The BRICS club of emerging-market countries is expected to double on January 1st when Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt join the group. Meanwhile, Russia has taken over the Presidency of the BRICS.

Russia takes over BRICS chairmanship, considering inclusion of about 30 other countries

Russia takes over Presidency of BRICS group | BRICS expands from five to 10 countries | WION

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration.

Newly elected far-right President Javier Milei in a letter dated December 22 told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping.

Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.”&nbsp;

<h2>Campaign promise fulfilled</h2>

President Milei during his campaign had vowed to push for aligning his nation’s foreign policy with the West and ditching the previous administration’s efforts to seek closer ties with the developing economies.

Former centre-left President Alberto Fernandez wanted to join forces with the BRICS group, which accounts for 25 per cent of the global GDP.

<a href="https://www.wionews.com/india-news/exclusive-argentina-eyes-indias-tejas-jets-amidst-uk-parts-hurdle-617160">Also read:&nbsp;&nbsp;Exclusive | Argentina eyes India's Tejas jets amidst UK parts hurdle</a>

Milei not only pushed for pro-West policies during his campaign but also targeted nations “ruled by communism”, in a veiled dig at China and neighbouring Brazil.

However, the president in his letter clarified that Argentina will seek to “intensify” its economic ties with BRICS in order to avail better trading and investment opportunities.

<h2>Argentina undergoing drastic policy changes</h2>

After taking office in December, President Milei has undertaken drastic policy changes, while vowing to support US and Israel.

"Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists," said Milei during his election campaign. However, after taking office, Milei's stance on China and Brazil has weakened as he has taken a more conciliatory tone.

Watch:&nbsp;Argentina confirms first human case of 'wee'

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He has also undertaken bold economic reforms since taking office. Milei has already devalued the peso by a staggering 54 per cent, pushing the official exchange rate from 366.5 to 800 pesos per US dollar.&nbsp;

Experts noted that Milei's administration was gearing up for a challenging period, with soaring inflation coming in at 160.9 per cent in November 2023.

(With inputs from agencies)

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration.

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration. Newly elected far-right President Javier Milei in a letter dated December 22 told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping. Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.” Campaign promise fulfilled President Milei during his campaign had vowed to push for aligning his nation’s foreign policy with the West and ditching the previous administration’s efforts to seek closer ties with the developing economies. Former centre-left President Alberto Fernandez wanted to join forces with the BRICS group, which accounts for 25 per cent of the global GDP. Also read: Exclusive | Argentina eyes India's Tejas jets amidst UK parts hurdle Milei not only pushed for pro-West policies during his campaign but also targeted nations “ruled by communism”, in a veiled dig at China and neighbouring Brazil. However, the president in his letter clarified that Argentina will seek to “intensify” its economic ties with BRICS in order to avail better trading and investment opportunities. Argentina undergoing drastic policy changes After taking office in December, President Milei has undertaken drastic policy changes, while vowing to support US and Israel. "Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists," said Milei during his election campaign. However, after taking office, Milei's stance on China and Brazil has weakened as he has taken a more conciliatory tone. Watch: Argentina confirms first human case of 'wee' × He has also undertaken bold economic reforms since taking office. Milei has already devalued the peso by a staggering 54 per cent, pushing the official exchange rate from 366.5 to 800 pesos per US dollar. Experts noted that Milei's administration was gearing up for a challenging period, with soaring inflation coming in at 160.9 per cent in November 2023. (With inputs from agencies)

Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’

The BRICS club of emerging-market countries is expected to double on January 1st when Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt join the group.

BRICS to grow as Saudi, Iran, UAE, Egypt, Ethiopia join ranks

The BRICS club of emerging market countries is expected to double on January 1st when Saudi Arabia, Iran, the United Arab Emirates, Ethiopia and Egypt join the group. In August the current members of the group Brazil, Russia, India, China and South Africa invited six other countries to join them.

BRICS group to double in 2024 after Saudi, Iran, UAE, Egypt, Ethiopia join ranks

New Delhi has officially announced that the country's external affairs minister S Jaishankar will fly to Russia on a key diplomatic visit beginning on Christmas day that is on December 25th. The 5-day visit is part of an ongoing high-level exchanges between Russia and India and it will include engagements in Moscow and St Petersburg.

S Jaishankar to meet Russia's Deputy PM; India & Moscow members of BRICS, SCO & G20 | World DNA

President Vladimir Putin will visit Saudi Arabia and the United Arab Emirates on Wednesday, the Kremlin announced, as Moscow courts allies abroad despite being isolated over the Ukraine conflict.

Russian President Putin to visit Saudi Arabia, UAE with Israel-Hamas war on agenda

India has once again expressed its Opposition to China's Belt and Road Initiative. Further emphasising the impact of this infrastructure program on participating countries.

China and India are at odds over BRICS expansion

Renowned British economist Jim O'Neill, known for coining the BRIC acronym, has commended India's hosting of the G20 summit, calling it a substantial diplomatic victory for India and Prime Minister Narendra Modi.

Renowned British economist Jim O'Neill, known for coining the BRIC acronym, has commended India's hosting of the G20 summit, calling it a substantial diplomatic victory for India and Prime Minister Narendra Modi. Speaking to WIONs diplomatic correspondent Sidhant Sibal, O'Neill, who currently serves as a senior adviser at Chatham House reflected on the unique ability of New Delhi to foster strong relations with both Western powers and emerging economies. However, he also expressed disappointment over the expansion of BRICS and the recent Canada-India tug-of-war that threatens to undo the good work of the G20 Summit. Sidhant Sibal: What do you think about the BRICS grouping? Jim O'Neill: I think we have to think about differently in terms of the economics, the geopolitics. Obviously, when I created the acronym, which is now just over 22 years ago, it was completely based on economic ideas. Although I did suggest because of it, each of the four big BRIC countries Brazil, Russia, India, and China should become part of what I then described as an expanded G7- at the same time as the Euro members, Germany, France and Italy consolidating to just one. So it would effectively be something like a G8 to G9. But the main thing that I was focused on was the rising share of global GDP that each of the four BRIC countries would likely achieve in the coming decades. And of course, China, in particular, in a similar way, although not on the same scale. China and India have become much bigger, although Brazil and Russia have been especially since the start of the second decade of the acronym very disappointing, so much so that their weight in global GDP is actually back to where it was in 2001. And South Africa, whilst it's a very interesting country geopolitically, of course, very interesting with Africa, economically, it's not a particularly important country. It's not even the biggest country in the continent of Africa. Sidhant Sibal: How do you see the expansion of the BRICS grouping? Jim O'Neill: I am disappointed by it, for a number of reasons, but there are three basic ones. First of all, since they became a political grouping in 2009-10, the BRICS leaders have not really achieved anything. Partly because of their own differences, which perhaps we'll discuss more is particularly true of course, between India and China, but they don't seem to have gotten beyond this very powerful symbolism as being a group that doesn't involve the US and is constantly bemoaning their lack of representation in global governance. The second reason is there was no objective guidance as to why, for example, in Africa, Ethiopia and Egypt became members and a country that is much more important, strategically, economically, and demographically, Nigeria was not and why, in Latin America, not Mexico, but Argentina, and it seems like a very ramshackle group of cultures that were chosen rather than any real strategic obvious ways. And then the third reason is simple one is that if you expand any group of countries, as you see with G20, the more you add, the harder it becomes. So I'm not quite sure other than there's really big symbolism, quite what the expanded BRICS is supposed to be trying to achieve. Sidhant Sibal: How do you see India and China's worsening ties impacting BRICS dynamics? Jim O'Neill: I think it itself undermines anything the BRICS countries may try and achieve. And in fact, as I wrote something last week, about the G-20 meeting that was successfully hosted by Modi. I think it was a major diplomatic mistake of President Xi to not personally attend the G20. It was only two weeks after the BRICS meeting, he appeared to as did the Chinese media making huge amounts of propaganda about how important it was that he didn't even have the courtesy of turning up to a G20 meeting hosted by a fellow BRICS country, and they obviously suggest that the relationship between China and India is not good. So how can the BRICS group achieve anything when its two most important members don't really seem to agree on virtually anything of mutual importance? Other than this symbolism, they both independently like to claim that the leader of the Global South. Watch | From G20 to Italy leaving BRI: Are nations abandoning China? × Sidhant Sibal: How do you see the outcomes of the G20 summit, the joint statement...diplomatically a win.. Jim O'Neill: Well, it was, but of course, the disputes with Canada are threatening to overshadow what appeared to be quite a very successful, diplomatic success for Modi. In the background of the G20, and because of Russia, but also because of the growing and worrying disputes between the US and China, many people myself included, were worried that the G20 would struggle to function. In fact, there were some fears that would not even be a communique at this G20. But not only was there a very long communique, but also, of course, it was a very, very interesting decision to add the African Union to make it effectively a G21. And I think there was obviously some very clever diplomacy going on between senior G20 Sherpas in Washington and New Delhi, which made all of that possible. And in my opinion, I really welcome that because I do believe the G20 is the right forum to deal with truly, truly global issues of today because especially now with the African Union in there, you have over 85 per cent of global GDP and vast amounts of the world's population represented whereas in the expanded BRICS, or the G7 you don't have either. Sidhant Sibal: Personally for PM Modi how big the diplomatic victory was? Jim O'Neill: Well, I think it was a huge diplomatic victory, and it tended to suggest that Modi treats the G20 more seriously than he treats the BRICS group. But it also suggests that India has this very, very clever ability to navigate good relationships with the West, as well as good relationships with the so-called emerging world, and manage to navigate the very difficult global geopolitical situation between the US and China. I must say if it would not have been for the dispute with Canada, which does threaten to overshadow all of this, it would have been a great successful moment. Sidhant Sibal: How do you see India being the voice of the global south, and this at a time when China is also trying to achieve that? Jim O'Neill: I mean, I think it's impossible for China to disappear as a voice on anything. China over the past 25 years, has been the single biggest contributor to global GDP growth, more than the United States. And there are not any particular markets in the world whether it be commodities or tourism, or anything that the Chinese don't have a major impact on. And that's true about global diplomacy and of course, China's own voice ever sings itself, the leader of the Global South. I think we will continue with this slightly strange, almost competitive situation where each of China and India regards themselves as the leader of the Global South, which frankly, will become more and more interesting. Also read | Explained: Balancing act or anti-West pivot? India’s choices at the BRICS summit As each of these countries becomes bigger and of course, because of each of their dynamics, it is probably the case that over the next decade, India will grow by more than China. And India by the end of this decade will probably become at least as big if not bigger than Germany and get close to being the third-largest economy ahead of Japan. This means India's stance on many of these issues, including being the voice of the Global South, will become more and more credible. But China's not going away anywhere soon. Sidhant Sibal: How do you see India diplomatically weighing as its economic size grows? Jim O'Neill: I mean, I think if you look through long history, and I'm not a particular expert on these issues but casual observation suggests that countries that get bigger, become more and more important in global affairs, including diplomacy. So we already see it and in fact, probably the whole reason why the United States was very eager to support Modi in having a successful G20 is the recognition of India's growing importance already. India in the past two years has become bigger than France and the UK has to be the fifth largest economy in the world. And as it gets to be the third largest, it is going to become more important, in all of these issues around the world. Sidhant Sibal: You mention Canada, how do you see India-Canada ties faring.. Jim O'Neill: I'm very reluctant to comment on that because it's not something I am particularly an expert on or have inside knowledge or expertise. But obviously, it looks like the Canadians feel very, very upset by it and I was just reading something this morning about how they've shared their intelligence with with Western allies. So we will have to see how this dispute develops. And it might well be a bit of a challenge as to how Mr Modi presents his own position on this issue because obviously, along with becoming a bigger voice also means you have to take greater accountability and responsibility for your position on what many many countries regard as the right principles as you go forward. So it's something that Mr Modi and his advisors are going to have to think about very carefully. Sidhant Sibal: Which is the group, you will be willing to place your money on.. Jim O'Neill: Easy for me, the G20. Even though all of these different bodies have great difficulties being fruitful in this complex modern world. I think the G7 nor the BRICS are in the slightest bit capable of being globally influential. I think the G20, because effectively, it is an amalgamation of the BRICS as it was before it expanded on the G7 is a very, very sensible grouping, which is of sufficiently small numbers, compared to the UN, where it can really deal with big global issues, whether they be economic growth, economic fairness, global climate change, infectious disease prevention and so on. And I think we saw some of that in the New Delhi statements. It's very much a relief after a few years where the G20 became almost dysfunctional that it seems to be back on some kind of track. And in fact, if the G20 can carry on that position, then it might in itself, be able to help the UN become a little more, a bit more functional than it seems to be but the UN is a very, very complex organization in trying to get things done that it represents. Sidhant Sibal: Any more acronyms you working on? Jim O'Neill: I just like to say that there were only two acronyms that were truly created. One was the BRIC and the other was the N11 or the next 11. What you read about other acronyms I suppose they created were effectively created on the back of just articles I wrote and somebody somewhere in the global media created that acronym and claimed it was me. So that was a phase of three or four years of slightly acronym madness, and I joked to a couple of people I know well, in the international diplomatic circles that after this BRICS expansion, perhaps the reason if there was a logic as to why they chose the countries is it was impossible to create an acronym in English out of them. But I won't be rushing to create anymore because I think the BRICS world lives on. And if they are going to expand in the future, it probably will come from members of the next 11 largest emerging nations like Indonesia. Maybe Mexico maybe Turkey...who knows WATCH WION LIVE HERE:

G20 summit a "huge diplomatic victory" for India and PM Modi, says Jim O'Neill

Xi Jinping’s decision to skip the G20 Summit in India has sort of created a negative perception of the Chinese leader and the success of the meet has made Indian Prime Minister Narendra Modi the clear winner, British economist Jim O'Neill, who coined the acronym BRIC (now BRICS), said.

He said that the successful completion of the summit, which culminated in the joint New Delhi declaration, has overshadowed G7 and the BRICS.

The economist further said that G20 declaration could be the first step in a stronger concerted effort to address global issues, asserting that Modi now looks more like a ''visionary statesman'' than Xi.

“The New Delhi Leaders' Declaration has offered further confirmation that the G20 is the only body with the scope and legitimacy to offer truly global solutions to global problems, and neither the BRICS nor the G7 has the credibility or the capacity to tackle these challenges ranging from climate change to the war in Ukraine and economic stability among other matters,” he said in a write-up on the 'Project Syndicate'.

<h2>China-India rift further deepened&nbsp;</h2>

Jim O'Neill noted that Xi’s absence at the New Delhi summit has further deepened the rift between China and India, and could possibly undermine the BRICS, which recently admitted new members.

“Many speculate that Xi skipped the summit in order to snub India – one of China’s longstanding rivals – and Indian Prime Minister Narendra Modi. Whatever the motive, his decision had the effect of undermining the significance of the recent BRICS meeting, which many saw as a victory for China,” he said.

He also noted that the lack of Indo-Chinese solidarity will be a major stumbling block for the new BRICS.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/the-geopolitics-of-g20-summit-635708">The Geopolitics of G20 Summit</a>

<h2>Xi has to reach out to Modi</h2>

“Now, Xi’s absence from the G20 summit has deepened the divide between the two countries. If Xi wants to convince us otherwise, he will need to reach out to Modi. As matters stand, the success of the G20 meeting makes Modi the clear winner in this season of summitry. Perceptions matter, and right now he looks more like a visionary statesman than Xi does,” he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/germany-france-and-uk-refuse-to-lift-sanctions-on-iran-under-jcpoa-636069">Germany, France and UK refuse to lift sanctions on Iran under JCPOA</a>

The G20 Summit under India’s presidency was historic considering the fact that the African Union was included in the G20 fold, a move initiated by India, and the declaration of the ambitious India-Middle East-EU trade corridor which is being pegged as a countermeasure to China’s Belt and Road Initiative.

(With inputs from agencies)

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Xi Jinping’s decision to skip the G20 Summit in India has sort of created a negative perception of the Chinese leader and the success of the meet has made Indian Prime Minister Narendra Modi the clear winner, British economist Jim O'Neill, who coined the acronym BRIC (now BRICS), said.

Xi Jinping’s decision to skip the G20 Summit in India has sort of created a negative perception of the Chinese leader and the success of the meet has made Indian Prime Minister Narendra Modi the clear winner, British economist Jim O'Neill, who coined the acronym BRIC (now BRICS), said. He said that the successful completion of the summit, which culminated in the joint New Delhi declaration, has overshadowed G7 and the BRICS. The economist further said that G20 declaration could be the first step in a stronger concerted effort to address global issues, asserting that Modi now looks more like a ''visionary statesman'' than Xi. “The New Delhi Leaders' Declaration has offered further confirmation that the G20 is the only body with the scope and legitimacy to offer truly global solutions to global problems, and neither the BRICS nor the G7 has the credibility or the capacity to tackle these challenges ranging from climate change to the war in Ukraine and economic stability among other matters,” he said in a write-up on the 'Project Syndicate'. China-India rift further deepened Jim O'Neill noted that Xi’s absence at the New Delhi summit has further deepened the rift between China and India, and could possibly undermine the BRICS, which recently admitted new members. “Many speculate that Xi skipped the summit in order to snub India – one of China’s longstanding rivals – and Indian Prime Minister Narendra Modi. Whatever the motive, his decision had the effect of undermining the significance of the recent BRICS meeting, which many saw as a victory for China,” he said. He also noted that the lack of Indo-Chinese solidarity will be a major stumbling block for the new BRICS. Also read | The Geopolitics of G20 Summit Xi has to reach out to Modi “Now, Xi’s absence from the G20 summit has deepened the divide between the two countries. If Xi wants to convince us otherwise, he will need to reach out to Modi. As matters stand, the success of the G20 meeting makes Modi the clear winner in this season of summitry. Perceptions matter, and right now he looks more like a visionary statesman than Xi does,” he added. Also read | Germany, France and UK refuse to lift sanctions on Iran under JCPOA The G20 Summit under India’s presidency was historic considering the fact that the African Union was included in the G20 fold, a move initiated by India, and the declaration of the ambitious India-Middle East-EU trade corridor which is being pegged as a countermeasure to China’s Belt and Road Initiative. (With inputs from agencies) WATCH WION LIVE HERE

China’s Xi snubbing G20 Summit a costly mistake, makes India the clear winner: Economist who coined BRIC

Amid changing world business dynamics, BRICS members India & China are trying to de-dollarise their economy. Both are using different tactics to limit the US dollar from rallying. Watch this video to find out how.

De-dollarization: How are BRICS members India & China limiting the US dollar from rallying?

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent.

The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024.

China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output.

Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent.

According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million).

Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy.

According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion.

According to Ghosh’s prediction in the report, the BRICS+6 economies'&nbsp;combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent.

Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy.

In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion.

Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves.

40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent.

According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent.

The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively.

The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia.

(With inputs from PTI)

&nbsp;

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The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis. According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent. The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024. China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output. Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent. According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million). Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy. According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion. According to Ghosh’s prediction in the report, the BRICS+6 economies' combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent. Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy. In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion. Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves. 40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent. According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent. The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively. The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia. (With inputs from PTI) WATCH WION LIVE HERE

BRICS’s six new members to have GDP share of just 11 pc: Report

Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values",&nbsp;while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported.

The PM claimed that the Covid-19 pandemic brought about permanent changes in the world, without specifically referring to China. Addressing a B20 meeting, PM Modi pointed out that a market can only be profitable when the interests of producers and consumers are balanced. He further emphasised that the same is true for countries, saying that nations cannot be treated solely as markets.

“It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” The Times of India quoted him as saying.

PM Modi's statement, ,coming days after his meeting with China's Xi Jinping on the margins of the BRICS conference in Johannesburg, indicated India’s unease with its eastern neighbour amid rising tensions at the Line of Actual Control.&nbsp;

As businesses want to diversify their manufacturing bases and lessen their reliance on China, India has recently tried to present itself as an appealing investment destination.

Modi also warned of a new form of colonialism over the control of critical and rare minerals.

“We are experiencing this challenge in critical minerals, rare earth. These are available in large quantities in some places and are missing in other places. But the entire mankind needs it. Those who have it and do not see it as a global responsibility, then it will promote a new model of colonialism,” he said.

He advocated for taking an “integrated approach” to cryptocurrencies, a topic that India has prioritised&nbsp;for the upcoming G20 summit in September. He also touched upon the need for a global framework on cryptocurrency, which would cater to the interests of all stakeholders.

PM Modi also raised issues about artificial intelligence, adding that&nbsp;some ethical questions needed to be addressed. In order to discover a solution, the Indian PM maintained that governments and the international business community must ensure proper attention towards ethical AI.

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Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values", while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported.

Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values", while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported. The PM claimed that the Covid-19 pandemic brought about permanent changes in the world, without specifically referring to China. Addressing a B20 meeting, PM Modi pointed out that a market can only be profitable when the interests of producers and consumers are balanced. He further emphasised that the same is true for countries, saying that nations cannot be treated solely as markets. “It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” The Times of India quoted him as saying. PM Modi's statement, ,coming days after his meeting with China's Xi Jinping on the margins of the BRICS conference in Johannesburg, indicated India’s unease with its eastern neighbour amid rising tensions at the Line of Actual Control. As businesses want to diversify their manufacturing bases and lessen their reliance on China, India has recently tried to present itself as an appealing investment destination. Modi also warned of a new form of colonialism over the control of critical and rare minerals. “We are experiencing this challenge in critical minerals, rare earth. These are available in large quantities in some places and are missing in other places. But the entire mankind needs it. Those who have it and do not see it as a global responsibility, then it will promote a new model of colonialism,” he said. He advocated for taking an “integrated approach” to cryptocurrencies, a topic that India has prioritised for the upcoming G20 summit in September. He also touched upon the need for a global framework on cryptocurrency, which would cater to the interests of all stakeholders. PM Modi also raised issues about artificial intelligence, adding that some ethical questions needed to be addressed. In order to discover a solution, the Indian PM maintained that governments and the international business community must ensure proper attention towards ethical AI. WATCH WION LIVE HERE

PM Narendra Modi appeals for 'mutual trust', hits at China during investment pitch

This week on The West Asia Post with Ghadi Francis + A new chapter of global power play as Iran, Saudi & UAE mull BRICS membership. + Will Iraq honour Iran security deal and quell the Kurdish rebellion? + Israeli women fight gender segregation in ultra-orthodox societies

The West Asia Post : A new chapter of global power play as Iran, Saudi & UAE mull BRICS membership

The BRICS bloc invited United Arab Emirates, Iran and Saudi Arabia to join their alliance now these nations are keen to strengthen ties with China and the global south.

A new chapter of global power play as Iran, Saudi & UAE mull BRICS membership

The BRICS grouping has expanded for the first time since 2010. This time, six new countries will join the grouping. The grouping is expected to recalibrate the world economy.

Expanded BRICS and its economic implications

Vikram Chandra delves into the rationale behind expanding the BRICS grouping and its implications for India, joined by former Ambassador Navdeep Suri and author-historian Zorawar Dulet Singh.

BRICS to add new members: What does this expansion mean for India? | The India Story

The BRICS bloc is expanding. The five-member bloc invited six more countries to join the alliance. The group invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE into the bloc. But will this expansion yield results for BRICS?

Could BRICS expansion hinder the bloc's geopolitical aspirations?

On the eve of the 15th BRICS Summit, Chinese President Xi Jinping met with Iranian President Ebrahim Raisi in Johannesburg and expressed his congratulations to Iran for joining BRICS. China, according to Xi, is prepared to step up its collaboration with Iran on the BRICS and other multilateral platforms in order to promote the strong and healthy growth of multilateralism.

Iranian President Ebrahim Raisi hails invitation to join BRICS

Speaking for the first time at the BRICS Summit in Johannesburg, United Nations Secretary-General Antonio Guterres on Thursday (Aug 24) made a strong case for the reform of the United Nations Security Council (UNSC) and sought revision of the Bretton Woods system—a global financial architecture created by the US-led West after the end of World War II.

Guterres said that “today's global governance structures reflect yesterday's world" and that for multilateral institutions to be universal they needed reform.

"They were largely created in the aftermath of World War II when many African countries were still ruled by colonial powers and were not even at the table," Guterres said in remarks on the final day of the BRICS summit.

"This is particularly true of the Security Council of the United Nations and the Bretton Woods institutions," he said, referring to the World Bank and International Monetary Fund.

<h2>'World changed, and so must global governance'</h2>

“The world has changed and so global governance must change with it. It must represent today's power and economic relations and not the power and economic relations of 1945. That is why I have been advocating deep reforms to make global frameworks truly universal and representative of today's realities," Guterres said.

Guterres, however, pointed out that multipolarity alone cannot ensure a peaceful and just status quo. He called for robust and effective multilateral institutions to support this shift.

Drawing parallels, he highlighted the lessons from the early 20th century when Europe's multipolarity without strong multilateral mechanisms contributed to the start of the First World War.

The UN chief warned that without such reforms, fragmentation becomes inevitable.

"We cannot afford a world with a divided global economy and financial system; with diverging strategies on technology including artificial intelligence; and with conflicting security frameworks," he said.

<h2>BRICS: PM Modi chats with Xi Jinping at summit&nbsp;</h2>

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<h2>Global institutions need to be more inclusive&nbsp;</h2>

He said that global institutions need to be inclusive at “every level” and provide a platform for greater representation of women and young people.

Also read |&nbsp;<a href="https://www.wionews.com/world/brics-officials-expands-as-ramaphosa-announces-six-new-members-628689">BRICS officially expands: Six new members to join bloc next year</a>

“But all these in the context in which I believe two areas require a particularly important reform effort. One is the Security Council, the second, the Bretton Woods system..."

Guterres was echoing the views of BRICS members who, in their joint statement, called for urgent reform of the UNSC to make it more democratic, representative, effective, and efficient, and to increase the representation of developing countries.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/south-african-government-refutes-allegations-of-pm-modi-snub-amid-brics-summit-628477">South African govt refutes media report of snub to PM Narendra Modi amid BRICS summit</a>

“We support a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient, and to increase the representation of developing countries in the Council’s memberships so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America, including Brazil, India and South Africa, to play a greater role in international affairs, in particular in the United Nations, including its Security Council,” the joint statement read.

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Speaking for the first time at the BRICS Summit in Johannesburg, United Nations Secretary-General Antonio Guterres on Thursday (Aug 24) made a strong case for the reform of the United Nations Security Council (UNSC) and sought revision of the Bretton Woods system—a global financial architecture created by the US-led West after the end of World War II.

Speaking for the first time at the BRICS Summit in Johannesburg, United Nations Secretary-General Antonio Guterres on Thursday (Aug 24) made a strong case for the reform of the United Nations Security Council (UNSC) and sought revision of the Bretton Woods system—a global financial architecture created by the US-led West after the end of World War II. Guterres said that “today's global governance structures reflect yesterday's world" and that for multilateral institutions to be universal they needed reform. "They were largely created in the aftermath of World War II when many African countries were still ruled by colonial powers and were not even at the table," Guterres said in remarks on the final day of the BRICS summit. "This is particularly true of the Security Council of the United Nations and the Bretton Woods institutions," he said, referring to the World Bank and International Monetary Fund. 'World changed, and so must global governance' “The world has changed and so global governance must change with it. It must represent today's power and economic relations and not the power and economic relations of 1945. That is why I have been advocating deep reforms to make global frameworks truly universal and representative of today's realities," Guterres said. Guterres, however, pointed out that multipolarity alone cannot ensure a peaceful and just status quo. He called for robust and effective multilateral institutions to support this shift. Drawing parallels, he highlighted the lessons from the early 20th century when Europe's multipolarity without strong multilateral mechanisms contributed to the start of the First World War. The UN chief warned that without such reforms, fragmentation becomes inevitable. "We cannot afford a world with a divided global economy and financial system; with diverging strategies on technology including artificial intelligence; and with conflicting security frameworks," he said. BRICS: PM Modi chats with Xi Jinping at summit Global institutions need to be more inclusive He said that global institutions need to be inclusive at “every level” and provide a platform for greater representation of women and young people. Also read | BRICS officially expands: Six new members to join bloc next year “But all these in the context in which I believe two areas require a particularly important reform effort. One is the Security Council, the second, the Bretton Woods system..." Guterres was echoing the views of BRICS members who, in their joint statement, called for urgent reform of the UNSC to make it more democratic, representative, effective, and efficient, and to increase the representation of developing countries. Also read | South African govt refutes media report of snub to PM Narendra Modi amid BRICS summit “We support a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient, and to increase the representation of developing countries in the Council’s memberships so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America, including Brazil, India and South Africa, to play a greater role in international affairs, in particular in the United Nations, including its Security Council,” the joint statement read. WATCH WION LIVE HERE

At BRICS summit, UN chief calls for reform of UN Security Council, World Bank, IMF

The announcement of expansion of the BRICS grouping to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) has been met with a chorus of enthusiasm from ambassadors representing many of these nations in India.

The historic announcement was made during the 15th BRICS Summit hosted by South Africa in Johannesburg on Thursday and will see these countries becoming full member of the grouping from January 1, 2024.

Ambassadors from these nations spoke to WION to extend their heartfelt gratitude to India for its instrumental support.

Egypt’s Ambassador Wael Mohamed Awad Hamed said, "We appreciate the confidence of India and all BRICS member states with whom we share robust relations for their clear message of support to Egypt’s membership in the gathering."

He eloquently highlighted the significance of the decision to expand BRICS, saying that "the decision to expand BRICS to reflect a wider and more diverse base is a clear expression that the world needs to hear the voice of the global South."

Speaking further, ambassador Hamed underscored Egypt's ongoing commitment to BRICS, pointing out that "through its membership of BRICS and the New Development Bank, Egypt will continue the role it has always played, including through its COP27 Presidency and its participation as a guest country in G20 under India’s Presidency."

The ambassador also reaffirmed Egypt's stance on global progress, adding that "as a leading proponent of a safe and prosperous future for the planet, [Egypt] will work along with all members for equitable and sustainable development."

<h2>BRICS: PM Modi chats with Xi Jinping at summit&nbsp;</h2>

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Ambassador Abdulnasser Alshaali of the UAE, said, "For UAE-India relations, this is an opportunity to continue broadening and deepening our strategic cooperation and economic partnership."

By focusing on the long-term implications of UAE's entry into BRICS, the ambassador reinforced the importance of mutual cooperation between the two nations.

He described the UAE's membership in BRICS as "an important milestone within the broader context of the UAE's commitment to mutually beneficial multilateral engagement."

Important to note that Indian PM Modi and UAE's President Sheikh Mohamed bin Zayed al Nahyan held talks earlier in the day, in which the latter congratulated on Chandrayaan 3's success.

The sentiment of unity and shared goals was reiterated by Ambassador Demeke Atnafu Ambulo of Ethiopia who said, "Ethiopia greatly values the unwavering support of India in this regard."

He underscored the significance of Ethiopia's integration into BRICS underlining that "Ethiopia’s incursion into BRICS would enable it to broaden and further deepen its productive engagement, cooperation, and partnership with the countries of the Global South for the betterment of humanity."

Furthermore, Ambassador Ambulo talked about Ethiopia's rich history of engagement in global affairs.

"It is to be recalled that Ethiopia as a country never colonised, and was a member of the League of Nations, the founding member of United Nation, the African Union and other regional and multilateral organisations."

This historical context showcased Ethiopia's longstanding commitment to international cooperation, reinforcing its readiness to contribute within the BRICS framework.

<div class="videoWrapper trancodeVideo">On the sidelines of the BRICS summit, PM Modi held bilateral meeting with Ethiopian Prime Minister Abiy Ahmed Ali, in which the Indian side welcomed the country's inclusion in the grouping.</div>

Lastly, Argentina's Ambassador Hugo Javier Gobbi conveyed a sense of profound achievement, mentioning India's pivotal role.

"It is a very significant success for Argentina. We would like to express our very special gratitude to the Government and people of India for their full support in our effort to join the BRICS."

This acknowledgment stood as a testament to the bilateral friendship that played an integral part in Argentina's accession&nbsp;to&nbsp;BRICS.

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The announcement of expansion of the BRICS grouping to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) has been met with a chorus of enthusiasm from ambassadors representing many of these nations in India.

The announcement of expansion of the BRICS grouping to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) has been met with a chorus of enthusiasm from ambassadors representing many of these nations in India. The historic announcement was made during the 15th BRICS Summit hosted by South Africa in Johannesburg on Thursday and will see these countries becoming full member of the grouping from January 1, 2024. Ambassadors from these nations spoke to WION to extend their heartfelt gratitude to India for its instrumental support. Egypt’s Ambassador Wael Mohamed Awad Hamed said, "We appreciate the confidence of India and all BRICS member states with whom we share robust relations for their clear message of support to Egypt’s membership in the gathering." He eloquently highlighted the significance of the decision to expand BRICS, saying that "the decision to expand BRICS to reflect a wider and more diverse base is a clear expression that the world needs to hear the voice of the global South." Speaking further, ambassador Hamed underscored Egypt's ongoing commitment to BRICS, pointing out that "through its membership of BRICS and the New Development Bank, Egypt will continue the role it has always played, including through its COP27 Presidency and its participation as a guest country in G20 under India’s Presidency." The ambassador also reaffirmed Egypt's stance on global progress, adding that "as a leading proponent of a safe and prosperous future for the planet, [Egypt] will work along with all members for equitable and sustainable development." BRICS: PM Modi chats with Xi Jinping at summit Ambassador Abdulnasser Alshaali of the UAE, said, "For UAE-India relations, this is an opportunity to continue broadening and deepening our strategic cooperation and economic partnership." By focusing on the long-term implications of UAE's entry into BRICS, the ambassador reinforced the importance of mutual cooperation between the two nations. He described the UAE's membership in BRICS as "an important milestone within the broader context of the UAE's commitment to mutually beneficial multilateral engagement." Important to note that Indian PM Modi and UAE's President Sheikh Mohamed bin Zayed al Nahyan held talks earlier in the day, in which the latter congratulated on Chandrayaan 3's success. The sentiment of unity and shared goals was reiterated by Ambassador Demeke Atnafu Ambulo of Ethiopia who said, "Ethiopia greatly values the unwavering support of India in this regard." He underscored the significance of Ethiopia's integration into BRICS underlining that "Ethiopia’s incursion into BRICS would enable it to broaden and further deepen its productive engagement, cooperation, and partnership with the countries of the Global South for the betterment of humanity." Furthermore, Ambassador Ambulo talked about Ethiopia's rich history of engagement in global affairs. "It is to be recalled that Ethiopia as a country never colonised, and was a member of the League of Nations, the founding member of United Nation, the African Union and other regional and multilateral organisations." This historical context showcased Ethiopia's longstanding commitment to international cooperation, reinforcing its readiness to contribute within the BRICS framework. On the sidelines of the BRICS summit, PM Modi held bilateral meeting with Ethiopian Prime Minister Abiy Ahmed Ali, in which the Indian side welcomed the country's inclusion in the grouping. Lastly, Argentina's Ambassador Hugo Javier Gobbi conveyed a sense of profound achievement, mentioning India's pivotal role. "It is a very significant success for Argentina. We would like to express our very special gratitude to the Government and people of India for their full support in our effort to join the BRICS." This acknowledgment stood as a testament to the bilateral friendship that played an integral part in Argentina's accession to BRICS. WATCH WION LIVE HERE

Envoys of Egypt, UAE, Argentina and Ethiopia applaud BRICS expansion, recognise India's integral role

According to the final declaration of the 15th BRICS summit, the member countries have favoured increased representation of developing nations in the UN Security Council.

The statement has supported Brazil’s, India’s and South Africa’s bid to play a greater role in the UNSC.&nbsp;

“We support a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient, and to increase the representation of developing countries in the Council's memberships so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America, including Brazil, India and South Africa, to play a greater role in international affairs, in particular in the United Nations, including its Security Council," read the joint statement.

<h2>Indian PM Modi on UNSC reforms</h2>

Earlier on August 23, PM Modi said in his speech that it was high time reforms were introduced at UNSC and multilateral organisations like the World Trade Organization (WTO).

“In his various interventions, Prime Minister highlighted the following: Called for setting defined timelines for UNSC reforms, Called for reform of Multilateral Financial Institutions and Called for reform of WTO,” a statement issued by the Ministry of External Affairs (MEA) read.

PM Modi in his statement also called on BRICS countries to support the African Union’s permanent membership of G20.

<h2>China’s stance</h2>

Chinese leader Xi Jinping earlier also supported the increased role of developing nations in global governance.&nbsp;

"It is necessary to elevate the representation and the voice of developing countries in the global governance and to support developing states in achievement of better results," the Chinese leader said.

Watch:&nbsp;Gravitas: Why did Xi Jinping skip the BRICS business forum?

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"It is necessary to adhere to a true multilateralism, to build relations of global partnership in the interest of development and to establish a safe and stable international environment for common development," Xi Jinping said, pointing out that China has always shared a common fate with developing countries.

<h2>UN chief also supports UNSC reforms</h2>

While speaking at the BRICS summit, United Nations Secretary-General Antonio Guterres also backed calls for reforming the UNSC.&nbsp;

<a href="https://www.wionews.com/india-news/south-african-government-refutes-allegations-of-pm-modi-snub-amid-brics-summit-628477">Also read:&nbsp;South African govt refutes media report of snub to PM Narendra Modi amid BRICS summit</a>

Guterres said that “today's global governance structures reflect yesterday's world" and that for multilateral institutions to be universal they needed reform.

"They were largely created in the aftermath of World War II when many African countries were still ruled by colonial powers and were not even at the table," Guterres said in remarks on the final day of the BRICS summit.

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&nbsp;

According to the final declaration of the 15th BRICS summit, the member countries have favoured increased representation of developing nations in the UN Security Council.

According to the final declaration of the 15th BRICS summit, the member countries have favoured increased representation of developing nations in the UN Security Council. The statement has supported Brazil’s, India’s and South Africa’s bid to play a greater role in the UNSC. “We support a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient, and to increase the representation of developing countries in the Council's memberships so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America, including Brazil, India and South Africa, to play a greater role in international affairs, in particular in the United Nations, including its Security Council," read the joint statement. Indian PM Modi on UNSC reforms Earlier on August 23, PM Modi said in his speech that it was high time reforms were introduced at UNSC and multilateral organisations like the World Trade Organization (WTO). “In his various interventions, Prime Minister highlighted the following: Called for setting defined timelines for UNSC reforms, Called for reform of Multilateral Financial Institutions and Called for reform of WTO,” a statement issued by the Ministry of External Affairs (MEA) read. PM Modi in his statement also called on BRICS countries to support the African Union’s permanent membership of G20. China’s stance Chinese leader Xi Jinping earlier also supported the increased role of developing nations in global governance. "It is necessary to elevate the representation and the voice of developing countries in the global governance and to support developing states in achievement of better results," the Chinese leader said. Watch: Gravitas: Why did Xi Jinping skip the BRICS business forum? × "It is necessary to adhere to a true multilateralism, to build relations of global partnership in the interest of development and to establish a safe and stable international environment for common development," Xi Jinping said, pointing out that China has always shared a common fate with developing countries. UN chief also supports UNSC reforms While speaking at the BRICS summit, United Nations Secretary-General Antonio Guterres also backed calls for reforming the UNSC. Also read: South African govt refutes media report of snub to PM Narendra Modi amid BRICS summit Guterres said that “today's global governance structures reflect yesterday's world" and that for multilateral institutions to be universal they needed reform. "They were largely created in the aftermath of World War II when many African countries were still ruled by colonial powers and were not even at the table," Guterres said in remarks on the final day of the BRICS summit. WATCH WION LIVE HERE ×

BRICS final declaration backs UN Security Council reforms to make it ‘effective and efficient’

Chinese President Xi Jinping told Bangladeshi Prime Minister Sheikh Hasina that China will always stay beside Bangladesh and will support&nbsp;it in joining BRICS. According to a report by The Daily Star on Thursday (August 25), Jinping gave assurance to Hasina on the sidelines of the 15th BRICS summit in Johannesburg. He also gave Hasina assurances of supporting Bangladesh in the Rohingya crisis, making Bangladesh a developed, prosperous Sonar Bangla and taking initiatives to quicken the signing of the Preferential Free Trade Agreement, as per the report.

Addressing press on Wednesday, Bangladesh's Foreign Minister AK Abdul Momen said both Xi and Hasina invited each other to visit their respective countries, and they agreed to this.

Regarding the Rohingya issue, the report said that Xi wants to resolve it through the tripartite engagement of China, Bangladesh and Myanmar and, assured Beijing would always support Dhaka to this end.

Xi also expressed China's eagerness to help Bangladesh in the development of energy, renewable energy and infrastructure.&nbsp;

Bangladesh PM Hasina, meanwhile, sought Xi's help in the quick implementation of some Chinese-funded projects which are now stuck in a fund crisis. The Chinese president assured that he would look into the matter.

Hasina pointed out that the trade gap between Bangladesh and China will be reduced if some Chinese investments come to Bangladesh.

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Chinese President Xi Jinping told Bangladeshi Prime Minister Sheikh Hasina that China will always stay beside Bangladesh and will support it in joining BRICS. According to a report by The Daily Star on Thursday (August 25), Jinping gave assurance to Hasina on the sidelines of the 15th BRICS summit in Johannesburg.

Chinese President Xi Jinping told Bangladeshi Prime Minister Sheikh Hasina that China will always stay beside Bangladesh and will support it in joining BRICS. According to a report by The Daily Star on Thursday (August 25), Jinping gave assurance to Hasina on the sidelines of the 15th BRICS summit in Johannesburg. He also gave Hasina assurances of supporting Bangladesh in the Rohingya crisis, making Bangladesh a developed, prosperous Sonar Bangla and taking initiatives to quicken the signing of the Preferential Free Trade Agreement, as per the report. Addressing press on Wednesday, Bangladesh's Foreign Minister AK Abdul Momen said both Xi and Hasina invited each other to visit their respective countries, and they agreed to this. Regarding the Rohingya issue, the report said that Xi wants to resolve it through the tripartite engagement of China, Bangladesh and Myanmar and, assured Beijing would always support Dhaka to this end. Xi also expressed China's eagerness to help Bangladesh in the development of energy, renewable energy and infrastructure. Bangladesh PM Hasina, meanwhile, sought Xi's help in the quick implementation of some Chinese-funded projects which are now stuck in a fund crisis. The Chinese president assured that he would look into the matter. Hasina pointed out that the trade gap between Bangladesh and China will be reduced if some Chinese investments come to Bangladesh. 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.

China to support Bangladesh in joining BRICS, expedite signing of preferential free trade agreement

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping held a brief interaction on the sidelines of the three-day BRICS Summit meet which was held in South Africa at Johannesburg. According to an official statement from India's Foreign Secretary Prime Minister Modi and Xi Jinping discussed the border standoff at the Line of Actual Control(LAC).

BRICS 2023: PM Modi discusses unresolved border issues with Xi Jinping

In response to a claim made by the spokesperson for China's foreign ministry that Prime Minister Narendra Modi of India had requested that President Xi Jinping of that nation speak with him, Indian official sources have clarified that it was China that had made the request.

India-China talks during BRICS Summit: India denies that it approached China for the talks

The upcoming G20 New Delhi Summit assumes extraordinary significance as leaders from across the world converge in the midst of shifting power dynamics, notably amid a new Cold War between China and the USA. India, emerging as a powerhouse, takes center stage in this high-stakes international gathering. U.S. President Joe Biden, who will visit India next month to take part in the summit, has called India his "most important country in the world." Molly Gambhir tells you more

Gravitas: Biden's Charm Offensive: US Courts India Amid China's BRICS Power Play

Prime Minister Narendra Modi interacted with Xi Jinping on the sidelines of BRICS. The two leaders agreed to direct officials to expedite the de-escalation process. Molly Gambhir brings you a report.

Gravitas: PM Modi, Xi discuss LAC standoff during BRICS | 'De-escalate tensions'

PM Modi, Xi Jinping discuss border issues in Johannesburg

PM Modi, Xi Jinping address military de-escalation; leaders stress on need to improve ties | WION

Today is the third and final day of the BRICS Summit which is underway in Johannesburg, South Africa. On the second day of the summit, the manner and the nature of expansion of the grouping topped the agenda.

BRICS 2023: Indian PM Modi proposes BRICS Space Exploration Consortium

BRICS 2023: President Ramaphosa congratulates PM Modi for Chandrayaan-3

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