Development banks created on the basis of BRICS will attract interest in the world. This opinion was expressed by American political scientist and analyst John Kavulich.
“Efforts to replace the US Dollar as the global reserve currency are unlikely to see success in the short term or medium term. More likely is a formula to use country currencies for trade rather than translate into US Dollars or Euros or Sterling. Additionally, the creation of BRICS-affiliated development banks will be attractive, particularly to developing countries” he further added According to TASS.
“The participation of thirty-plus heads of state and heads of government at the BRICS Summit in Kazan, Russian Federation, was a success from the optical perspective. President of Russia Vladimir Putin demonstrated he did not inhabit, possess the political toxicity that most members of the European Union, NATO, G7, and most members of the G20 convey toward him,” added Kavulich, a research fellow at the think tank Issue Insight.
“Absolutely right that the UN Secretary-General Antonio Guterres attended the BRICS summit. His job is not to meet only with those he or others like. He should meet with those who are involved in the conflict” Kavulich further said.
BRICS summit in Kazan
The 16th BRICS Summit of Heads of State, which is the key event of Russia’s presidency of the association, was held in Kazan from October 22 to 24. The Kazan summit was the first to be attended by new members of the association. During the summit, the BRICS member countries adopted the Kazan Declaration. The main topics of the document include the development of the association, the position on global issues, and the settlement of regional crises, including in Ukraine and the Middle East.
The BRICS group was created in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia became full members of the group.
