China
Source: www.chinadaily.com.cn

The first BRICS meeting since the bloc's expansion was held in the Russian city of Nizhny Novgorod, where the grouping emphasized the need for a more equitable international system.

During the summit on June 10-11, top diplomats from the BRICS countries reiterated their commitment to multilateralism and upholding international law, and called for improving global governance by promoting a more effective and democratic international system. They also reiterated their commitment to assuring a greater participation of developing and least developed countries, especially those in Africa, in the global decision-making process.

The coming together of BRICS into the multilateral front will further open a window of opportunity for developing and least developed countries to access finance that has no strings attached to it. The New Development Bank (NDB) has started to positively impact development among countries including China, India, South Africa, Brazil, Bangladesh, Egypt, and the like. Critical public infrastructure is being expanded in the stated countries, ranging from connectivity and clean energy to water and sanitation.

While reaffirming their commitment to the BRICS spirit featuring mutual respect and understanding, equality, solidarity, openness, inclusiveness and consensus, diplomats in Nizhny Novgorod during the meeting in June also emphasized the central role of the United Nations in the international system. Diplomats participating in the meeting, including Ethiopia's Foreign Affairs Minister Taye Atskesilassie, emphasized the importance of revamping the United Nations, international financial, and security institutions while keeping developing countries' interests in mind.

"The Ministers voiced their support for a comprehensive reform of the United Nations, including its Security Council, with a view to making it more democratic, representative, effective and efficient, and to increase the representation of developing countries in the Council's memberships so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America, including BRICS countries, to play a greater role in international affairs," said a joint statement of BRICS foreign ministers released following the meeting.

The prestigious body, the UN, has matured to the age of 79 but has not yet opened its most important organ, the United Nations Security Council, to equal representation. In the UNSC seat where the decision of the organ must be obeyed by all member countries, regions such as Africa, and Latin America and the Caribbean have remained onlookers even on their own affairs. The 54 African countries and 33 Latin American and Caribbean countries adhere to the decisions of the UNSC that they have never participated as permanent members.

For a long, leaders of African countries, including Ethiopian Prime Minister Abiy Ahmed brought the issue to the attention of African leaders. For instance, on May 25, 2023, as the African Union turned digits to 60 years old, the prime minister made his point on the fact that the continent that more than a billion people call it home must secure its permanent seat in the UNSC.

Now that the BRICS sphere of influence is gaining traction across the length and breadth of our world, contributing to a more fair, balanced and democratic global order and bringing peace and security in an increasingly volatile world, the push for reforming the UN system has become inevitable. The bloc, entirely composed of developing countries, understands the true feeling of getting kept at the sidelines on pressing matters that affect millions of lives. For instance, about 36 percent of the UN peacekeeping missions have been mandated in Africa since the 1960s.

It is illogical, to say the least, to stay stubborn at a time when member states of the UN themselves are raising their voices to create a UN system that lives up to the 21st Century demands of the nations. The BRICS expansion, incorporating more members from Africa such as Egypt and Ethiopia, in particular, helps amplify the plea. The countries have already started to speak in unison to create an international system that is fair and balanced, and one which prevails justice for all.

Africa endured centuries of injustices, from the trans-African slave trade 15th C-19th to 19th century colonialism to the current marginalization at the UNSC in the 21st C. The BRICS will usher the continent on the path of equality among peers provided members' commitments continue unabated.

• The author is editor-in-chief of The Ethiopian Herald, a national newspaper in Ethiopia. The views do not necessarily reflect those of China Daily.

Russia
Source: duma.gov.ru

Parliamentarians of BRICS countries discussed prospects for strengthening inter-parliamentary cooperation

On July 11–12, St. Petersburg hosts the 10th BRICS Parliamentary Forum at the Tauride Palace. “The major difference of BRICS is its willingness to build relations on equal, mutually beneficial terms to improve the quality of life of the citizens of each BRICS member state,” emphasized Vyacheslav Volodin

The plenary session “BRICS Parliamentary Dimension: Prospects for Strengthening Inter-Parliamentary Cooperation” was held at the Tauride Palace in St. Petersburg as part of the events of the 10th BRICS Parliamentary Forum.

Building relations on mutually beneficial terms

“Over the years of its existence, the organization has turned into one of the largest economic centers that represent the interests of the world majority. Our countries represent more than a third of the world territories and 45% of the Earth’s population,” said the Chairman of the State Duma Vyacheslav Volodin at the plenary session.

According to him, the share of the BRICS states in global GDP at purchasing power parity has grown to 36.8%, exceeding the share of the G7 (29%), “and this gap will only increase.” He added that the three BRICS countries — China, India and Russia — are among the top 5 countries in terms of GDP at purchasing power parity.

“The major difference of BRICS is its willingness to build relations on equal, mutually beneficial terms to improve the quality of life of the citizens of each BRICS member state,” emphasized the Chairman of the State Duma.

In this regard, it is important, within the parliamentary dimension, to work more actively to implement the decisions taken by the leaders of the countries, to maintain a constant dialogue to bring cooperation to a new level, according to Vyacheslav Volodin.

“The agenda of our inter-parliamentary cooperation also includes issues of interaction in such fields as energy, science and new technologies, including artificial intelligence. It would be right to exchange lawmaking experience in these areas. The implementation of educational and scientific programs, the creation of joint research centers will help improve the efficiency of the economies of the BRICS member states,” added Vyacheslav Volodin.

Unity and multilateral dialogue

“The BRICS Parliamentary Forum is a vivid example of unity, mutual support, free multilateral dialogue, a symbol of the importance of parliamentary diplomacy in the coordinate system of interstate relations,” said the Speaker of the Federation Council Valentina Matvienko.
She expressed confidence that joint work at the 10th Parliamentary Forum would contribute to the preparation of the main event of the Russian chairmanship in BRICS — the summit which will be held in October in Kazan — and the proposals of parliamentarians would be taken into account.

The Chairman of the Standing Committee of the National People's Congress of China Zhao Leji in his speech emphasized that the parliaments of the BRICS member states made an important contribution to strengthening the strategic partnership of the member states of the organization.

“We should join our efforts at various levels and support each other, address together issues of common concern, and increase the level of trust between our countries,” he said.

“As for the legislative representatives, we should stand for multilateralism and common development, […] create an environment for entrepreneurship, contribute to conflict resolution, ensure joint harmonious cooperation, and develop artificial intelligence technologies,” said Zhao Leji.

The Speaker of the House of Representatives of the Arab Republic of Egypt Hanafy El Gebaly noted that the modern world faced a large number of serious challenges: from the threat of global conflicts to the climate change and migration issues.

“It is BRICS, a format of cooperation, that should breathe new life into the system of international cooperation and help [it] reach a new level,” emphasized Hanafy El Gebaly and added that the BRICS countries should help overcome global threats and ensure security at the international level.

“We have a responsibility to ensure that our legislative activities could help promote economic integration and create new opportunities for cooperation between our countries. It is necessary to remove all barriers and obstacles to trade, promote joint investments, provide opportunities for the development of infrastructure, and the development of advanced technologies,” added the Speaker of the House of Representatives of the Arab Republic of Egypt.

Agegnehu Teshager, Speaker of the House of Federation of the Federal Democratic Republic of Ethiopia, recalled that his country had joined BRICS earlier this year.

“We would like to declare our readiness to play a constructive role in contributing to the development of interpersonal ties at the BRICS level and the development of all mechanisms of cooperation within its framework. This also applies to interparliamentary relations,” he added.

Exchange of legislative experience

“Inter-parliamentary cooperation will play a very important role in implementing the BRICS agenda,” said the Speaker of the Lok Sabha of the Parliament of the Republic of India Om Birla.

“We should share our best practices, our experiences, to bring prosperity for everyone,” emphasized Om Birla. “We can strengthen inter-parliamentary cooperation and make it more effective. Our parliaments can play a very important role in solving regional and global problems by creating strong institutions and enhancing inter-parliamentary cooperation, using modern technologies and building relations between people,” he added.

Mohammad Bagher Ghalibaf, Speaker of the Islamic Consultative Assembly of the Islamic Republic of Iran, said that many countries wanted to join BRICS. “We intend to resolve international disputes and conflicts together on an equal basis,” he emphasized.

He also noted enormous pressure of the Western states on Iran's economy. “We seek to de-dollarize BRICS, by using national currencies in mutual payments,” said Mohammad Bagher Ghalibaf.
“If we want to avoid a unilateral approach and achieve multilateralism, we should harmonize our legislative frameworks and build closer economic cooperation and political dialogue, stand for the rule of law,” he said.

According to the First Vice President of the Federal Senate of the National Congress of Brazil Veneziano Vital do Rêgo Segundo Neto, Brazil considers BRICS as an indispensable tool for reforming the international system of relations, which “will allow countries to develop, play a more important role, by reforming and strengthening the institutions of global governance and making them more capable of dealing with the great challenges of the 21st century.”

“We appreciate the opportunity to exchange best practices and experience, as well as to cooperate constructively with the BRICS member states to achieve common goals,” said Veneziano Vital do Rêgo Segundo Neto.

“Closer inter-parliamentary cooperation will also allow us to exchange best practices in the interests of the BRICS member states. Our main goal within the BRICS framework is to adopt laws that would contribute to the achievement of BRICS goals in all areas,” said Sara Mohammad Falaknaz, member of the Federal National Council of the United Arab Emirates, coordinator on BRICS affairs.
“This includes economic cooperation, technological development, culture, security, knowledge dissemination, capacity building, and personnel training. We should work closer with our BRICS partners for shared prosperity and overcoming the challenges we face,” she added. “We need to create a BRICS+ geopolitical group at the Inter-Parliamentary Union, which will allow us to speak with a single voice,” the parliamentarian also emphasized.

The meeting participants also signed a protocol to the Memorandum of Understanding on the BRICS Parliamentary Forum. “The document reflects our common vision of the substantive, organizational, procedural aspects of our forum’s activities for our further work,” said Valentina Matvienko.

On July 11–12, St. Petersburg hosts the 10th BRICS Parliamentary Forum at the Tauride Palace. As part of the events of the Forum, parliamentarians will discuss the role of parliaments in enhancing the efficiency of the system of international relations and ensuring its democratization, issues of countering the fragmentation of the multilateral trading system and the results of global crises. Aspects of inter-parliamentary humanitarian and cultural cooperation will also be discussed
at the meetings.

The Russian Federation chairs BRICS in 2024.

China
Source: english.news.cn

ST. PETERSBURG, July 12 (Xinhua) -- China's top legislator Zhao Leji attended the 10th BRICS Parliamentary Forum here and delivered speeches at the event.

Zhao, chairman of China's National People's Congress (NPC) Standing Committee, said at the plenary session of the forum on Thursday that the legislative bodies of the BRICS countries have maintained long-term friendly cooperation and played an important role in deepening the BRICS strategic partnership.

This year's forum, which ran from Thursday to Friday, is the first parliamentary forum held after the expansion of the BRICS membership, which reflects the strong momentum of seeking strength through unity among member of the Global South and their firm will to seek common development, he said.

Zhao stressed that the legislative bodies of BRICS should, based on their functions, promote the BRICS spirit of openness, inclusiveness and win-win cooperation, consolidate BRICS unity, promote pragmatic cooperation, and promote the high-quality development of the BRICS cooperation mechanism.

During his speech at the plenary session in the expanded format of the forum on Friday, Zhao said that Chinese President Xi Jinping proposed the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the building of a community with a shared future for mankind, which have been widely praised and supported by the international community.

"In the face of opportunities and challenges, we must uphold fairness and justice to safeguard world peace and security, uphold the sharing of results to promote common prosperity among countries, uphold openness and inclusiveness to promote exchanges and mutual learning among civilizations," Zhao said.
He added that China is willing to work with BRICS partners and other developing countries to carry forward the Five Principles of Peaceful Coexistence, and shoulder the mission of the times in building a community with a shared future for mankind.

The theme of this year's forum is "The Role of Parliaments in Strengthening Multilateralism for Just Global Development and Security." Russian President Vladimir Putin delivered a keynote speech at the plenary session in the expanded format of the forum on Thursday.

The forum approved the Protocol to the Memorandum of Understanding on the BRICS Parliamentary Forum and adopted a joint declaration.

Zhao also met with Egyptian House of Representatives Speaker Hanafy Ali al-Gebaly, and Maulen Ashimbayev, Kazakhstan's Senate Chairperson respectively on the sideline of the forum. ■

Russia
Source: infobrics.org

Tatiana Bokova, Intern of the Russian National Committee on BRICS Research – special for InfoBRICS

Russia and India are long-standing partners, and their cooperation since the signing of the Treaty of Friendship and Cooperation between the Russian Federation and the Republic of India in 1993 and the Declaration on Strategic Partnership between the Russian Federation and the Republic of India in 2000 has acquired a qualitatively new character. The states have maintained a strategic partnership over the years despite geopolitical changes. Both sides have set a bilateral investment target of $50 billion by 2025. Russia has become India’s largest supplier of crude oil, especially since the start of the conflict in Ukraine. India is a major supplier of pharmaceuticals to Russia. Russia is building a six-unit nuclear power plant in India, two of which have already been commissioned and two more are nearing completion.

Currently, both sides are interested in developing such promising areas as military-technical cooperation, nuclear energy and outer space. Undoubtedly, Russia and India cooperate in other areas, including politics, security, trade and economy, defence, science and high technology, as well as coordinating positions in multilateral formats. Cultural interaction between the economies is considered as the basis, which is manifested in the commonality of fundamental values of the peoples of the two states.

According to Russia’s Minister of Culture, Olga Lyubimova, the cultural cooperation between Russia and India serves as a conduit for the exchange of ideas and values between the two countries. This collaboration transcends the mere exchange of art and literature, as it encompasses a broader spectrum of cultural interactions.

Within the framework of the India-Russia Strategic Partnership, various institutionalised mechanisms are in place to ensure regular interaction and thereby enhance the level of cooperation between the states. An annual summit is held between the Prime Minister of India and the President of the Russian Federation, during which the parties sign important agreements and documents covering collaboration in nuclear energy, defence, security, trade, science, technology, etc. Bilateral cooperation mechanisms should also include those that directly coordinate Russian-Indian relations in the cultural and humanitarian sphere. Among them are the Russian-Indian Working Group on Culture and Tourism, the Russian Centres of Science and Culture in India, the Jawaharlal Nehru Cultural Centre at the Embassy of India in Russia, and Rossotrudnichestvo's representative offices in India. For instance, the Jawaharlal Nehru Cultural Centre maintains close cooperation with leading Russian institutions including the Moscow Institute of Philosophy, Literature and History, the Russian State University for the Humanities, the Moscow Institute of Oriental Studies, etc., and conducts monthly yoga, dance, music and Hindi classes for about 500 students. In 2022, this centre organised a number of cultural events to mark the 75th anniversary of India's independence and the 75th anniversary of India-Russia diplomatic relations.

In May 2023, New Delhi hosted a face-to-face meeting of the Working Group on Culture of the Intergovernmental Russian-Indian Commission. At this meeting, the parties engaged in discussions pertaining to the principal areas of cultural collaboration, including projects in the library sphere, the development of contacts in the field of creative education, and the advancement of museum and film development. The participants highlighted the importance of implementing the major project for cooperation, which involves exchanging cultural festivals. They also discussed their experiences and successful methods in building museums at the International Museum Expo 2023.

To facilitate this twofold process, scholarships and exchange programs have been established, providing financial assistance and creating opportunities for students to immerse themselves in each other's cultures. These initiatives are often supported by government policies and bilateral agreements, ensuring sustained engagement. For example, in January 2024, as part of the Rossotrudnichestvo programme, a teleconference took place between students of Lermontov School No. 1 in Pyatigorsk, Russia, and Vinayak Ganesh Vaze College of Arts, Science and Commerce in Mumbai, India. Vinayak Ganesh Vaze College of Arts, Science and Commerce in Mumbai, India. The participants learnt about each other's culture, history and traditions, and exchanged information about their education, interests and life plans.

The preservation of cultural heritage is another cornerstone of Russia-India cooperation. Joint efforts in restoring and preserving historical monuments and sites in both countries demonstrate a shared respect for cultural history. For instance, Russian experts have been involved in the restoration of ancient Indian temples, while Indian archaeologists have participated in projects to preserve Russian heritage sites. This collaborative approach extends to cultural festivals and exhibitions. The recent exhibition of Indian artifacts at the State Hermitage Museum in Saint Petersburg and the display of Russian art at the National Museum in New Delhi are prime examples. These exhibitions not only showcase the rich cultural heritages of both nations but also promote intercultural dialogue.

Besides education, Russia and India pay attention to other areas of cultural cooperation. At the ministerial level, they discuss the implementation of projects in library, museum and cultural education, as well as mutual holding of festivals of culture, cinema, dance, theatre, photography and other thematic seminars and conferences. Moreover, every year Rossotrudnichestvo tries to organise performances of creative vocal, choreographic, musical and theatrical groups within the framework of various festivals, as well as programmes dedicated to the Days of Russia, Slavonic Script and Culture, etc. Events related to the annual Russian and Indian Culture Days, the Russian in India and Indian in Russia Years, the Russian and Indian Film Days, the Tourism Years and others strengthen the role of cultural diplomacy between the States. For instance, the annual Russian Film Festival in India has become a cornerstone of this cultural exchange, offering Indian audiences a window into Russian society through the lens of cinema. This festival features a diverse array of Russian films, ranging from classic masterpieces to contemporary works, thereby promoting Russian culture and artistic achievements.

In 2023, Russian First Deputy Minister of Culture Sergey Obryvalin met with Indian Deputy Minister of Culture Minakashi Lekhi and expressed the common vision of the two countries to cherish culture and develop international cultural cooperation. Russia invited India to participate in the United Cultures Forum in St Petersburg in November 2023. The two sides discussed prospects for further expansion of cultural ties, including exchange of national cultural festivals and cooperation in film industry. Last year, the United Russia party also organised events at its regional headquarters to introduce Russians to the culture and traditions of friendly countries like India. These cultural programmes included workshops, presentations of national cuisine and festivals and helped strengthen cultural ties between Russia and India. Such activities are part of the Cultural Issue project, which covers 28 regions of Russia.

Thus, holding such events is aimed at strengthening cultural ties between Russia and India, as well as broadening horizons and enriching people’s knowledge of other countries. These activities also serve as a signal to other BRICS+ and friendly countries to support culture and traditions.
Currently, there are certain deficiencies in cultural co-tourism that obstruct the advancement of Russia and India to a new level in this realm. Geopolitical considerations loom prominently over collaborative endeavors. Historical alliances, regional dynamics, and global political shifts collectively shape the parameters of cooperation. In the context of shifting geopolitical dynamics, diplomats must demonstrate skillful navigation and adeptly align priorities to strike a balance between national interests and international cooperation.

Funding and resource allocation pose substantial challenges. Securing adequate resources for cultural initiatives and educational programs amidst competing national priorities requires innovative funding mechanisms and robust public-private partnerships. Sustainable investment in cultural diplomacy is indispensable to ensure the longevity and efficacy of collaborative initiatives.

Bureaucratic hurdles add layers of administrative complexity. Procuring visas for artists, scholars, and performers entails negotiating intricate bureaucratic processes, demanding meticulous planning and adherence to regulatory frameworks. Coordinating logistics for exhibitions, performances, and academic exchanges similarly encounters administrative bottlenecks, necessitating adept navigation of bureaucratic landscapes to facilitate seamless cultural interactions.

Strengthening ties in higher education is crucial, necessitating the expansion of partnerships with Indian institutions through various means, such as teacher and student exchanges, as well as joint conferences and seminars. Numerous experts also emphasize the necessity of enhancing academic interaction and organizing periodic expert conferences on foreign policy and politico-military matters, both bilaterally and multilaterally. This is particularly essential within the SCO, RIC, and BRICS frameworks.

The cultural cooperation between Russia and India holds immense promise, with significant potential for enriching both nations. Through vibrant cultural exchanges, both countries can celebrate and share their rich traditions in art, literature, music, and dance. Institutions, such as the Russian Center of Science and Culture in New Delhi and the Indian Cultural Center in Moscow, play a pivotal role in facilitating these exchanges, fostering mutual understanding. The prospects for joint initiatives in preserving cultural heritage are particularly promising. Collaborative efforts in conserving historical sites, digitizing ancient manuscripts, and revitalizing traditional art forms can not only secure cultural identities, but also stimulate tourism and economic development. Furthermore, literary and artistic collaborations, including translation projects and film co-productions, can enrich the cultural landscapes of both countries and promote cross-cultural dialogue.

In conclusion, it seems inevitable that the existing cultural cooperation between Russia and India will undergo a period of considerable expansion, driven by a shared commitment to celebrating and preserving their rich cultural heritage. By capitalising on their historical connections and promoting inclusive cultural interactions, both states can enhance their bilateral relationship and contribute to a more interconnected and culturally diverse global community.

Turkey
Source: www.yenisafak.com

Russian President Vladimir Putin said on Thursday that the economic bloc BRICS may establish its own parliament in the future.

Addressing participants at the 10th BRICS Parliamentary Forum in St. Petersburg, Putin said regular meetings of lawmakers from BRICS countries will help the process of establishing a parliament.
"BRICS does not yet have its own institutionalized parliamentary structure. But I believe this idea will be realized in the future. Your forum, I am sure, will contribute to this," he asserted.

The Russian president praised lawmakers' efforts to forge ties between BRICS member countries and to address socioeconomic development issues, improve the well-being of nations, reduce international tension, and form "a more just, democratic, multipolar, and multilateral world order."

"The emergence of a world order reflecting the real balance of power and the new geopolitical, economic, and demographic reality is a complex process, often painful. This is primarily due to fierce resistance from the ruling elites of the so-called 'golden billion' states," he said.
Putin highlighted the pressure on those with independent positions, arguing that forceful coercion, unilateral sanctions, selective application of trade rules, and blackmail are being used contrary to international law.

Meanwhile, BRICS prioritizes positive changes in the global economy, focusing on boosting the share of national currencies in trade and investment, and developing safe and reliable financial instruments and mutual settlement mechanisms, he added.

On the sidelines of the forum, Putin held separate meetings with the heads of the Chinese and Tanzanian parliaments, Zhao Leji and Tulia Ackson, respectively.

BRICS, founded in 2009 with Brazil, Russia, India, and China, added South Africa in 2011, expanding its name, formed from the first letters of names of the founder countries, to BRICS.
Last December, six more countries joined the group, but it decided to keep its existing name.

South Africa
Source: www.iol.co.za

Official delegations from South Africa, Russia, the United Arab Emirates (UAE), Brazil, China and Egypt participated in an international seminar that was dedicated to human resource development in the energy sector held in Obninsk, Russia.

The event was organised with the support of the Russian Ministry of Energy and Rosatom.

One of the themes of the seminar was a discussion of human resources development in the BRICS countries in the context of The Energy Transition Research compiled in 2023 under the chairmanship of South Africa.

“It is obvious that the BRICS countries have different energy balances and different access levels to energy resources. At this point, the staff training needs for the energy industry are different in each country,” the Deputy Minister of Energy of the Russian Federation Anastasia Bondarenko said.

“At the same time, the BRICS countries have many similar goals and difficulties in the labour market development and staff training areas, and this opens up the potential of our cooperation extension. I am confident that together we can achieve significant success in any direction.“

Nelisiwe Nhlapo, project manager, South African National Energy Development Institute (SANEDI) said that BRICS countries are world leaders in the workers’ quantity in all energy sectors. In the renewable energy sector (RES) they make up 50% of employees while 80% of employees are in the coal sector.

The major challenges that the BRICS countries face today are:
– the ageing of working staff in the traditional energy sector
– difficulties in transferring experience to the younger generation
– the need to develop specialised skills among young people.

It is of great importance to unite countries in the scientific research, standardising qualifications, and disseminating exchange for students and teachers, creating mutual programmes in energy education.

The BRICS delegations also presented their national strategies for skills development in the energy sector.
The delegation from SA spoke on the experience of the sectoral education system. More than 20 SA educational institutions of various industrial areas have been created to develop specific hard and soft skills.

The UAE delegation laid out the primary areas of education that are in demand in the context of the energy transition.

This includes expertise in renewable energy, energy efficiency, engineering and design, digital skills, project management, regulatory frameworks, research and development, public education, and specialised technical skills.
The Brazilian delegation spoke about specialised targeted student courses, graduates and professionals in the fuel and energy sector on renewable energy sources, biofuels, labour safety, environmental protection and others.

The Egyptian delegation presented the Ministry of Petroleum and Mineral Resources experience programmes for mid-level and senior managers in the energy sector, a leadership development programme and an energy efficiency training programme.

Gulnara Bikkulova, Deputy General Director of the International Initiatives and Partnerships Block of the Rosatom Corporate Academy, shared the experience of the Russian nuclear industry.
Bikkulova gave a snapshot of the Russian energy sector with 2.6 million working staff. The average age of employees is 42 years, women account for 26% of total personnel.
Rosatom is doing a lot of work within the human resources development ecosystem to improve these indicators.

Inter alia, the company involves the youth into the industry by cooperating with 250 Rosatom schools and 21 partner universities. The special attention is paid to issues of gender balance:

The Corporate Academy has launched the Invisible Force women’s leadership programme and is assisting schools in teaching technical disciplines to female students.

BRICS cooperation provides tangible benefits for South Africa in the fields of research and innovation, energy, health, and education cooperation.

As South Africa moves towards a low-carbon development path that is inclusive and sustainable, BRICS membership will give the country access to policy and technical expertise of partner economies to accelerate SA’s industrialisation as well as meet Fourth Industrial Revolution aspirations.

UAE
Source: www.sharjah24.ae

Sharjah 24 – WAM: The delegation of the Parliamentary Division of the Federal National Council (FNC), led by Ali Rashid Al Nuaimi, Chairman of the Defence, Interior and Foreign Affairs Committee in FNC, participated in the second day of the 10th BRICS Parliamentary Forum in Saint Petersburg, Russia.

The delegation included FNC's members Sarah Falaknaz, Marwan Obaid Al Muhairi, Ahmed Mir Hashim Khoori, and Afra Rashid Al Basti, Deputy Secretary-General of Parliamentary Communication at the FNC.

During the discussion on “The Role of Parliaments in Confronting the Disintegration of the Multilateral Trading System and Overcoming Threats Related to the Outcomes of Global Crises,” Marwan Al Muhairi emphasised the crucial role of parliaments in addressing challenges and fostering a cooperative global environment.

He highlighted the importance of supporting multilateral institutions, such as the World Trade Organization (WTO), and stressed the need to strengthen these institutions and ensure they receive the necessary resources and funding to uphold the principles of free and fair trade.

India
Source: www.hindustantimes.com

NEW DELHI: Lok Sabha Om Birla on Thursday pitched for reforms in the United Nations Security Council and emphasised that parliaments could play a key role in “advancing the agenda of progress and sustainable development.”

“BRICS member countries represent the interests of developing countries and in this context, we have collectively emphasised the need to reform international organisations such as the United Nations Security Council, World Trade Organization, and to make global governance more democratic,” Om Birla told the 10th BRICS Parliamentary Forum at St. Petersburg, his first foreign visit after getting re-elected as the presiding officer of the Lok Sabha.

Birla was speaking at the forum’s first plenary session on the theme of “The BRICS Parliamentary dimension: prospects for strengthening inter-parliamentary cooperation”.

Birla also welcomed the four new members -- Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates -- into the BRICS Parliamentary Forum, saying India believes that the addition of new members to the BRICS family will not only strengthen BRICS as an organisation but will also give impetus to our future efforts towards a better and sustainable future.

“As members of our parliaments, we can play an important role in advancing the agenda of progress and sustainable development. Under parliamentary diplomacy, we exchange ideas, innovative laws and best practices through inter-parliamentary forums such as the BRICS Parliamentary Forum, Commonwealth Parliamentary Association (CPA) and Inter-Parliamentary Union (IPU),” he said.

“Inter-parliamentary cooperation is vital to promote inclusive growth. Parliaments play a central role in protecting the interests and expressing the concerns of emerging markets and developing countries and the role of the BRICS Parliamentary Forum should be seen in this light. We are happy that today BRICS is striving to establish a more inclusive global governance system,” Birla added.

The speaker added that climate change, inclusive socio-economic development, food and nutrition security, and attainment of SDG goals are challenges for the present world whose immediate solution is necessary to secure the common future of humanity. “The role of our parliaments and mutual cooperation among them is very important in formulating the necessary policies and programs to achieve these and in monitoring their implementation,” he added.

Russia
Source: en.kremlin.ru

The session’s theme is The Parliamentary Dimension of BRICS: Prospects for Strengthening Inter-Parliamentary Cooperation.
* * *
President of Russia Vladimir Putin: Ms Matviyenko, Mr Volodin, friends.

Dear guests,

I am delighted to welcome the participants and organisers of the 10^th BRICS Parliamentary Forum.
Also present here in this room is our distinguished guest, President of the Inter-Parliamentary Union Tulia Ackson. Ms Ackson, we consider your participation in the forum as a sign of support for the constructive partnership among representatives of legislatures in the countries of the Global South and East, and indeed, of all countries interested in constructive interaction and cooperation, and their initiatives on key issues on today’s international agenda.

The theme of this forum, The Role of Parliaments in Strengthening Multilateralism for Just Global Development and Security, is extremely important. It speaks for itself, highlighting the nature of the fundamental global transformations underway today.

Your open discussions, the face-to-face conversations between legislators representing their voters fully align with the principles that underpin BRICS philosophy. These include consideration of each other’s interests, reliance on democracy in international relations, respect for sovereignty of nations and their right to determine their own development trajectories.

These principles are close and understandable to all states parties of the BRICS group, which is growing rapidly and gaining a qualitatively new influence on the global dynamics and developments.
Again, parliamentary dialogue, including within the BRICS framework, is more important today than ever. After all, as speakers for the interests of your peoples, as representatives of their political and national will, you are keenly aware of the genuine demands, sentiments and needs of millions, or even billions of people on our planet.

I am confident that you will make a significant contribution to the socioeconomic progress of the BRICS countries, and to their citizens’ prosperity. And you will certainly do your utmost to reduce international tensions, to create a more just, democratic, multipolar and multilateral world.
We understand very well that formation of a world order that reflects the real balance of forces and the new geopolitical, economic and demographic reality is a complicated and, unfortunately, even painful process – mainly because the efforts of the BRICS members and other developing countries are facing fierce resistance from the ruling elites of the so-called “golden billion” states.

Acting contrary to historical logic and often to the detriment of the long-term interests of their own nations, they seek to cement a certain order based on their own so-called rules that nobody has ever seen, discussed or adopted. These rules are written or corrected every time anew, to suit every specific situation and in the interests of those who consider themselves exceptional and arrogated the right to dictate their will to others. This is classical colonialism at its best, a clear attempt to replace legitimate international law and monopolise the ultimate truth – and this monopoly is destructive.

The pressure on those who have their own stance is growing. Contrary to the principles of international law, they are using force and coercion, unilateral sanctions, selective application of trade rules, and blackmail.

We have seen attempts to restrict direct contacts between lawmakers, which goes against the principle of free interparliamentary cooperation and the sovereign right of official representatives of every state to protect their national interests.

That is why today the significance and relevance of collective work by people’s representatives on the constructive agenda of our association are rising dramatically.

Let me remind you that the main goal of Russia’s BRICS Chairmanship this year is to create the most favourable conditions for consistent development of all its members. I am convinced that, by acting together in unity, we will be able to fulfill our countries’ potential in the economy, investment, technology, and human capital; to strengthen the positive impact of BRICS on global developments and make the world safer and more harmonious.

This year, the number of BRICS members has reached ten. Every state is unique and carries its centuries-old culture, customs and traditions, building its own model of socio-economic and political development. Russia is taking every effort for new members to smoothly fit in the multi-faceted mechanisms of BRICS.

I have repeatedly said that BRICS is one of the key elements of the emerging multipolar international system, which increasingly reflects the interests and aspirations of the states of the Global South and East, and other supporters of our philosophy around the world – there are many of them, and their number is growing.

We are open to greater cooperation with all countries interested in the BRICS agenda; we are engaged in a dynamic dialogue in the BRICS Plus/Outreach format, and we are in the process of creating the Partner States category.

One of the association’s priorities is to achieve positive changes in the global economy. We are specifically focusing on increasing the share of national currencies in trade and investment, as well as creating safe and reliable financial instruments and mechanisms for mutual payments.
Growing humanitarian and cultural contacts also play a special role in establishing more trusting, strong and long-term bonds between states.

Colleagues and friends, I would like to take this opportunity to invite you to Russia, to the 10^th milestone St Petersburg International Cultural Forum, which will be held on September 12–14. As always, the meeting will feature an informative and candid conversation on the most important issues of the global cultural and humanitarian agenda, and our northern capital, St Petersburg, where we are now, will once again welcome guests from BRICS countries as well as all countries that seek to cooperate with each other.

Friends, ladies and gentlemen! We are now past the midpoint of the Russian BRICS Chairmanship. Work is in full swing across the board, covering various areas of cooperation including politics and security, economy and finance, and cultural and humanitarian ties, which I have just mentioned.
For example, we have launched regular mechanisms of cooperation in transport and nuclear medicine. The BRICS Sports Games have been a success, with athletes from 82 countries competing for 387 sets of medals.

We are going to further increase the pace of our progress. We have many more events planned before the BRICS Summit in October.

Once again – openness, justice and equality are the principles that unite the BRICS countries. And parliamentary forums and conferences play a truly enormous role in promoting these principles in global affairs.

True, BRICS does not have its own official parliamentary organisation at this stage, but I believe that this idea will definitely be materialised somewhere down the road. And I am sure that your forum will contribute to this.

Most importantly, such meetings have already proved to be an example of trust, mutual support and free dialogue; they promote the organisation’s status and its global influence.

Allow me to wish you every success, and have a rewarding discussion at the forum. I really do hope that you will also have time to admire St Petersburg; it is a source of pride for Russia and definitely a gem of global cultural heritage.

All the best to you and thank you for your attention. Thank you very much.

Iran
Source: nournews.ir

Iran ready to meet BRICS energy demands, says senior MP

A senior Iranian lawmaker has said the Islamic Republic is prepared to supply BRICS member states with oil and gas to meet their growing energy demands.

Rouhollah Mousavi of the Iranian Parliament's Internal Affairs and Councils Commission, who is in Russia to attend a BRICS parliamentary forum, told IRNA in an interview that Iran is capable of selling oil and gas to BRICS countries in exchange for banking and trade services.

Mousavi said that during the two-day visit to Russia led by Parliament Speaker Mohammad Baqer Qalibaf, the Iranian parliamentary delegation held meetings with delegations of other BRICS countries.

In those meetings, the MP added, the Iranian delegation called for the expansion of banking and trade exchanges within BRICS, while also stressing the need for the de-dollarization of economic transactions.

Mousavi stated that Iran's membership in BRICS is mutually beneficial for both Iran and the other emerging economies in the alliance.

He explained that Iran, given its abundant resources, can provide oil and gas to the BRICS countries to meet their energy needs, and in return, other member states can take steps to meet Iran's needs in various banking and trade exchange sectors.

BRICS countries are influential in the global economy as they account for 40% of the world's population, 30% of global GDP, and 17% of world exports, the Iranian parliamentarian asserted.

Russia
Source: mid.ru

Colleagues,
Friends,

I am delighted to welcome the organisers and participants of the traditional Forum of BRICS Sister Cities and Municipalities.

This year, the forum is being held in the Nizhny Novgorod Region and its capital, Nizhny Novgorod, which are known for their history and hospitality. Today, the region, just like the whole of Russia, is demonstrating its openness to the world and its readiness to develop foreign relations based on the principles of respect, equality and mutual advantage.

Russia, which holds BRICS Chairmanship this year, is working to build up comprehensive strategic partnership within this association. We are paying priority attention to humanitarian cooperation and contacts between people.

Interaction between cities and municipalities has a big role to play in these efforts. It has recently been growing in terms of scope and, more importantly, quality. Plans for this year include many relevant events, which will certainly make a substantial contribution to the development of interregional cooperation within BRICS.

One such event is the Forum of Sister Cities and Municipalities. Over the past years, it has become an effective platform for developing dialogue between regional and municipal authorities, which has led to the establishment of sister city relations between many of them.

The accession of new members to BRICS on January 1, 2024, has considerably increased the potential of this mechanism. It offers new opportunities for exchanging experience on the key aspects of urban life, in particular, urban construction, local self-government and law-making, social protection, security and other essential topics.

During this forum, you will discuss vital issues such as enhancing the quality of city life, the economic development of municipalities, modern urban architecture, the digitalisation of urban environment, as well as various aspects of the ecology, education, culture, sport and youth exchanges. The Russian participants have considerable experience they can and will share in all these spheres.

A cultural programme is an integral part of this event. I am sure that you will enjoy learning about the region’s history and architecture and the crafts of our country.

There is no doubt that your forum will be held in a business-like and friendly atmosphere, which will help you establish useful contacts, discuss promising joint projects, as well as strengthen friendship and trust between our nations.

I wish you fruitful discussions and all the best.

USA
Source: watcher.guru

The US Treasury Secretary Janet Yellen has once again admitted that sanctions affected the US dollar. She testified on Tuesday before the House Financial Services Committee on how to protect the status of the US dollar. Yellen raised concerns about the US pressing sanctions on Russia in 2022 that led BRICS to kick-start the de-dollarization agenda. She said that “the more sanctions the US impose, the more countries (BRICS) will seek financial transaction methods that do not involve the US dollar”.

The Treasury Secretary revealed that sanctions led to more developing countries seeking alternative options to the US dollar. BRICS took advantage of the situation and is now on a world tour convincing developing countries to use local currencies.

When the US weaponized the dollar, BRICS mobilized like-minded countries and rallied them to use local currencies for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

The tit-for-tat option played significantly well and now several other developing nations want to pursue the de-dollarization route. The development will weaken the international position of the US dollar and bolster the local currencies. “This will have a certain impact on the international status of the US dollar. In the short term, the position of the US dollar should remain stable, but over time, its position may weaken,” said Zhao Qingming, a Beijing-based financial expert.

BRICS has made the de-dollarization initiative a long-term agenda with several trade potshots against the US dollar. Countries in Asia, Africa, South America, and Eastern Europe are looking to join the de-dollarization bandwagon. The US dollar remains at the crosshairs of a paradigm shift that could see it sit in the backseat of the global economy.

USA
Source: investingnews.com

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.
The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023 one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the United States and global economies.

It's still too early to predict when a BRICS currency will be released, but it's a good time to look at the potential for a BRICS currency and its possible implications for investors.

Why do the BRICS nations want to create a new currency?

The BRICS nations have a slew of reasons for wanting to set up a new currency. Recent global financial challenges and aggressive US foreign policies have prompted the BRICS countries to explore the possibility. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

When will a BRICS currency be released? There's no definitive launch date as of yet, but the countries' leaders have discussed the possibility at length. During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a "new global reserve currency," and are ready to work openly with all fair trade partners.

In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

In the lead up to the 2023 BRICS Summit last August, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however.

"The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency," Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

South Africa's BRICS ambassador, Anil Sooklal, has said as many as 40 countries have expressed interest in joining BRICS. At the 2023 BRICS Summit , six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. All but Argentina officially joined the alliance in January 2024.

In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, according to Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia-Islamic World: KazanForum in May 2024.

Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China's yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan, India refused to use anything other than the US dollar or rupees. Russia is struggling to use its excess supply of rupees.

Will BRICS have a digital currency?

BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. Known as the BRICS Bridge multisided payment platform, it would connect member states' financial systems using payment gateways for settlements in central bank digital currencies.

The planned system would serve as an alternative to the current international cross-border payment platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which is dominated by US dollars.

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said in an interview with Russian news agency TASS.
What would the advantages of a BRICS currency be?

A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

A new BRICS currency would also:

• Strengthen economic integration within the BRICS countries
• Reduce the influence of the US on the global stage
• Weaken the standing of the US dollar as a global reserve currency
• Encourage other countries to form alliances to develop regional currencies
• Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

How would a new BRICS currency affect the US dollar?

For decades, the US dollar has enjoyed unparalleled dominance as the world's leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

According to the Atlantic Council, the US dollar is used in approximately 88 percent of currency exchanges, and 59 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars. Additionally, the dollar is used for the vast majority of oil trades.

Although the dollar's reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar's value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar's dominance as a reserve currency remains. And as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.
However, a recent study by the Atlantic Council's GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world's primary reserve currency. "The group's 'Dollar Dominance Monitor' said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term," reported Reuters.

Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar's longstanding hegemony.

How would a BRICS currency impact the economy?

A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries include:

• Oil and gas
• Banking and finance
• Commodities
• International trade
• Technology
• Tourism and travel
• The foreign exchange market

A new BRICS currency would also introduce new trading pairs, alter currency correlations and affect market volatility, requiring investors to adapt their strategies accordingly.

How can investors prepare for a new BRICS currency?

Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. However, several strategies can be adopted to capitalize on these trends.

• Diversify currency exposure by investing in assets denominated in currencies other than the US dollar, such as bonds, mutual funds or exchange-traded funds (ETFs).
• Invest in commodities like gold and silver as a hedge against currency risk.
• Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
• Consider alternative investments such as real estate or private equity in the BRICS countries.

Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

Investor takeaway

While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar's dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency's impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

FAQs for a new BRICS currency

Is a BRICS currency possible?

Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

The impact of its war on Ukraine will continue to weaken Russia's economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

Would a new BRICS currency be backed by gold?

While Russian President Vladimir Putin has suggested hard assets such as gold or oil, a new BRICS currency would likely be backed by a basket of the bloc's currencies.

That said, speaking at this year's New Orleans Investment Conference, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

Importantly though, he doesn't see this as a new gold standard, or the end of the US dollar or the euro.

“(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.

How much gold do the BRICS nations have?

As of Q1 2024, the combined central bank gold holdings of the original BRICS nations plus the five new additions accounted for nearly 17 percent of all the gold held in the world's central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

Russia controls 2,332.74 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,262.39 MT of gold and India places ninth with 822.58 MT. Brazil and South Africa's central bank gold holdings are much smaller, coming in at 129.65 MT and 125.44 MT, respectively. New BRICS members Egypt and UAE gold holdings are equally pauce, at 126.46 MT and 74.5 MT. Saudi Arabia's come in at 323.07 MT. The remaining two new member nations Ethiopia and Iran do not hold gold reserves.

Russia
Source: brics-plus-analytics.org

Despite the growing interest on the part of developing economies in the BRICS+ platform, as well as a rising prominence of the BRICS on the international stage there is a perplexing lack of coordination and discussion within the bloc of the macroeconomic agenda of mutual cooperation. The focus thus far appears to be largely directed at forging ahead with the development of new payment systems and exploring the modalities of further expansion, even though the dynamics of BRICS development in recent years points precisely at the need to prioritize the strengthening of institutions such as the BRICS CRA and to expand the scope of cooperation and development assistance in the macroeconomic sphere.

One of the key factors underpinning the greater need for BRICS to strengthen its institutions in the macroeconomic area is the BRICS core expansion of 2023-2024. Within that wave of BRICS enlargement of the 6 economies that received the invitation to join the bloc, three countries (half of the total) are experiencing severe debt crises. Indeed, Argentina’s decision in 2023 not to join BRICS, may have partly been due to the lack of tangible instruments at the disposal of the bloc to support the country’s macroeconomic stabilization efforts. Furthermore, there may be a wide array of developing economies that will likely receive an invitation at the 2024 BRICS summit to become part of the newly created BRICS “partnership circle” – the economies within that group may include the likes of Bolivia and Venezuela that are also experiencing debt strains and macroeconomic imbalances.

More generally, among the dozens of developing economies that expressed their willingness to become part of BRICS and that have formally applied to join the club, a significant part is motivated by the expectation of support that may be accorded by the BRICS+ platform to their efforts at macroeconomic stabilization. The reality is that the BRICS CRA is very limited not only in terms of its actual operations, but also its mandate, while the NDB is largely focused on the implementation of investment projects rather than provision of support for attaining macroeconomic stability. Thus far most of the support that is provided by BRICS to their Global South counterparts is taking place either bilaterally or via the operation of regional and multilateral institutions in which BRICS countries are leading members.

Apart from the BRICS expansion, there are also the increasingly challenging realities of the global macroeconomy. Rampant protectionism, high US interest rates, a growing global debt burden, rising economic costs associated with climate change are just some of the factors that call for more attention to be accorded by the BRICS to supporting macroeconomic stability in the Global South. In the face of these growing challenges the capacity of the Bretton Woods framework remains limited and in need of further resources from the developed economies.    

In the end, the new realities of a far more extrovert and expanded BRICS need to lead to a re-think of the BRICS agenda for the coming years – support for macroeconomic stability, including via a strengthened mechanism of the BRICS CRA, should be prioritized. The fast pace of expansion (either of the core or via the creation of a “partnership belt”) is generating growing expectations of assistance from the developing economies that are not met with equal activism on the part of BRICS+ in devising the tool-kit of instruments to support these developing economies. Breeding further high expectations from potential entrants without progress in fostering economic stability is fraught with risks for BRICS+ as a key platform for South-South economic cooperation.        

Russia
Source: duma.gov.ru

The organization turns into one of the key pillars of the emerging multipolar world, according to Vyacheslav Volodin

“The increasing number of BRICS participants just proves the demand for a multipolar and just world order,” said the Chairman of the State Duma Vyacheslav Volodin at the plenary session “BRICS Parliamentary Dimension: Prospects for Strengthening Inter-Parliamentary Cooperation” at the 10th BRICS Parliamentary Forum.

According to the Chairman of the State Duma, Russia has always stood for strengthening the role of states in Africa, Asia, Latin America and the Middle East in international affairs. “We see that now more and more countries seek to strengthen their sovereignty, national and cultural identity. This process is irreversible. It will only gain momentum. People want to plan their lives, their future,” added Vyacheslav Volodin.

Such organizations as BRICS, according to the Chairman of the State Duma, have great prospects, since relations within the association are built on the principles of respect, friendship, and non-interference in the internal affairs of sovereign states.

“When we talk about BRICS, we see that the organization turns into one of the key pillars of the multipolar world, which, as we see, begins to shape. The demand for it is enormous, and every country, every nation wants the world to be more fair,” emphasized Vyacheslav Volodin.

On July 11–12, St. Petersburg hosts the 10th BRICS Parliamentary Forum at the Tauride Palace. As part of the events of the Forum, parliamentarians will discuss the role of parliaments in enhancing the efficiency of the system of international relations and ensuring its democratization, issues of countering the fragmentation of the multilateral trading system and the results of global crises. Aspects of inter-parliamentary humanitarian and cultural cooperation will also be discussed at the meetings.

• The Russian Federation chairs BRICS in 2024.

Russia
Source: brics-russia2024.ru

The Roscongress Foundation held 48 events over the first six months of Russia’s BRICS Chairship in 2024. Russia took over as chair on 1 January 2024, and the motto of the chairship is ‘Strengthening Multilateralism for Just Global Development and Security’.

Aide to the President of the Russian Federation for Foreign Policy Yury Ushakov is in charge of the multilateral and multifaceted organizational work that has been carried out to implement the plan of the Chairship and its priorities.

The plan for Russia’s BRICS Chairship in 2024 includes over 250 events in 11 regions of Russia, which are being organized by representatives of the federal and regional executive authorities, public organizations, and business communities. The crowning event will be the 16th BRICS Summit, which will take place in Kazan on 22–24 October 2024.

“Russia’s Chairship of BRICS is an important step towards strengthening multilateral cooperation and the formation of a more just and sustainable world order based on mutual respect and sovereign equality for the establishment of a multipolar world. Interaction with our partners during the events of Russia’s BRICS Chairship has demonstrated our mutual readiness for a constructive dialogue and joint actions. We still face a lot of work to implement our plans in such key areas as politics and security, economics and finance, and the development of cultural and humanitarian ties,” Adviser to the President of the Russian Federation and Executive Secretary of the Organizing Committee for Russia’s BRICS 2024 Chairship Anton Kobyakov said.

“BRICS is an innovative format of interstate collaboration that brings together different cultures and civilizations, countries with different economic and political systems, and often different views on certain issues on the global agenda. Our shared goal is a firm commitment to pursuing an independent domestic and foreign policy, as well as defending sovereignty and our national interests. Over the years of cooperation within BRICS, a special culture of dialogue has taken shape, and open and trust-based relationships have developed based on the principles of sovereign equality and respect for choosing one’s own path of development, and taking into account each other’s interests. This helps our countries to always find common ground and solutions even on difficult issues. This format should become the foundation of a fairer multipolar world order and a model of equitable interstate communication that aims to constructively search for answers to the challenges facing the world without imposing anyone else’s values,” Deputy Minister of Foreign Affairs of the Russian Federation and Sherpa of Russia in BRICS Sergey Ryabkov said.

The priorities of Russia’s BRICS Chairship include the development of economic partnership, cooperation in science and innovation, security and combatting terrorism, culture and sports, and youth exchanges. In addition, Russia places special emphasis on strengthening the role BRICS countries play in the international monetary and financial system, as well as the development of interbank cooperation with a focus on increasing settlements in national currencies.

Many events have already taken place as part of the chairship plan. In particular, meetings of the ministers of education, ports, and health, the heads of prosecutorial services, and the supreme court justices of BRICS countries have been organized. Many of these meetings resulted in the adoption of official documents.

A major event of the first half of Russia’s BRICS chairship was the Meeting of the BRICS Ministers of Foreign Affairs/International Relations in Nizhny Novgorod, including an extended session attended by states of the Global South and Global East. The ministers discussed issues associated with multipolar world order, regional crises, combatting new challenges and threats, and prospects for the development of a strategic partnership within BRICS, including the establishment of a new category of BRICS ‘partner countries’. The meeting resulted in a joint statement by the BRICS Ministers of Foreign Affairs/International Relations.

A special issue of International Affairs magazine dedicated to Russia’s BRICS Chairship in 2024 was timed to coincide with the BRICS Foreign Ministers Meeting.

Participants of the Meeting of BRICS Ministers of Education discussed priority areas of cooperation, including in such areas as humanities, digitalization, the mutual recognition of qualifications, and ensuring a fair assessment of universities in BRICS countries.

BRICS Ministers of Sport discussed how the member countries can further develop sports at a meeting that took place in Kazan on the sidelines of the BRICS Sports Games. Following the meeting, Russian Minister of Sport Mikhail Degtyarev spoke about Russia’s preparation of a framework programme for the development of sports cooperation BRICS states, which will outline the rules for holding the BRICS Games in the presiding country.

The first Meeting of BRICS Ministers of Transport on the sidelines of the St. Petersburg International Economic Forum 2024 (SPIEF) primarily focused on the development of the transport industry in BRICS countries, the promotion of cooperation, as well as the future of the transport industry in the digital era. The meeting participants discussed the role of interregional and global transport and logistics corridors in the development of the industry and the transport connectivity of BRICS countries.

In addition, the SPIEF 2024 included a Meeting of BRICS Healthcare Regulatory Authorities and an open meeting with the pharmaceutical business, at which BRICS national regulatory requirements were presented.

St. Petersburg also hosted the sixth Meeting of the BRICS Heads of Prosecution Services titled ‘Modern Digital Solutions To Protect the Law: The Experience of BRICS Prosecution Services’. The participants discussed the experience that BRICS countries prosecution services have gained from incorporating modern digital solutions into law enforcement and their use, as well as the role of new technologies, including artificial intelligence, in ensuring the rule of law and combatting crime.
The BRICS Heads of Space Agencies discussed the problem of growing space debris and an initiative proposed by Russia to develop an international system to ensure the safety of space activities. They also discussed the creation of the BRICS Space Council.

The high-level BRICS International Forum on Nuclear Medicine was held for the first time. During the event, BRICS experts discussed proposals and recommendations for effective cooperation within BRICS to achieve the common goal of improving the quality of life and reducing the mortality of patients with oncological and non-oncological diseases.

The traditional BRICS Urbanization Forum held as part of the International RUSSIA EXPO in Moscow focused on ways to optimize the provision of urban amenities and the introduction of best practices in creating a comfortable living environment.

Building on the theme of comfortable conditions for living and travelling, the first BRICS Tourism Forum was held as part of the chairship calendar. The Forum’s programme was devoted to key issues concerning cooperation and the development of the BRICS tourism industry. In particular, they discussed the development of a platform that would provide digital solutions for tourism and visa services, as well as the creation of the BRICS Tourist Cities Club.

The Women’s Entrepreneurship Forum also took place and included the launch of the Competition for the Best Women’s Startups. The panel of judges will announce the results of the competition in autumn 2024.

The BRICS Chief Justices Forum in Sochi addressed ways to ensure the uniformity of the judicial practice and the harmonization of legislation in BRICS countries, the judicial protection of citizens’ social rights, the judicial protection of investors’ rights, the protection of human rights and fundamental freedoms in criminal proceedings, and the incorporation of technology into judicial processes.

Scientific and academic cooperation was the main topic of the BRICS Academic Forum and the Meeting of BRICS Heads of the Academies of Sciences. A meeting of the International Governing Board of the BRICS Network University was also held.

One of the key areas of cooperation between BRICS countries is the expansion of cross-cultural communications and opportunities for cultural exchange. A profound understanding of multicultural processes and specific aspects of the mentality of BRICS countries helps to build close ties in all areas of focus. The calendar of events for the first six months of Russia’s BRICS Chairship included: the 7th International Festival of BRICS Theatre Schools, the BRICS International Film Festival, and the conference and film screenings ‘The Special Language of BRICS National Cinema’ at the 22nd Spirit of Fire International Film Debut Festival. From February to October, the BRICS UNIVERSE international photo exhibition is being held in BRICS cities. The 8th Creative Business Forum and the BRICS National Brands exhibition showcased the creative focuses of BRICS countries as part of the SPIEF.

Russia’s BRICS Chairship also included a number of meetings and sessions abroad. In particular, the BRICS Coordination Committee on Antimonopoly Policy held a meeting in Geneva, while BRICS Ministers of Health attended a business lunch on the sidelines of the 77th World Health Assembly in Geneva. Senior representatives of BRICS Ministries of Health and the WHO discussed key issues on the international BRICS agenda, such as combatting antimicrobial resistance, the development of nuclear medicine, public health, and vaccine production.

The BRICS Anti-Corruption Working Group held its second meeting this year in Vienna simultaneously with a UN meeting in a specialized format.