BRICS countries want a "fairer and more balanced" economic order

The efforts of the international organization BRICS to recalibrate a "fairer and more balanced" global economic order at the 17th BRICS Summit, held in Rio de Janeiro, have attracted renewed interest and support from Latin America, reports chinadaily.com.cn.

This year's summit emphasized institutional reform, financial sovereignty and South-South collaboration. The event ended with the adoption of a Joint Declaration covering 126 commitments in global governance, finance, climate, health and technology. At the same time, BRICS brought attention to new efforts to combat hunger, promote climate action and expand access to emerging technologies.

BRICS includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia.

At the recently concluded summit, Brazilian President Luiz Inacio Lula da Silva said: "In the face of the resurgence of protectionism, it is up to emerging nations to defend the multilateral trading regime and reform the international financial architecture.” His remarks, analysts said, underscored a shift from passive participation to active agenda-setting among developing nations.

For the first time, a special annex to the final declaration calls for "a collective global effort” to ensure the alignment of AI governance with inclusive international norms and values, while improving equitable access to technology, according to the source.

"This year, diversity and dialogue in a multipolar world have been prioritized,” said Omar Rilver Velasco Portillo, a consultant and professor at the Universidad Mayor de San Andres in Bolivia, adding: "Brazil has emphasized the need for countries to become financially independent from the dollar and focus on local currencies.”

Felipe Campos, an economist at Alianza Fiduciaria, said: "If the BRICS manage to strengthen their own financial instruments, energy agreements or relevant trade agreements, they could start shaping the global agenda from a different perspective. In this scenario, the lack of a closeness to the bloc could mean less influence and delayed access to the new rules of the game.”

• Anton Tsetsinovsky, Russia: "Creating commodity exchanges in key sectors provides a basis for sustainable trade within the BRICS”

Russia is ready to develop commodity exchanges within the BRICS group of nations, an initiative aimed at creating a basis for sustainable trade and industrial cooperation, an official at the Russian Export Center (REC) said, according to

dailynewsegypt.com.

Present at the St. Petersburg International Economic Forum (SPIEF), Anton Tsetsinovsky, REC director for international cooperation and development, told Daily News Egypt that each BRICS member is capable of producing competitive goods. He stressed that the foundation of sustainable cooperation within the group lies not only in the supply of products, but also in the development of broader cooperation. This includes transport and logistics connectivity, industrial collaboration, the transition to settlements in national currencies and ensuring mutual deliveries.

"The initiatives currently under discussion, such as the creation of commodity exchanges in key sectors such as metallurgy and agricultural production, provide a basis for sustainable trade and industrial cooperation within the BRICS,” Tsetsinovsky said. According to him, Russia is ready to enter foreign markets with its technological solutions, as well as its products. Tsetsinovsky said that one of the priorities is the localization of Russian developments in partner countries, which would ensure a sustainable presence in these markets.

The Russian official noted that BRICS spans almost all continents and that, in today's changing global economy, multifactorial and multivector cooperation is essential.