Latest news with #BRICSPlus
IOL News
27-05-2025
- Business
- IOL News
BRICS Plus: The Emerging Alternative to Western Economic Dominance
Officials attend a BRICS Plus plenary session in Kazan, Russia on October 24, 2024. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters, says the writer. Image: AFP Djoomart Otorbaev The US administration's economic decisions have wreaked havoc on world markets. President Donald Trump's approval rating for the first 100 days stood at 44 per cent, lower than all his predecessors and even lower than his rating during the first 100 days of his first term. The anticipated "golden age of America" has yet to materialize, and many US citizens doubt the effectiveness of the trade war supposedly initiated for the nation's future prosperity, instead, they anxiously anticipate and fear inflation. During this period, however, Trump has not overlooked BRICS. At a White House news conference and in his social media posts, he has repeatedly made a startling claim that the BRICS Plus nations would incur 100-percent tariffs if they created a single currency to challenge the dollar, even though no BRICS Plus nation has proposed such an idea. Despite concerns surrounding its organization, the previous BRICS Summit held in Kazan, Russia, in October 2024, proved to be a notable success. Nearly all leaders from the original five BRICS nations — Brazil, Russia, India, China and South Africa — and the presidents of the four new member countries, Egypt, Ethiopia, Iran and the United Arab Emirates, attended. The only exception was Brazilian President Luiz Inácio Lula da Silva, who could not attend due to illness. Following the summit, Indonesia officially joined as the bloc's newest member in January 2025. Additionally, nine more nations, including Kazakhstan and Uzbekistan, were recognized as "partner countries". Many analysts hailed the expansion of the coalition as a significant turning point, signalling the emergence of a post-Western world order where Global South nations collaborate to address their challenges together. Given the participant composition, a more powerful BRICS Plus has the potential to emerge as a central geopolitical and geoeconomic entity. The member states of BRICS Plus represent roughly 45 per cent of the global population and contribute over 35 per cent of the world's GDP based on purchasing power parity. Collaboration within the bloc is swiftly becoming institutionalized, with multinational partnerships and working groups actively addressing shared interests such as energy security, technology advancement, health, climate change and sustainable growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. 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Advertisement Next Stay Close ✕ The New Development Bank, founded in 2015 with an initial subscribed capital of $50 billion, and the Contingent Reserve Arrangement — a 2014 agreement among BRICS Plus' central banks for mutual support during unexpected currency crises, which has funding of $100 billion — are effectively structured and in operation. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters. The organization operates within a well-defined framework based on three pillars: economics and finance, politics and security, and cultural and people-to-people exchanges. These pillars align with the strategic priorities of the member nations, including economic development, security, narrative and normative influence and with Beijing's three global initiatives concerning security, development and civilization. As BRICS Plus continues to follow its previously established decisions, the new strategies of the US administration and conflicts within the Western world will impact the bloc's actions. With the tensions and disagreements within the G20, the United Nations, and even the G7, the rise of the grouping has triggered President Trump's aggressive approach toward BRICS Plus. The growing tensions between China and the US, along with President Trump's aggressive approach toward BRICS Plus, suggest the possibility of a confrontational dynamic. The future of BRICS Plus is influenced by the actions of the US and Europe. These actions will determine whether the bloc will strive for geopolitical neutrality or seek to establish an alternative political and economic framework, potentially impervious to Western sanctions. BRICS Plus has the potential to serve as a model and a substantial alternative to Western international cooperation, prioritizing equality and consensus-driven decision-making. However, the increasing number of member nations complicates the decision-making process. Under these circumstances, BRICS should make more effort in upholding unity through shared goals and constructive engagement given the varied interests of its members. Several influential BRICS Plus nations are working to lessen the global financial system's and markets' reliance on Western institutions. The US administration's aggressive tariff and sanctions policies have intensified the necessity to enhance instruments such as the NDB and the BRICS Plus national currency pool, which are intended to be immune to sanctions.
IOL News
27-05-2025
- Business
- IOL News
BRICS Plus: The Emerging Alternative to Western Economic Dominance
Officials attend a BRICS Plus plenary session in Kazan, Russia on October 24, 2024. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters, says the writer. Image: AFP Djoomart Otorbaev The US administration's economic decisions have wreaked havoc on world markets. President Donald Trump's approval rating for the first 100 days stood at 44 per cent, lower than all his predecessors and even lower than his rating during the first 100 days of his first term. The anticipated "golden age of America" has yet to materialize, and many US citizens doubt the effectiveness of the trade war supposedly initiated for the nation's future prosperity, instead, they anxiously anticipate and fear inflation. During this period, however, Trump has not overlooked BRICS. At a White House news conference and in his social media posts, he has repeatedly made a startling claim that the BRICS Plus nations would incur 100-percent tariffs if they created a single currency to challenge the dollar, even though no BRICS Plus nation has proposed such an idea. Despite concerns surrounding its organization, the previous BRICS Summit held in Kazan, Russia, in October 2024, proved to be a notable success. Nearly all leaders from the original five BRICS nations — Brazil, Russia, India, China and South Africa — and the presidents of the four new member countries, Egypt, Ethiopia, Iran and the United Arab Emirates, attended. The only exception was Brazilian President Luiz Inácio Lula da Silva, who could not attend due to illness. Following the summit, Indonesia officially joined as the bloc's newest member in January 2025. Additionally, nine more nations, including Kazakhstan and Uzbekistan, were recognized as "partner countries". Many analysts hailed the expansion of the coalition as a significant turning point, signalling the emergence of a post-Western world order where Global South nations collaborate to address their challenges together. Given the participant composition, a more powerful BRICS Plus has the potential to emerge as a central geopolitical and geoeconomic entity. The member states of BRICS Plus represent roughly 45 per cent of the global population and contribute over 35 per cent of the world's GDP based on purchasing power parity. Collaboration within the bloc is swiftly becoming institutionalized, with multinational partnerships and working groups actively addressing shared interests such as energy security, technology advancement, health, climate change and sustainable growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The New Development Bank, founded in 2015 with an initial subscribed capital of $50 billion, and the Contingent Reserve Arrangement — a 2014 agreement among BRICS Plus' central banks for mutual support during unexpected currency crises, which has funding of $100 billion — are effectively structured and in operation. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters. The organization operates within a well-defined framework based on three pillars: economics and finance, politics and security, and cultural and people-to-people exchanges. These pillars align with the strategic priorities of the member nations, including economic development, security, narrative and normative influence and with Beijing's three global initiatives concerning security, development and civilization. As BRICS Plus continues to follow its previously established decisions, the new strategies of the US administration and conflicts within the Western world will impact the bloc's actions. With the tensions and disagreements within the G20, the United Nations, and even the G7, the rise of the grouping has triggered President Trump's aggressive approach toward BRICS Plus. The growing tensions between China and the US, along with President Trump's aggressive approach toward BRICS Plus, suggest the possibility of a confrontational dynamic. The future of BRICS Plus is influenced by the actions of the US and Europe. These actions will determine whether the bloc will strive for geopolitical neutrality or seek to establish an alternative political and economic framework, potentially impervious to Western sanctions. BRICS Plus has the potential to serve as a model and a substantial alternative to Western international cooperation, prioritizing equality and consensus-driven decision-making. However, the increasing number of member nations complicates the decision-making process. Under these circumstances, BRICS should make more effort in upholding unity through shared goals and constructive engagement given the varied interests of its members. Several influential BRICS Plus nations are working to lessen the global financial system's and markets' reliance on Western institutions. The US administration's aggressive tariff and sanctions policies have intensified the necessity to enhance instruments such as the NDB and the BRICS Plus national currency pool, which are intended to be immune to sanctions.
IOL News
01-05-2025
- Business
- IOL News
Dr Iqbal Survé: A resilient spirit against political persecution
To Dr Iqbal Survé, we acknowledge your perseverance. Your journey shows that vision and determination transcend political shifts. FROM 2015, Dr Iqbal Survé, the tycoon behind Sekunjalo Group, faced what could be described as the most brazen abuse of State Power from politicians, banks, and the media. His bank accounts were closed, and he was haunted by the court of public opinion. The targeted actions against Survé's followed a strategy reminiscent of apartheid-era tactics: Financial restrictions through sudden bank account closuresRegulatory scrutiny via continuous investigations, media criticism aimed at influencing public opinionPolitical influence to influence other arms of the State and other actors Despite these hurdles, Survé exhibited resilience that distinguishes him as a survivor who weathered the storms and did not falter. Instead of conceding defeat, Survé became stronger and has put his enemies to shame. His determination not to surrender serves as a notable example of entrepreneurial endurance and personal conviction. And history often has a way of balancing scales. As Survé ventures into advanced artificial intelligence (AI) development to compete with companies such as NVIDIA and after hosting the successful International Cape Town Jazz Festival, his adversaries are facing significant challenges in particular serious allegations of corruption by the US Government after years of impunity and laws which only target a few such as Survé. The hunters now face their own demons, but Survé is just beginning his ascent. As in the famous words of Mahatma Gandhi: 'Power is of two kinds. One is obtained through the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent than the one derived from fear.' Power that punishes adversaries cannot endure, and neither is it effective, as Gandhi teaches us, it eats itself and becomes redundant and eventually rejected by the masses. And at the same time, the arc of justice is long, but it always bends toward the truth, and as we will see, the temporary abuse of power and successes of corrupt systems eventually weaken. One of the lessons, of course, with this regime, which was bent on destruction and elimination of opponents, is that real power comes from creation, not destruction. Survé's new AI venture clearly establishes him as a global player in semiconductor technology, offering both inspiration and a warning. His story is an inspiration to entrepreneurs facing unfair systems and is equally a warning to those who abuse power. To Survé, a resilient figure, we acknowledge your perseverance. Your journey shows that vision and determination transcend political shifts. * Phapano Phasha is the chairperson of the Centre for Alternative Political and Economic Thought, whose focus is on the Global South and BRICS Plus countries. ** The views expressed here do not reflect those of the Sunday Independent, Independent Media, or IOL.
Egypt Today
17-04-2025
- Business
- Egypt Today
Egypt's Private Sector Leads Record LE 9.6 Billion Development Financing Push in 2024
CAIRO – 18 April 2025: Egypt achieved a significant milestone in 2024, with development financing for the private sector reaching LE 4.2 billion—the highest level in five years—according to the Ministry of Planning, Economic Development, and International Cooperation's Annual Report titled 'Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Economic Development.' The report reveals that total development financing amounted to LE 9.6 billion, with the government sector securing LE 3.2 billion, including LE 1.8 billion in budget support and LE 300 million in grants. This reflects Egypt's ongoing efforts to diversify funding sources and strengthen sustainable development pathways. Notably, for the first time, private sector financing outpaced government funding, marking a strategic shift in Egypt's economic approach. Minister Rania Al-Mashat underscored the Ministry's commitment to transparency and inclusivity, with the report serving as a vital tool for informing citizens and international development partners. Egypt's growing international footprint was also evident in 2024 through active participation in global platforms such as BRICS Plus, D-8, and G20 summits, along with diplomatic visits to the EU, World Bank, Japan, and Italy. The report outlines the Ministry's leadership in implementing the National Structural Reform Program, with notable progress in critical sectors including industry, agriculture, ICT, labor, and technical education. The program aims to build a competitive, inclusive, and green economy. A highlight of the year was the launch of the Ministerial Group for Entrepreneurship, led by Al-Mashat, aimed at enhancing the startup ecosystem through regulatory reforms and innovation-driven policies. Initiatives like the HAFIZ platform also reflect the Ministry's continued push to empower the private sector with access to advisory services, finance, and investment support. The report also documents Egypt's growing commitment to climate action, green transition strategies, and human capital development—foundations for a more resilient and sustainable economic future.
Egypt Today
14-04-2025
- Business
- Egypt Today
BRICS+ Summit convenes in Tehran, leaders exchange experiences
BRICS + summit convene in Tehran - file CAIRO - 14 April 2025: The BRICS Plus Conference was held in Tehran to exchange experiences and skills for the benefit of the populations of the BRICS Plus countries. The BRICS Plus organization has witnessed significant growth with the addition of five new member states over the past year: the UAE, Saudi Arabia, Egypt, Iran, and Ethiopia. The group now comprises more than three billion people, representing nearly half of the world's population. The BRICS Plus Conference was founded in June 2024 in Kazan, Russia, and quickly established itself within the BRICS Plus organization through successful initiatives, including the creation of the "Shared City" platform, a digital platform through which architects and mayors can showcase their projects, share their experiences in urban planning, and address the challenges facing urban management. The association also works to develop cultural cooperation. Its members have established the BRICS Plus Digital Library, an international treasure trove containing the literary heritage of many world cultures, including Arab culture. During the conference, Kazan Mayor Ilsur Mechin emphasized that Russia "is ready to offer expertise and skills to help make this association a success for the common good," adding that "many colleagues from other countries will join it." During his speech at the BRICS Plus Cities and Municipalities League conference, Mechin noted that "Kazan has historically been a meeting place for intercultural and interfaith dialogue," adding, "Kazan maintains this status to this day." In July 2024, the city witnessed an agreement by representatives of the Islamic countries within the BRICS Plus group, including the Director of the Mohammed bin Zayed University for Humanities, Dr. Khalifa Mubarak Al Dhaheri, regarding cooperation and combating religious extremism. This cooperation will create effective and successful mechanisms for achieving peace and interfaith harmony. The BRICS Plus Cities and Municipalities League has become one of the most important entities within the BRICS Plus organization, contributing to effective mechanisms for exchanging best practices with the goal of making cooperation within the BRICS framework fruitful for all participating countries. Leaders of the BRICS Plus countries meet regularly to discuss key issues of the global economy and international relations.
