Leaders from 126 countries met in Moscow to discuss abandoning the U.S. dollar in international trade and explore topics similar to those discussed at the World Economic Forum.
By yourNEWS Media Newsroom
The BRICS VI International Municipal Forum (IMF) in Moscow saw representatives from 126 countries gather on August 27-28 to discuss a range of significant global issues, including a proposal to move away from the U.S. dollar in international trade. The forum, which included member states Brazil, Russia, India, China, and South Africa, also featured discussions that closely aligned with the agendas typically explored at the World Economic Forum (WEF).
📹 International Municipal BRICS Forum 2024 opens in Moscow pic.twitter.com/fP6TsxGgFb
— Monitor𝕏 (@MonitorX99800) August 27, 2024
One of the most noteworthy topics on the agenda was the potential abandonment of the U.S. fiat debt-backed dollar in favor of a BRICS commodity-backed currency. This initiative reflects a growing interest among BRICS nations to reduce their reliance on the U.S. dollar, which is currently the world’s reserve currency. The proposal aims to expand mutual investment and trade opportunities while reducing the constraints imposed by payments in reserve currencies, trade financing, and sanctions.
The BRICS forum program, detailed on page 42, outlined various other topics of discussion that bear a resemblance to the themes typically explored at the WEF. These topics included the growing role of megacities, digital transformation in education, sustainable development, and the integration of artificial intelligence in global governance.
The BRICS nations, since their formation in 2009, have expanded their membership and influence, seeking to create alternative global systems that reduce dependence on Western-dominated institutions. The forum emphasized the need for new economic unions to develop services previously provided by international platforms tied to reserve currencies, particularly the U.S. dollar.
Participants also discussed the strategic importance of cooperation between BRICS nations, highlighting the strengthening of relations between Russia and India, as well as Turkey’s attendance—a noteworthy detail given Turkey’s membership in NATO, which is currently engaged in conflict with Russia in Ukraine.
The summit also featured a statement from Kazem Jalali, Ambassador of Iran to the Russian Federation, underscoring Iran’s commitment to deepening its ties with BRICS and participating in future summits, including the main BRICS summit scheduled for October 22-24 in Kazan, Russia. Jalali emphasized the strategic importance of economic and diplomatic cooperation between Iran and BRICS nations, pointing to planned initiatives such as the Iranian Pavilion project at the St. Petersburg International Economic Forum.
As the global geopolitical landscape shifts, the outcomes of these discussions could have significant implications for the future of international trade, currency dynamics, and global governance structures. The BRICS nations continue to position themselves as key players in the move toward a multipolar world, challenging the dominance of Western economic systems and ideologies.
For more details on the forum’s discussions and future plans, you can read the full program schedule here.
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