Honduras considers BRICS as part of shift towards multipolar cooperation, minister says
Speaking at the St. Petersburg International Economic Forum (SPIEF) 2025, Ricardo Salgado Bonilla said the country has a growing interest in global platforms that promote inclusive and equitable cooperation. He said the forum, held under the motto 'Common Values – the Basis for Growth in a Multipolar World,' offers an environment 'that is inclusive, where we can talk about our expectations with people who are interested in investment.'
In an exclusive commentary, the minister discussed Honduras' recent application to join the BRICS New Development Bank (NDB), framing it as a step towards broader international cooperation.
'So for us it's a big step to take a look at the world to go and ask for being a part of this new bank, and, why not in the coming future also applying for a membership in BRICS,' he said at the TV BRICS studio in the Roscongress International Cooperation Area.
Honduran President Xiomara Castro submitted an official request for the country to join the New Development Bank of BRICS during her visit to China in June 2023.
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Watani
25-07-2025
- Watani
BRICS: A threat and a promise
It has become a well-established fact in global politics that the US through its belligerence, arrogance, and recklessness in managing global affairs; its double standards, violation of international law and assault on global institutions, is creating a new reality for which it can only blame itself. This new reality marks the decline of US global dominance which started with the end of WWII. Today, we witness the birth of a new bipolar world order that seeks to restore the balance and justice absent from the international scene. This is not a call to replace one unipolar world power with another, because the lesson is clear: the hegemony of one superpower over the world leads to arrogance, belligerence, and abuse of power. Rather, hopes are pinned on the emergence of a multipolar system where global leadership is shared and the right of countries to achieve peace, reject violence, and foster cooperation among peoples is firmly respected. A promising model in the birth of such a multipolar order is the BRICS alliance which has positioned itself as a potential force in global leadership. Established in 2009, BRICS was founded on the premise that international institutions were overly dominated by western powers and had ceased to serve developing countries. The bloc has sought to coordinate its members' economic and diplomatic policies, found new financial institutions, and reduce dependence on the US dollar. The acronym refers to the founding members Brazil, Russia, India, China, and South Africa which became a member in 2011; in 2024 BRICS expanded to include Egypt, Ethiopia, Iran, United Arab Emirates (UAE), and Indonesia. Also in 2024, new 'partner countries' were added: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan, these countries do not have full member status, but are allowed to participate in BRICS summits. Once the Russia Ukraine War broke out in February 2022, the US and its European allies imposed harsh economic sanctions on Russia, which they hoped would break Russia and defeat it. Russia, however, was able to break away from the long-standing structures of the global economic order and established for itself alternative pathways. BRICS was among the means that not only helped Russia withstand the ramifications of the sanctions, but also helped form a new global coalition that challenged the global order imposed on the world since the end of WWII. In this context, I will here print excerpts from an 11 July talk by Brazilian journalist Pepe Escobar who was interviewed by Judge Andrew Napolitano on his podcast Judging Freedom. Mr Escobar, 71, covered the BRICS summit that took place earlier this month in Sao Paolo. During the summit he met with heads and representatives of the participating delegations, and he covered the summit's developments and activities. Judge Napolitano: Tell us about the [BRICS summit's] final declaration. I understand that it addressed finance, security and culture. Mr Escobar: 'At the end of the BRICS business council, we spent a whole day with business people from all over the global south discussing projects. At the end of another meeting of the NDB, the BRICS Development Bank, Russian Finance Minister Anton Silvanov announced that from now on the NDB, the BRICS bank headquarter in Shanghai, may be working towards becoming the main platform to finance development projects and mega projects across the BRICS sphere bypassing SWIFT; the subtext of what he said is this is de-dollarisation in action… It starts with the NDB, the BRICS bank. It will expand to direct trade between BRICS members. In the case of Russia and China, they are already transacting 90 per cent of their trade in their own currencies in one boost and expanding to the other ones.' The second subject matter was culture. What was addressed with respect to culture in the unanimous BRICS declaration? 'Before the summit we had a very strong debate on media alternatives to big tech controlling narratives all over the world, and of course the soft power control of culture and media by the West. So one of the proposals was: let's have a BRICS-wide media network including factchecking by BRICS members public and private to counteract this imposition of one truth only by the West. There was a letter that came out for a BRICS partner member President of Cuba Diaz Canel. I think it was extremely relevant and had enormous significance; that's the representative of a government that has been stigmatised and harassed by the United States government for decades now… They made a deal in a Rio Sputnik in Russia, Guenshine China and Brazil 247, a portal in Brazil, to increase their cooperation. So, soon we're going to have all these new media alliances and corporations BRICS-wide, and the BRICS nations won't be submitted to dictates coming from big tech and from American mainstream media or western mainstream media.' What did the declaration say about mutual or collective security? 'BRICS is not a military alliance… This was part of the very important first discussion in the opening day where we had a President Lula opening and President Putin went online. It's an absolutely key issue because BRICS has been accused of being anti-western. The Chinese academics have a wonderful definition: BRICS is the post West environment… This means the system of international relations, geoeconomic and geopolitical, established after the end of the second world war is dead from BRICS point of view, and they are working to establish a new one. The West may join or not, because this high-speed train has already left the station.' Do these BRICS nations fear Trump's tariffs? 'Yes, which brings us to why Brazil is on fire now… Just to give you an example, Brazil is the largest exporter of orange juice on the planet; 95 per cent of their production goes abroad, half of it goes to the United States… So they have to find tomorrow if the sanctions start to be applied on August 1st, new markets in Africa, in Southeast Asia, Central Asia, etc. But this is a complicated process.' What a role at BRICS was played by our mutual friend, the greatest diplomat on the planet, Russian foreign minister Sergey Lavrov? 'Lavrov is one of the masterminds in a good sense of BRICS, and the role of BRICS today at overtaking every red line imposed by the [western] empire. BRICS is now at the centre of the whole discussion about reforming the system of international relations.' Watani International 25 July 2025 Comments comments
See - Sada Elbalad
16-07-2025
- See - Sada Elbalad
Egypt–BRICS Trade Surges to $50.8 Billion in 2024
Israa Farhan Egypt's trade volume with BRICS nations witnessed a significant expansion in 2024, climbing to US$50.8 billion, a 19.5 percent increase from US$42.5 billion in 2023, according to data released by Egypt's Central Agency for Public Mobilization and Statistics. This sharp rise reflects Egypt's deepening economic integration with the BRICS bloc, highlighting the country's growing role in South–South trade and cooperation. Egyptian exports to BRICS countries increased by 10.6 percent in 2024, reaching $9.4 billion, up from $8.5 billion the previous year. This growth underscores rising demand for Egyptian goods across the bloc's expanding markets. Among BRICS partners, the United Arab Emirates emerged as the leading importer of Egyptian products, with trade reaching $3.3 billion. Other key export destinations included Brazil ($854.4 million), Russia ($606.8 million), India ($517.4 million), China ($393.6 million), Indonesia ($151.3 million), South Africa ($114 million), Ethiopia ($113 million), and Iran ($2.4 million). Analysts attribute the surge in trade to Egypt's strategic realignment toward multilateral economic partnerships and its sustained efforts to boost investment, innovation, and infrastructure ties with the BRICS alliance. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
11-07-2025
- See - Sada Elbalad
Egypt's PM: BRICS Trend Toward Conducting Financial Settlements in Local Currencies
Taarek Refaat Egypt's Prime Minister Mostafa Madbouly confirmed on Wednesday that there is a growing consensus within the BRICS bloc to shift financial settlements among member countries toward local currencies, reducing dependency on hard currencies like the U.S. dollar. Speaking exclusively to Sada El-Balad during a press briefing, Madbouly said that several bilateral local currency settlement agreements are already being implemented within BRICS countries, and further expansion is expected. 'There is a clear trend within the BRICS alliance to conduct trade and financial settlements in local currencies,' the Prime Minister said. 'This will begin with bilateral arrangements between member countries and may later expand into broader multilateral systems.' Madbouly highlighted the benefits of such a system, especially in alleviating pressure on foreign currency reserves. 'When there is a trade balance between two countries — and no significant surplus or deficit — local currency exchange in trade can ease the burden on foreign currency demand,' he explained. The shift comes as BRICS countries, including Egypt — which formally joined the bloc in early 2024 — seek to strengthen financial sovereignty and reduce exposure to currency volatility and external monetary policies. The idea of de-dollarization has gained momentum among BRICS nations in recent years, particularly in the context of global geopolitical shifts and disruptions in international payment systems. The move also aligns with the group's efforts to create alternative financial mechanisms and foster South-South economic cooperation. Earlier this week, Egypt and China signed three financial cooperation agreements between their respective central banks and private sector financial institutions, including deals to promote trade in Chinese yuan and expand cross-border payment networks. Analysts say Egypt's active role in these developments reflects its growing strategic alignment with BRICS economic goals, particularly in boosting trade, investment, and financial independence. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
