plowunited.net – Russian President Vladimir Putin is optimistic that BRICS member countries will play a significant role in driving global economic growth in the upcoming years, attributing this to their size and relatively rapid development compared to Western countries.
Putin is set to host the BRICS summit in Kazan, Russia, from October 22 to 24.
“Countries in our alliance are fundamentally the engines of global economic expansion. In the future, BRICS will contribute significantly to the world’s GDP,” Putin remarked during a forum in Moscow, as reported by CNBC International on Monday (October 21, 2024).
He added, “The economic growth of BRICS nations will increasingly be less dependent on external influences or interventions. This is essentially about economic sovereignty.”
Russia is inviting other countries within BRICS to collaborate on reforming the global financial system and reducing the dominance of the US dollar.
China, India, and the UAE confirmed last Friday that their leaders will participate in the upcoming BRICS summit in Kazan.
Putin also mentioned that 30 countries around the globe have expressed interest in collaborating with BRICS. Next week’s summit will explore options for expanding the group further.
“The door is open; we are not preventing anyone from joining,” Putin stated to reporters from BRICS nations.
He highlighted several initiatives previously proposed by Russia in preparation for the summit. Including a shared cross-border payment system and reinsurance companies.
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Russian Financial Initiatives
Putin indicated that the group members are working on a financial messaging system akin to SWIFT that would be resistant to Western sanctions. Along with utilizing national digital currencies to fund high-potential investment projects both within and beyond BRICS.
He stressed that Russia’s financial initiatives for the summit signal a broader use of national currencies.0 While discussions on establishing a single currency for BRlCS remain in the early stages.
He urged the New Development Bank, the sole multilateral development institution functioning within BRICS, to invest in technology and infrastructure.
“As a development entity, the bank has provided an alternative to many Western financial mechanisms. We certainly aim to continue its expansion,” Putin noted.
Indonesia’s Interest in Joining BRICS
Following its participation in the BRlCS summit in August 2023. Indonesian President Joko Widodo confirmed that his administration is “reviewing and considering the possibility of joining the group,” according to an official statement.
In January 2024, news agency Antara reported that Foreign Minister Retno Marsudi stated that Indonesia is continuously assessing the potential of joining the trade alliance and weighing the advantages of such membership.
However, Minister Retno emphasized that Indonesia will proceed cautiously in this matter.
“Our foreign policy is always meticulously considered. Decisions are not made lightly. Therefore, at this moment, Indonesia is still evaluating the benefits of joining BRICS,” she remarked.
Meanwhile, last month, the Thai cabinet approved a draft letter indicating Bangkok’s intention to seek membership in BRICS, according to the South China Morning Post.
