WORLD ALL BUSINESS

PUTIN PROMOTES ECONOMIC UNITY AT BRICS SUMMIT IN KAZAN

PUTIN PROMOTES ECONOMIC UNITY AT BRICS SUMMIT IN KAZAN
Spread the love

Faith Nyasuguta

During the recent BRICS summit in Kazan, Russian President Vladimir Putin highlighted the significant economic opportunities within the member countries, calling for strengthened collaboration to counterbalance Western influence. The three-day summit gathered representatives from 36 countries, including prominent nations like China, India, the UAE, and South Africa. The discussions highlighted the perceived inadequacies of U.S.-led initiatives aimed at isolating Russia due to its involvement in Ukraine.

Originally comprising Brazil, Russia, India, China, and South Africa, the BRICS coalition has expanded to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia. Additionally, Turkey, Azerbaijan, and Malaysia have officially submitted applications for membership, with many other countries expressing interest in joining this growing alliance.

In his address, Putin pointed out that several BRICS nations are among the top global producers of grain, legumes, and oilseeds. To capitalize on this, he proposed establishing a BRICS grain exchange to create fair and reliable price indicators for these commodities. He emphasized that such an initiative would help ensure food security by protecting against negative external influences, speculation, and artificial scarcity of food items.

/Brookings/

The Kremlin has positioned BRICS as a rival to the Western-led global system, particularly in the wake of its military intervention in Ukraine in February 2022. Russia has intensified its outreach to Global South nations, advocating for the establishment of a new payment system as an alternative to the SWIFT banking network. This move aims to enable Moscow to bypass Western sanctions and engage in trade with its partners more freely.

The BRICS summit, characterized by the Kremlin as one of the most significant foreign policy events in Russia’s history, provided a platform for Putin to propose several key initiatives. Among these was the creation of a joint grain exchange and a BRICS investment platform. He also stressed the importance of a “balanced approach” to climate issues, advocating for climate agendas that do not hinder market competition.

“We suggest the creation of a new BRICS investment platform, which would serve as a robust mechanism for bolstering our national economies and providing financial support to nations in the global South and East,” Putin stated. This initiative aims to foster economic growth and stability within the BRICS member states and beyond.

The inclusion of new member countries such as Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia has significantly broadened the scope and influence of the BRICS alliance. With applications from Turkey, Azerbaijan, and Malaysia under review, the potential expansion indicates a growing interest in the coalition’s economic and political vision.

/Courtesy/

The summit also touched on the challenges and opportunities presented by climate change. Putin called for a balanced approach that addresses environmental concerns without stifling economic growth. This perspective is crucial for developing nations that seek to advance their economies while mitigating the impacts of climate change.

As BRICS continues to expand and attract new members, its role as a counterbalance to Western-led initiatives is likely to grow, shaping the future of international economic relations.

RELATED:

About Author

Faith Nyasuguta

Leave a Reply

Your email address will not be published. Required fields are marked *