KAZAN, Russia (AP) — Russian President Vladimir Putin, alongside Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, convened with other prominent leaders at a BRICS summit on Wednesday, marking a bold move in the bloc’s efforts to counterbalance Western dominance. This summit, centered on deepening financial cooperation and exploring new global payment systems, underscores the Kremlin’s ambitions to reshape the international order.
BRICS Expansion
During the meeting, Putin emphasised the growing relevance of BRICS in fostering a multipolar world. “The BRICS strategy in the global arena aligns with the aspirations of the majority of nations,” he remarked, signalling the bloc’s intent to challenge the established global order. This expansion has already welcomed Iran, Egypt, and Saudi Arabia, with nations like Turkey and Malaysia eager to join.
Financial Cooperation: Moving Beyond Western Payment Systems
A key item on the summit’s agenda was the creation of alternatives to Western-controlled financial networks, aimed at reducing the reliance on institutions such as SWIFT. As BRICS looks to redefine global economic power, this shift could mark a significant change in how developing economies engage in global trade.
This development signifies a strong message: BRICS is not just expanding its membership but also reshaping global financial systems in its quest for greater autonomy.
Source: Associated Press
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