The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
Wednesday, May 18, 2022
Brazil’s Da Silva Proposes a Latin American Currency «To Be Free of the US Dollar»
Brazil’s left wing leader and previous President, Lula Da Silva is due to fight the national Presidential elections in October this year and has stated that as part of the manifesto, “We are going to create a currency in Latin America, because we can’t keep depending on the dollar.”
Russia has proposed to revive decades-old practice of submitting “paper LC (letter of credit)” citing economic sanctions as it seeks to ensure uninterrupted exports from India through a state debt rupee mechanism, a dedicated window for India’s sovereign debt repayment that allows 9-10% exchange rate discount to Russian importers
The Shanghai-headquartered NDB has requested India Exim Bank to identify priority projects, especially ones including technological aspects, on which both can partner. Any prospective partnership will be the first time that Indian export finance authorities work together with China, considered a global competitor in the space
Brazil is one of Russia's most important partners in science and education in South America. The countries have been developing bilateral science and technology cooperation for decades in areas such as space, artificial intelligence, astronomy, biotechnology, alternative energy and so on