BRICS Extends Partnership to 13 Nations, Strengthening Global Influence
In a strategic move to expand its global footprint and reduce reliance on the U.S. dollar, the BRICS economic alliance has extended "partner" status to 13 additional countries. Indian Foreign Ministry spokesperson Randhir Jaiswal confirmed the development following the recent BRICS summit held in Kazan, Russia. Jaiswal clarified that this newly granted partner status, while not equivalent to full membership, signifies a collective decision among BRICS nations to foster closer economic ties with these countries.
The Kazan Declaration, adopted at the summit, welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as full members of BRICS. These new members officially joined the original five—Brazil, Russia, India, China, and South Africa—on January 1, bringing the alliance’s full membership to 10. This expansion reflects BRICS’ ambition to amplify its influence on the global stage by embracing broader collaboration and bolstering economic partnerships.
The partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. These countries will participate in BRICS activities and initiatives, albeit without the privileges of full membership. Russian President Vladimir Putin indicated that the finalization of these partnerships will occur once formal invitations are accepted.
BRICS leaders also emphasized a shared commitment to creating a payment infrastructure that supports local currency transactions, aiming to streamline cross-border trade and reduce dependency on the dollar. This initiative seeks to foster financial integration among member states by encouraging transactions in domestic currencies and promoting swift, cost-effective international payments. Additionally, Putin proposed establishing an economic platform to boost investment within BRICS nations and across the Global South and East. This platform aims to support significant infrastructure and technological projects, enhancing financial independence and strengthening the role of emerging economies as engines of global growth.

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In a groundbreaking move, the BRICS alliance (Brazil, Russia, India, China, and South Africa) is developing an independent payment system, poised to transform the way countries conduct cross-border transactions. This innovative system aims to reduce reliance on the US dollar, strengthening local currencies and promoting financial sovereignty.
Key Highlights:
- 159 countries interested: Russia's Central Bank Governor, Elvira Nabiullina, confirmed that 159 nations are eager to adopt this new payment system ¹.
- Decentralized and secure: The system utilizes blockchain technology, ensuring secure, efficient, and cost-effective transactions ².
- Local currency focus: BRICS Pay prioritizes local currencies, reducing dependence on the US dollar and promoting financial independence ³.
- Global impact: This initiative has far-reaching implications, potentially reshaping the global financial landscape and empowering developing nations ⁴.
What does this mean?
The BRICS payment system offers a viable alternative to traditional payment methods, promoting:
- Financial inclusivity: Equal access to financial services for all nations, regardless of economic stature.
- Reduced reliance on US dollar: Decreasing the dominance of the US dollar in global transactions.
- Increased economic sovereignty: Empowering nations to control their financial destiny.
Stay tuned for updates on this revolutionary initiative, set to transform the world of international transactions!
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