In this week’s round-up: China to oppose Eswatini’s BRICS bid; the New Development Bank has a robust pipeline for 2024 PLUS other highlights from the 43rd meeting of its Board of Directors; How the Sino-Indian rivalry is damaging BRICS; BRICS invites Serbia to the next summit, Vučić leaves open possibility of meeting Putin, and more.
Russia, BRICS NDB President Discuss Global Economy, Bank’s Activities in Russia
Separately, NDB Vice President and Chief Administration Officer Qiangwu Zhou announced plans to issue roughly US$5 billion in loans this year, according to a report by Brasil 247, a partner of TV BRICS.
How Sino-Indian Rivalry Is Damaging BRICS
Yes, the saying ‘all is not well’ is pretty much true for BRICS. The 16th annual BRICS summit is to be held in Kazan in Russia later this year. Russian president Vladimir Putin is expected to be the host leader in 2024 but he is expected to encounter a multitude of challenges from his Chinese counterpart in allowing Pakistan to attend it.
Is BRICS offering an alternative model for global governance?
After the 15th BRICS Summit in 2023, observers have speculated that the alliance may be seeking to create an alternate world order to challenge Western-led global governance. But while BRICS has diverged from the Western-led system through initiatives such as reducing reliance on the US dollar and creating new institutions, questions remain about its ability to effectively leverage its members’ resources and realise its ambition of representing the Global South.
Russia, Brazil Discuss Preparations for Upcoming BRICS, G20 Summits
Russian Foreign Minister Sergey Lavrov and his Brazilian counterpart, Mauro Vieira, held discussions on preparations for the upcoming BRICS and G20 summits, according to the Russian Ministry of Foreign Affairs, TV BRICS reported.
BRICS Nations Forge Stronger Counter-Terrorism Alliance
BRICS members have been collaborating on counter-terrorism efforts for over a decade. This cooperation focuses on information sharing and coordinated action within international organisations like the UN and the Shanghai Cooperation Organisation. Notably, these security measures adhere to international law while respecting each member state’s internal security decisions.
BRICS invites Serbia to the next summit, Vučić leaves open possibility of meeting Putin
Serbian President Aleksandar Vučić has stated that he will consider the possibility of participating in a BRICS summit in Kazan, Russia, in October this year.
However, President Vučić has previously stated that Serbia may face a choice between the European Union and BRICS in the future.
The Latest BRICS’ Expansion (But Probably Not the Last)
On August 4th, 2023, the 15th annual BRICS summit concluded in Johannesburg, South Africa. The headline of the event was the group’s plan to expand its membership for only the second time in its two-decade history. With Russia’s embroilment in the Ukraine war and China’s increasingly strained relationship with the West, the decision to admit six new countries to the group could not have been more consequential. In a move hailed as “historic” by Xi Jinping, the leader of the world’s second-largest economy and the driving force behind BRICS’ expansion, the addition of six new members – most of whom are inching away from the West toward China – heralds the beginning of a multipolar world.
China to oppose eSwatini’s intention to join and benefit from BRICS amid diplomatic relations with its Taiwan Province
China will oppose the intention by the eSwatini Government to join and benefit from BRICS, diplomatic sources within the Chinese Embassy told Swaziland News.
Deputy Speaker of Russia’s Federation Council Discusses BRICS Agenda with Foreign Parliamentarians
Deputy Chairman Konstantin Kosachev of the Federation Council, representing the Russian Federation, engaged in talks with heads of parliamentary delegations from BRICS nations during an extensive meeting. The gathering took place on the sidelines of the 148th Assembly of the Inter-Parliamentary Union, where Kosachev led the Russian delegation, TV BRICS reported.
Highlights from the 43rd meeting of the Board of Directors of the New Development Bank
The Board received comprehensive briefings on implementation, disbursements, procurement as well as environment, social and governance risk management of ongoing projects in member countries.
