A South African BRICS council chapter official says trust, safeguards, connectivity and multilateral agreements are key to a unified BRICS payment system.
The 18th BRICS Summit in New Delhi will bring together member countries, including Indonesia, to discuss global issues, education, innovation, and cultural cooperation.
Russian President Vladimir Putin said Western countries are attempting to restore their dominant position in the global economy by creating obstacles to trade and transport links connecting BRICS countries with international markets.
BRICS expanded from five to eleven members, with Saudi Arabia remaining the main unresolved invitation ahead of the New Delhi summit.
Speaking at the BRICS Business Forum in New Delhi, Russian President Vladimir Putin said the global order has moved beyond the G-7 and highlighted BRICS countries’ growing economic and demographic weight.
India is trying to manage its role in the Delhi BRICS summit without antagonizing the United States, while experts warn that BRICS announcements on trade, payments, energy, or local currency could trigger renewed tariff threats.
BRICS finance ministers and central bank governors expressed serious concern over unilateral tariffs and trade restrictions, saying such measures threaten global trade and economic stability.
The Russian president said BRICS members are building equitable cooperation and proposed an investment platform to attract private capital into strategic sectors.
At the BRICS Business Council plenary session, Russian President Vladimir Putin said Russia faced 30,000 sanctions and highlighted BRICS’ contribution to global economic growth.
