In this week’s round-up: Russia, China, India ditch dollar in 95% of bilateral trade.
After landmark Bitcoin mining deal with China, what’s next for BRICS newcomer Ethiopia? Friendship goals: Russia and India team up. And: The era of BRICS millionaires. Read these stories and more below.
Russia and India partner to create a digital economy in BRICS expansion
Russia and India have joined forces to promote digital economy initiatives as part of their expansion efforts within the BRICS alliance. According to Sergey Cheremin, Moscow government minister and chairman of Russia’s Business Council for Cooperation with India, both nations share a common vision of constructing cutting-edge infrastructure and creating safe and comfortable urban environments.
Also read: Digital economy named as one of the main vectors of cooperation between Russia and India
Ethiopian senior officials discuss integration, mutual benefits within BRICS
Senior Ethiopian government officials have met to discuss the country’s integration into the BRICS grouping and to ensure mutual benefits within the BRICS mechanism.
This came as Ethiopia’s BRICS Senior Officials Committee, which brings together senior government officials from various federal institutions, held its second session on Thursday, the Ethiopian Ministry of Foreign Affairs said.
China and Ethiopia sign Bitcoin mining deal
Ethiopia has already risen to become one of the world’s top recipients of bitcoin mining machines, according to an estimate from mining services provider Luxor Technology. That is even as Luxor’s first major deals to ship equipment there came in September, said chief operations officer Ethan Vera.
Also read: Chinese bitcoin miners are flocking to Ethiopia, attracted by cheap energy, ideal climate
Putin suggests considering creation of rating of BRICS countries’ universities before top-level meeting
“As to the rating for BRICS, it’s a very good proposal. We are chairing this organization this year, we are discussing issues relating to our cooperation with our colleagues. I talked about this matter with the Chinese president today. We addressed cooperation in BRICS. [It’s a] good idea,” Putin said at a meeting of the Council for Science and Education.
BRICS Millionaire Population To Surge By 85% Over Next Decade, Challenging G7 Dominance: Analyst
The BRICS countries, which include Brazil, Russia, India, China, and South Africa, are projected to experience an 85% increase in their millionaire population over the next 10 years. This surge is expected to contribute to the largest wealth increase among any group of nations, according to a recent report by Henley & Partners.
Nigeria must join BRICS for economic prosperity: Femi Falana
Lawyer and activist Femi Falana said, “There is a group of countries in the world today insisting that we are not going to be tied to the American dollar. We want to trade among ourselves in our currencies and those countries are in the BRICS…
“Others are joining them, Saudi Arabia has joined them, U.A.E, Ethiopia, Egypt and others. Nigeria is not there. We cannot be more Catholic than the Pope. If friends of the West are joining BRICS, why are we not there?’’
Falana’s Bold Proposal: Join BRICS and Sell Nigerian Crude in Naira
Femi Falana, a prominent human rights activist, has proposed that Nigeria join the BRICS economic alliance and sell crude oil in naira to bolster the currency’s value and reduce dependence on foreign exchange.
Russia, China, India Ditch US Dollar in 95% of Bilateral Trade: BRICS
In what is certainly a sign of growing BRICS de-dollarization efforts, Russia, China, and India have removed the US dollar in 95% of trade.
Secretary General of the International Chamber of Commerce (ICC) Tatiana Mohaghan revealed the massive shift in currency usage in Russia’s dealings with the two countries.
Argentina formally notifies Russia it’s not planning to join BRICS – deputy FM
Argentina has informed Russia it is not planning to join BRICS and will stay outside the group, Russian Deputy Foreign Minister Sergei Ryabkov said.
“As for Argentina, indeed, its new government has formally notified us and other BRICS members that it will not use the invitation given by the leaders in Johannesburg,” Ryabkov said at a press conference on Thursday.
Egypt appoints El Etreby as presidential representative to BRICS, G20
The government informed the Russian government that Assistant Foreign Minister for Regional and International Economic Affairs Ragy al-Etreby will be presidential representative of President Abdel Fattah al-Sisi to the BRICS Egypt officially joined in 2024, the Foreign Ministry said on Tuesday.
