This week, the Russian Federation convened the inaugural session of the newly augmented BRICS consortium, a pragmatic assembly of burgeoning economies with leaders agreeing an array of common projects ranging from a grain exchange to a cross border payments system.
The following compendium of responses from key officials and analysts shed light on the profound implications and significance of the assembly :Abebe Aemro Selassi, director of the African department (IMF) held that, an assessment of the International Monetary Fund and World Bank exhibits that several of the most influential and consequential participants in these institutions are in fact countries like India, Brazil & China among others. He further observed that the reputation and prominence of these nations have gradually escalated over time. Through his statement he negates the narrative framing the IMF & World Bank in opposition to the BRICS consortium.
John Stremlau who is a professor at the WITS University at Johannesburg says, “The point of BRICS, it depends who among the countries you ask. South Africa would say it affirms its non-alignment… I would also bet they see the summit in Russia as a ‘hedge’ as Trump could win in the United States and we all know he has a grudge against South Africa.”
ING Analysts Dmitry Dolgin & Chris Turner had claimed that the Russian President Putin seemed to have relegated the concept of a unified BRICS currency to a state of indefinite postponement. The focus has rather shifted on countering & diminishing the value of the US dollar, while concurrently advocating for the utilization of national currencies within the BRICS coalition wherever feasible.
The Greek Finance Minister, Kostis Hatzidakis on the other hand commented that the constituent countries have the autonomy to frame and arrangement that works the best for their respective national interests, and it’s simply impossible at their end to impose directives regarding their actions and prohibitions. The present scenario paints a picture of an increasingly interconnected global landscape, making international collaboration on matters of multinational concern a need of the hour. He added that It is incumbent upon all of us to fortify this cooperation, grounded in well-defined principles.
Hannah Raider, CEO of Development Reimagined Consultancy said that , the BRICS alliance is clearly indicating it’s disinterest in maintaining the prevailing global status quo, rather it is becoming more evident that the coalition particularly in light of its expanded membership is actively seeking avenues to redefine & reshape it’s collective identity and influence.
Interestingly, the framer of the term ‘BRIC’, Jim O’Neill, ex-Goldman Sachs Economist said that, from his perspective the impetus behind his discourse on the BRICS alliance was rooted in a recognition, as early as 2001 that there had been a gradual transition into a markedly more intricate global environment- one in which certain nations would emerge as significant power hotspots, despite maintaining diverse stance on political, social and cultural aspects. His contention was that such a shift could prove beneficial for all parties involved, provided that these nations could coalesce within a central forum for the coordination of global policies.
