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Economic Times
2 days ago
- Business
- Economic Times
BRICS summit in Rio will focus on solutions for Global South
From left to right: Manish Chand, Kenneth Félix Haczynski da Nóbrega, Dammu Ravi, Denis Alipov, Ms Jyoti Vij, Kamel Zayed Kamel Galal and Ina. H. Krisnamurthi. Ahead of the 17th BRICS summit in Rio de Janeiro, eminent diplomats and experts voiced optimism about a bigger role for BRICS in shaping an inclusive world order, and batted for streamlining the interests and aspirations of the Global South in BRIC+ agenda. Looking ahead, India, which will take over the BRICS gavel from Brazil, stressed on prioritising 'scalable, cooperative projects in areas of financial inclusion, bridging digital divide and clean energy. 'BRICS has to get its act together and find solutions for the Global South. This requires commitment, a lot of hard work, and to be able to look deep into those issues, into the future,' said Dammu Ravi, India's BRICS sherpa and Secretary (Economic Relations) in India's Ministry of External Affairs. Ravi underlined India's growing stakes in shaping BRICS as both a development platform and a geopolitical force. 'We are not just participants — we are contributors to the very direction BRICS takes,' he noted. He emphasized that India's successful development models — particularly in poverty alleviation, financial inclusion, and digital public infrastructure — should be viewed as templates for wider application across the Global South. Ravi was speaking at a conference titled 'BRICS in Rio: Shaping an Inclusive and Sustainable World Order,' at India International Centre in New Delhi on June 20. The conference was co-organised by the Embassy of Brazil in India and Centre for Global India Insights (CGII), a leading think tank focused on global affairs. Besides Ravi, Brazil's Ambassador to India Kenneth Félix Haczynski da Nóbrega, Russia's Ambassador to India Denis Alipov, Indonesia Ambassador Ina Hagniningtyas Krisnamurthi, Egypt's Ambassador Kamel Zayed Kamel Galal and FICCI Director General Ms Jyoti Vij also spoke at the conference. The conference, moderated by Manish Chand, CEO, CGII, focused on the role of BRICS in promoting sustainable solutions to challenges faced by the Global South in the context of the BRICS summit in Rio. 'In this conflicted world of egos and competing interests, we need robust multilateralism and consensus-building. And this is where expanding multilateral groupings like BRICS can play a pivotal role in infusing hope in despairing times and in offering viable solutions to cross-cutting challenges,' said Chand. 'The Rio summit will mark the ongoing ascendance of the Global South in the international arena. We hope that the upcoming Summit in Rio de Janeiro will be an opportunity to strengthen BRICS' role as a platform to voice the concerns and interests of the Global South,' he said. 'The expanded BRICS holds out the promise of reform of international institutions with inclusiveness, with the Global South exercising effective influence on its reconfiguration,' said Brazil's envoy Nobrega. 'Despite the mistaken impressions of some, BRICS is not working against anyone, but exclusively in favour of the sustainable development of its members, as well as for the reform of global governance institutions.'BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, Saudi Arabia with Indonesia joining in 2025. Alluding to a complex geopolitical environment, marked by increased polarization and distrust, the envoy underlined that the Brazilian presidency is seeking to update the work dynamics of the grouping while staying true to BRICS acquis and its gold standard: 'pragmatic, patient and inclusive consensus building.'The motto of Brazilian chairship is 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence. Enhancing the use of national currencies in settling intra-BRICS trade figured prominently in discussions, with all panellists backing the proposal, which is already being implemented by BRICS countries. However, panelists found the idea of a BRICS common currency impractical. Mr Dammu Ravi clarified that discussions around a BRICS common currency are still at a very early stage. 'Today, for now, we are only looking at trade settlement in national currencies. Harmonization of fiscal and monetary policies is very, very difficult to achieve, he said. Expressing Russia's support for Brazil's BRICS presidency and its emphasis on enhancing cooperation among Global South nations, the Russian envoy commended efforts to diversify financial mechanisms, and backed expansion of the use of national currencies in intra-BRICS trade. FICCI Secretary General Jyoti Vij outlined the role of BRICS Business Council in enhancing economic linkages among BRICS countries and underlined that the use of national currencies will greatly help businesses as it will help cut transaction costs. Accelerating reform of global governance institutions will figure prominently on the agenda of the BRICS summit in Rio. In this context,Indonesia's Ambassador Krisnamurthi called for better representation of the Global South in multilateral institutions. 'Right now, the Global South represents 85% of the world's population and 39% of global GDP. Yet multilateral institutions do not reflect this reality.'Outlining Cairo's vision for the upcoming Rio summit, the Egyptian ambassador emphasized the need to 'reform and strengthen the multilateral system in a way that reflects the evolving dynamics and rising role of developing countries.' 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' said the Egyptian Russian envoy underlined BRICS' unity on terrorism. 'We issued a strong condemnation. That shows BRICS can speak with one voice on core issues,' he said while alluding to the grouping's response to terrorism, citing the April 22 Pahalgam attack in India. The grouping, he added, is evolving into a 'more comprehensive and more representative' platform with its latest round of expansion.'
Time of India
2 days ago
- Business
- Time of India
BRICS summit in Rio: Bloc may push trade in local currencies, countries differ on common currency; India says discussions still at 'early stage'
Ahead of the July 6–7 BRICS summit in Rio de Janeiro, senior diplomats from leading member nations said the grouping is likely to intensify efforts toward settling trade in national currencies, even as they ruled out any imminent move toward a unified BRICS currency. At a conference co-hosted by the Embassy of Brazil and Centre for Global India Insights (CGII) on Friday, Russian Ambassador Denis Alipov described BRICS as 'a serious platform for discussing joint solutions to big challenges,' while reaffirming Moscow's support for trade in local currencies. 'BRICS is not a counter-bloc. It is a centre of gravity for countries seeking mutual respect and non-interference,' said Alipov, rejecting suggestions that the group was being shaped as an anti-West coalition, reported PTI. He noted that trade in national currencies was already underway between BRICS members. India's BRICS Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs, Dammu Ravi, said discussions around a BRICS common currency are 'at a very early stage.' 'Today, for now, we are only looking at trade settlement in national currencies. Harmonisation of fiscal and monetary policies is very, very difficult to achieve,' he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brass Krishna Idols For Prosperity & Protection In Life Luxeartisanship Shop Now Undo Brazilian Ambassador Kenneth da Nobrega echoed the sentiment, adding that while deeper integration like a common currency requires years of policy alignment, local currency trade was already showing results. 'It's a long way. But trading in local currencies? That's already working,' Nobrega said. The summit comes amid geopolitical unease following warnings by President Donald Trump against any formal move by BRICS nations to undermine the US dollar's dominance in global trade. The Trump administration's tariffs have already drawn concern among developing economies. The summit is set to be attended by Prime Minister Narendra Modi, Chinese President Xi Jinping, South African President Cyril Ramaphosa, and leaders of newly inducted members such as Egypt, Ethiopia, Iran, UAE, and Indonesia. Ambassador Ina Krisnamurthi of Indonesia called for systemic reform, saying, 'Our international order, the rules-based system, is crashing into the limits of its founding vision.' She said BRICS must evolve from 'just dialogue to delivery,' focusing on climate finance, humanitarian relief, and data equity. 'Right now, the Global South represents 85 per cent of the world's population and 39 per cent of global GDP,' Krisnamurthi noted. 'Yet multilateral institutions do not reflect this reality.' Citing a surge in the middle class across India, China and ASEAN, she said: 'In 2000, only 150 million enjoyed middle-class living standards. Today, that number is 1.5 billion — double the total population of Western countries.' Egyptian envoy Kamel Galal said Cairo had always seen itself as a natural part of the bloc. 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' he said, stressing a development-first agenda for Africa and the Middle East. Touching on global flashpoints like Gaza, Syria, Lebanon and Sudan, Galal called for reforming global institutions to better reflect 'the evolving dynamics and rising role of developing countries.' Quoting the Egyptian Book of the Dead, he added, 'What I hate is ignorance, smallness of imagination, the eye that sees no further than its own idol. All things are possible. Who you are is limited by who you think you are.' Replacing the oft-cited 'conflict, crisis and challenge' narrative, Galal proposed a new vision for BRICS: 'collaboration, complementarity, consensus and cohesion.' The panel concluded with a Q&A session that focused on the institutional future of BRICS, prospects of a unified currency, and the bloc's ambitions under the UN Sustainable Development Goals framework. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
BRICS summit in Rio will focus on solutions for Global South
Ahead of the 17th BRICS summit in Rio de Janeiro, eminent diplomats and experts voiced optimism about a bigger role for BRICS in shaping an inclusive world order, and batted for streamlining the interests and aspirations of the Global South in BRIC+ agenda. Looking ahead, India, which will take over the BRICS gavel from Brazil, stressed on prioritising 'scalable, cooperative projects in areas of financial inclusion, bridging digital divide and clean energy. 'BRICS has to get its act together and find solutions for the Global South. This requires commitment, a lot of hard work, and to be able to look deep into those issues, into the future,' said Dammu Ravi, India's BRICS sherpa and Secretary (Economic Relations) in India's Ministry of External Affairs. Ravi underlined India's growing stakes in shaping BRICS as both a development platform and a geopolitical force. 'We are not just participants — we are contributors to the very direction BRICS takes,' he noted. He emphasized that India's successful development models — particularly in poverty alleviation, financial inclusion, and digital public infrastructure — should be viewed as templates for wider application across the Global South. Ravi was speaking at a conference titled 'BRICS in Rio: Shaping an Inclusive and Sustainable World Order,' at India International Centre in New Delhi on June 20. The conference was co-organised by the Embassy of Brazil in India and Centre for Global India Insights (CGII), a leading think tank focused on global affairs. Besides Ravi, Brazil's Ambassador to India Kenneth Félix Haczynski da Nóbrega, Russia's Ambassador to India Denis Alipov, Indonesia Ambassador Ina Hagniningtyas Krisnamurthi , Egypt's Ambassador Kamel Zayed Kamel Galal and FICCI Director General Ms Jyoti Vij also spoke at the conference. The conference, moderated by Manish Chand, CEO, CGII, focused on the role of BRICS in promoting sustainable solutions to challenges faced by the Global South in the context of the BRICS summit in Rio. 'In this conflicted world of egos and competing interests, we need robust multilateralism and consensus-building. And this is where expanding multilateral groupings like BRICS can play a pivotal role in infusing hope in despairing times and in offering viable solutions to cross-cutting challenges,' said Chand. Live Events 'The Rio summit will mark the ongoing ascendance of the Global South in the international arena. We hope that the upcoming Summit in Rio de Janeiro will be an opportunity to strengthen BRICS' role as a platform to voice the concerns and interests of the Global South,' he said. 'The expanded BRICS holds out the promise of reform of international institutions with inclusiveness, with the Global South exercising effective influence on its reconfiguration,' said Brazil's envoy Nobrega. 'Despite the mistaken impressions of some, BRICS is not working against anyone, but exclusively in favour of the sustainable development of its members, as well as for the reform of global governance institutions.' BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, Saudi Arabia with Indonesia joining in 2025. Alluding to a complex geopolitical environment, marked by increased polarization and distrust, the envoy underlined that the Brazilian presidency is seeking to update the work dynamics of the grouping while staying true to BRICS acquis and its gold standard: 'pragmatic, patient and inclusive consensus building.' The motto of Brazilian chairship is 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence. Use of national currency Enhancing the use of national currencies in settling intra-BRICS trade figured prominently in discussions, with all panellists backing the proposal, which is already being implemented by BRICS countries. However, panelists found the idea of a BRICS common currency impractical. Mr Dammu Ravi clarified that discussions around a BRICS common currency are still at a very early stage. 'Today, for now, we are only looking at trade settlement in national currencies. Harmonization of fiscal and monetary policies is very, very difficult to achieve, he said. Expressing Russia's support for Brazil's BRICS presidency and its emphasis on enhancing cooperation among Global South nations, the Russian envoy commended efforts to diversify financial mechanisms, and backed expansion of the use of national currencies in intra-BRICS trade. FICCI Secretary General Jyoti Vij outlined the role of BRICS Business Council in enhancing economic linkages among BRICS countries and underlined that the use of national currencies will greatly help businesses as it will help cut transaction costs. Reforming global governance. Accelerating reform of global governance institutions will figure prominently on the agenda of the BRICS summit in Rio. In this context,Indonesia's Ambassador Krisnamurthi called for better representation of the Global South in multilateral institutions. 'Right now, the Global South represents 85% of the world's population and 39% of global GDP. Yet multilateral institutions do not reflect this reality.' Outlining Cairo's vision for the upcoming Rio summit, the Egyptian ambassador emphasized the need to 'reform and strengthen the multilateral system in a way that reflects the evolving dynamics and rising role of developing countries.' 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' said the Egyptian envoy. The Russian envoy underlined BRICS' unity on terrorism. 'We issued a strong condemnation. That shows BRICS can speak with one voice on core issues,' he said while alluding to the grouping's response to terrorism, citing the April 22 Pahalgam attack in India. The grouping, he added, is evolving into a 'more comprehensive and more representative' platform with its latest round of expansion.'
