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We need to adjust our economic structure, achieve development of better quality, build closer economic partnership, boost the building of an open world economy and establish a global development partnership
Friday, April 12, 2024
Is BRICS Offering an Alternative Model for Global Governance?
After the landmark 15th BRICS Summit in August 2023, foreign policy analysts raised concerns that BRICS — a grouping of Brazil, Russia, India, China, and South Africa at the time — may be seeking to construct an alternate world order and upend Western-led global governance
In a revealing update from Russia’s central bank, it’s become clear that amidst ongoing international tensions, the Chinese yuan is emerging as a crucial asset for Russia’s reserve holdings. According to a Bloomberg News article, the Russian financial authority has expressed a lack of viable alternatives to the yuan following the economic repercussions of the Kremlin’s actions in Ukraine and subsequent international sanctions
The Russian economy gradually became highly dependent on energy exports to sustain its basic operations. Existing studies show that income from natural gas and crude oil exports alone consistently accounts for about 50% of Russia’s fiscal revenue, with the GDP share roughly maintaining around 25% annually. The importance of energy exports is self-evident
On August 4th, 2023, the 15th annual BRICS summit concluded in Johannesburg, South Africa. The headline of the event was the group’s plan to expand its membership for only the second time in its two-decade history
The BRICS bloc is a growing home for nations eager to counter the West's position, or at least hedge their bets when it comes to international trade, development support, and conflicts
Multilateral institutions reflect the power realities of the time of their inception. As the balance of those power realities change, so too, does their efficacy become a matter of interrogation
With numerous Western brands having left the Russian market at the onset of its war with Ukraine, more Chinese and Russian brands are sizing up opportunities in each others' markets