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 fiveโBrazil, Russia, India, China, and South Africaโon January 1, bringing the allianceโs full membership to 10. This expansion reflects BRICSโ 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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