Financial cooperation and BRICS expansion are on the table as Putin hosts Global South leaders
KAZAN, Russia — Russia’s President Vladimir Putin on Wednesday hosted China’s Xi Jinping, India’s Narendra Modi and other world leaders at a summit of the BRICS bloc of developing economies, part of the Kremlin’s efforts to challenge Western global clout.
The alliance that initially included Brazil, Russia, India, China and South Africa has expanded to embrace Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia. Turkey, Azerbaijan and Malaysia have formally applied to become members, and several others have expressed interest in joining. Russia has specifically pushed for the creation of a new payment system that would offer an alternative to the global bank messaging network SWIFT and allow Moscow to dodge Western sanctions and trade with partners.
He also proposed creating a new BRICS investment platform, saying that it could “become a powerful tool for supporting our economies, and would also provide financial resources to countries of the Global South and East.” On Wednesday, Xi emphasized the bloc’s role in ensuring global security. “We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform,” he said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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