Johannesburg: Russian President Vladimir Putin Tuesday said days of US dollar’s trade in world trade are numbered and switching to the national currencies of respective countries will be a reality soon.
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum,” Putin said while addressing the BRICS Summit in the South African capital.
Putin addressed the summit through video conferencing as he could not make it to the venue because of an International Criminal Court arrest warrant. ICC issues warrant against Putin for what it claimed “serious war crimes committed by him during the ongoing war in Ukraine.”
Putin told the bloc’s summit that members would discuss switching trade away from the dollar and into national currencies, and the BRICS New Development Bank would play a key role.
“We cooperate on the principles of equality, partnership support, respect for each other’s interests, and this is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority,” he said.
Despite Putin’s rejection of the dollar, Brazilian President Lula da Silva said a common BRICS trading currency would be aimed solely at easing trade between emerging nations.
“We do not want to be a counterpoint to the G7, G20 or the US. We just want to organize ourselves”, Lula said.
Chinese President Xi Jinping has called for an expansion of the BRICS grouping of emerging economies to build a more just and equitable international order, insisting “hegemonism is not in China’s DNA”.
In a speech delivered by Chinese Commerce Minister Wang Wentao on his behalf at the start of BRICS Summit 2023, Xi said China had no wish to engage in great power competition or create “bloc confrontation”.
“China stands firmly on the right side of history and believes a just cause should be pursued for the common good,” Xi said at a business forum, according to remarks made at the summit by Commerce Minister Wang Wentao.
Xi said BRICS would continue to grow “whatever resistance there may be.”
“Right now, changes in the world, in our times, and in history are unfolding in ways like never before, bringing human society to a critical juncture,” he said.
It was not clear why Xi did not participate in the event, which was attended by South African President Cyril Ramaphosa, Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi.
Saudi Arabia, Indonesia, Iran, Argentina and Egypt are among the countries that have expressed interest in joining the bloc – currently made up of Brazil, Russia, India, China and South Africa – which represents about 40 percent of the world’s population and more than 25 percent of the global economy.
The grouping, however, is dividend on expansion, with Brazil and India widely seen as more ambivalent about growing the bloc.
Highlighting the economic reforms and the technological leap undertaken by India, Prime Minister Narendra Modi on Tuesday said that India will emerge as the growth engine of the world in the coming years.
Speaking at BRICS Business Forum in South Africa, PM further said that the people of India have resolved to turn India into a developed nation by 2047.
"Despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. Very soon India will become a five trillion-dollar economy”, PM Modi said. “There is absolutely no doubt that in the coming years, India will be the growth engine of the world and the reason for this is that India has converted crisis and difficulties into opportunities for economic improvements”, he said.
"Despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. Very soon India will become a five trillion-dollar economy”, PM Modi said.
“There is absolutely no doubt that in the coming years, India will be the growth engine of the world and the reason for this is that India has converted crisis and difficulties into opportunities for economic improvements”, he said.
“The people of India have resolve to become a developed nation by 2047," PM Modi said.
For all the latest News, Opinions and Views, download ummid.com App.
Select Language To Read in Urdu, Hindi, Marathi or Arabic.
