouping has been discussed with India and "it is being considered". Speaking exclusively to our diplomatic correspondent Sidhant Sibal, Ambassador Gobbi said, "India has been very receptive to our request." BRICS which emerged in the first decade of this century has 5 members--Brazil, Russia, India, China and South Africa and carries huge geopolitical weight, especially in terms of combined economic and political might. The group is looking towards an expansion even as it has got requests from countries like Argentina and Iran. The Ambassador confirmed that the issue was raised both during the visit of Argentina Foreign minister Santiago Cafiero to India earlier this year and then again when both ministers--Minister Santiago and External Affairs minister Dr S Jaishankar met on the sidelines of Bali G20 foreign ministers meet. WION: Is Argentina keen to become a BRICS member, how hopeful you are that Argentina will become a BRICS member, any timeline? Hugo Javier Gobbi: Argentina presented its request, its formal request to the heads of states, government in the BRICS, to the minister of foreign affairs of BRICS and they are considering our request. WION: How hopeful you are when Argentina can become a BRICS member? Hugo Javier Gobbi: Those things you know... The process is an internal process of BRICS, they work on consensus, and they have to define criteria. There are other candidates who are also participating in BRICS plus and who are hopeful of joining. I can't know exactly what the date will be, but the process has been initiated WION: Have you spoken to the Indian side on this? Hugo Javier Gobbi: Not only me as ambassador but at the minister of foreign affairs level, different levels, we have presented our request and it is being considered. India and Argentina are very good friends, we have a very strong relationship, and we are strategic partners. India has been very receptive to our request. WION: Was the discussion of Argentina's membership discussed between the two foreign ministers in Delhi or Bali? Hugo Javier Gobbi: It was discussed in Delhi, it continued in Bali. The issue is under consideration, and we have a deep and friendly relationship with India, we count on your support, we have growing trade, a lot of cooperation, in nuclear, defence in many areas and we are both democracies, share values, so I think, the atmosphere is very positive. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India is receptive of our request for BRICS membership: Argentina envoy Gobbi

As the world has pledged to transition towards cleaner energy to combat climate change, a latest report said the governments of Brazil, Russia, India, Indonesia, China and South Africa (BRIICS) need to act now to decarbonize and start adjusting their fiscal policies to account for declining fossil fuel use or they could face a USD 278 billion revenue gap by 2030.

The report titled 'Boom and Bust: The Fiscal Implications of Fossil Fuel Phase-Out in Six Large Emerging Economies' released by the International Institute for Sustainable Development (IISD) on Thursday, warned that if these countries did not decarbonize and diversify their revenues, they will risk a revenue gap that could reverse progress on poverty eradication and economic development.

 
“As the global clean energy transition gathers pace, six emerging economies need to start adjusting their fiscal policies now to account for declining fossil fuel use—or risk a USD 278 billion gap in revenues by 2030, equivalent to the combined total government revenues of Indonesia and South Africa in 2019, said the report.

The report spotlights heavy dependence on fossil fuel revenues in the BRIICS nations and argues that this economic reliance puts these countries at risk of experiencing a substantial revenue gap over the next few decades, as the world transitions from fossil fuel-based energy systems to cleaner energies to limit global warming to 1.5°C.

The study finds that by 2050, overall fossil fuel revenues in BRIICS countries could be as much as USD 570 billion lower than a business-as-usual scenario where governments fail to phase down fossil fuels enough to avoid the worst climate impacts.

The widest gaps are expected to occur in India (USD 178 billion), China (USD 140 billion), and Russia (USD 134 billion), the report said.

According to the IISD, public revenues from fossil fuel production and consumption currently account for a staggering 34 % of general government revenue in Russia, 18 % in India, and 16 % in Indonesia.

The share stands at 8% in Brazil, 6% in South Africa, and 5% in China.

“This includes only direct, first-order, government financial revenues—fossil fuel dependence would be much larger if considering private incomes and flow-on effects in these economies. But these revenues are not only unreliable and erratic—according to the authors, they are also undermined by the negative economic impacts of fossil fuel use, such as health costs due to air pollution and damage from climate change,” the report said.

“To prevent devastating climate change, the world has to phase out the production and consumption of fossil fuels, which will inevitably erode related revenues. Emerging economies have an enormous opportunity to build more resilient and economically sustainable energy systems as they decarbonize—but they must plan ahead to avoid shortfalls in public revenues that could reverse progress on poverty eradication and economic development,” said Tara Laan, Senior Associate at IISD and lead author of the report. 
&nbsp;

As the world has pledged to transition towards cleaner energy to combat climate change, a latest report said the governments of Brazil, Russia, India, Indonesia, China and South Africa (BRIICS) need to act now to decarbonize and start adjusting their fiscal policies to account for declining fossil fuel use or they could face a USD 278 billion revenue gap by 2030.

As the world has pledged to transition towards cleaner energy to combat climate change, a latest report said the governments of Brazil, Russia, India, Indonesia, China and South Africa (BRIICS) need to act now to decarbonize and start adjusting their fiscal policies to account for declining fossil fuel use or they could face a USD 278 billion revenue gap by 2030. The report titled 'Boom and Bust: The Fiscal Implications of Fossil Fuel Phase-Out in Six Large Emerging Economies' released by the International Institute for Sustainable Development (IISD) on Thursday, warned that if these countries did not decarbonize and diversify their revenues, they will risk a revenue gap that could reverse progress on poverty eradication and economic development. “As the global clean energy transition gathers pace, six emerging economies need to start adjusting their fiscal policies now to account for declining fossil fuel use—or risk a USD 278 billion gap in revenues by 2030, equivalent to the combined total government revenues of Indonesia and South Africa in 2019, said the report. The report spotlights heavy dependence on fossil fuel revenues in the BRIICS nations and argues that this economic reliance puts these countries at risk of experiencing a substantial revenue gap over the next few decades, as the world transitions from fossil fuel-based energy systems to cleaner energies to limit global warming to 1.5°C. The study finds that by 2050, overall fossil fuel revenues in BRIICS countries could be as much as USD 570 billion lower than a business-as-usual scenario where governments fail to phase down fossil fuels enough to avoid the worst climate impacts. The widest gaps are expected to occur in India (USD 178 billion), China (USD 140 billion), and Russia (USD 134 billion), the report said. According to the IISD, public revenues from fossil fuel production and consumption currently account for a staggering 34 % of general government revenue in Russia, 18 % in India, and 16 % in Indonesia. The share stands at 8% in Brazil, 6% in South Africa, and 5% in China. “This includes only direct, first-order, government financial revenues—fossil fuel dependence would be much larger if considering private incomes and flow-on effects in these economies. But these revenues are not only unreliable and erratic—according to the authors, they are also undermined by the negative economic impacts of fossil fuel use, such as health costs due to air pollution and damage from climate change,” the report said. “To prevent devastating climate change, the world has to phase out the production and consumption of fossil fuels, which will inevitably erode related revenues. Emerging economies have an enormous opportunity to build more resilient and economically sustainable energy systems as they decarbonize—but they must plan ahead to avoid shortfalls in public revenues that could reverse progress on poverty eradication and economic development,” said Tara Laan, Senior Associate at IISD and lead author of the report.

India and other BRIICS nations could face huge revenue gap if they don't decarbonize now: Report

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