Thursday, June 20, 2024

Sergey Lavrov, the Russian Foreign Minister, recently highlighted the growing interest in the BRICS alliance, revealing plans for its expansion in 2024 to include new members like the United Arab Emirates, Iran, and Saudi Arabia. He stated that around 30 nations are keen to form partnerships with BRICS. Concurrently, a significant currency swap agreement between China and Saudi Arabia, amounting to 50 billion yuan, has been interpreted as a challenge to the U.S. dollar’s global dominance.

Lavrov Announces Broadening Interest in BRICS Collaboration

In the current year, the BRICS group, comprising Brazil, Russia, India, China, and South Africa, has seen a surge in global interest as a key international organization. At the 15th BRICS summit in Johannesburg, the group invited several countries, including the UAE, Saudi Arabia, Argentina, Egypt, Ethiopia, and Iran, to join.

Lavrov, as reported by Russia’s TASS news agency, stated on Tuesday that in addition to welcoming new members next year, around 30 countries are eager to build partnership ties with BRICS. “We are witnessing a growing interest in the BRICS, with about 30 nations looking to establish partnership ties,” he said. “Our efforts will further solidify BRICS’s role as a cornerstone of a multipolar world order.” He also noted:

“Our agenda within BRICS will focus on ‘Enhancing Multilateralism for Fair Global Development and Security.’ More than 200 events spanning economic, political, and cultural themes are planned across over 10 Russian cities, culminating in the BRICS summit in Kazan next October.”

China-Saudi Currency Deal Seen as Challenge to US Dominance

Melissa Lawford of The Telegraph recently argued that the currency swap deal between China and Saudi Arabia, worth 50 billion yuan, could potentially undermine U.S. global supremacy. The agreement, which is set to last for three years with the option of renewal, aims to bolster financial collaboration, encourage the use of local currencies, and foster trade and investment, according to the People’s Bank of China.

Lawford’s analysis highlights President Xi’s apparent intention to challenge the dollar’s global hegemony. She also notes ongoing discussions among BRICS nations about creating a common currency for use in emerging markets.

Lavrov further mentioned that BRICS aims to expand initiatives like BRICS Plus and Outreach platforms, enhancing the bloc’s influence and cooperation with other countries and regions. This includes establishing trade deals and currency swaps.

What are your views on Lavrov’s statements and the editorial by The Telegraph on the China-Saudi Arabia currency swap deal? Please share your thoughts and opinions on this topic in the comments section.

Frequently Asked Questions (FAQs) about BRICS Expansion

What is the significance of the BRICS expansion in 2024?

The BRICS expansion in 2024 is significant as it includes new members like the UAE, Iran, and Saudi Arabia, indicating a growing interest in this intergovernmental organization and its influence on global economic dynamics.

How does the China-Saudi currency swap deal challenge the US dollar?

The China-Saudi currency swap deal, valued at 50 billion yuan, is seen as a challenge to the US dollar’s global dominance. It aims to strengthen financial cooperation and promote the use of local currencies in trade and investment, potentially reducing reliance on the US dollar.

What did Sergey Lavrov say about the interest in BRICS?

Sergey Lavrov, Russia’s Foreign Minister, stated that about 30 countries are interested in establishing partnership ties with BRICS, reflecting the bloc’s growing influence and the interest of various nations in collaborating with this alliance.

What does the BRICS expansion involve, according to the 15th summit?

According to the 15th BRICS summit, the expansion involves inviting countries like the UAE, Saudi Arabia, Argentina, Egypt, Ethiopia, and Iran to join the bloc, broadening its global reach and cooperative ventures.

What is the view of The Telegraph on the China-Saudi deal?

The Telegraph, through Melissa Lawford’s editorial, views the China-Saudi currency swap deal as a strategic move by China that threatens to topple American hegemony in the global financial system.

How does Russia plan to enhance BRICS’s role?

Russia plans to enhance BRICS’s role by hosting over 200 economic, political, and cultural events across more than 10 cities, culminating in the BRICS summit in Kazan. These efforts aim to strengthen multilateralism and equitable global development.

More about BRICS Expansion

  • BRICS Expansion and Global Impact
  • China-Saudi Currency Swap Deal
  • Sergey Lavrov on BRICS Growth
  • The Telegraph’s Analysis of Global Finance
  • Russia’s Strategy for BRICS Enhancement

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5 comments

Sarah K December 28, 2023 - 11:33 am

i’m not sure how i feel about this, it’s kinda scary to think about a new global power shifting, what does this mean for us?

Reply
Mike Johnson December 28, 2023 - 3:12 pm

This is huge news, really shows how the global economic landscape is changing, US dollar might not be the king for much longer!

Reply
CryptoQueen December 28, 2023 - 8:27 pm

Interesting to see how cryptocurrency isn’t the only thing challenging the US dollar, now it’s entire countries and blocs, 2024 is gonna be a wild year.

Reply
EconGuy December 29, 2023 - 1:20 am

The Telegraph’s take on the China-Saudi deal seems a bit dramatic, but it’s undeniable that there’s a shift happening in global finance, worth keeping an eye on.

Reply
James_84 December 29, 2023 - 3:32 am

Lavrov seems pretty confident about these new BRICS members, but will it really make a difference? need to see more to believe it.

Reply

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