{"id":53721,"date":"2024-10-23T19:12:07","date_gmt":"2024-10-23T14:12:07","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=53721"},"modified":"2024-10-23T19:12:07","modified_gmt":"2024-10-23T14:12:07","slug":"brics-leaders-tout-joint-finance-trade-projects-at-russian-summit","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/world\/brics-leaders-tout-joint-finance-trade-projects-at-russian-summit\/","title":{"rendered":"BRICS leaders tout joint finance, trade projects at Russian summit"},"content":{"rendered":"

KAZAN (Reuters): Leaders of the nations in the BRICS grouping<\/a>, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system.<\/span><\/p>\n

Russia’s President Vladimir Putin, who has sought support from BRICS leaders<\/a> amid his standoff with the West over the war in Ukraine, said that BRICS’ average economic growth in 2024\/25 would be 3.8%, compared to global growth of 3.2-3.3%.<\/span><\/p>\n

“The trend for the BRICS’ leading role in the global economy will only strengthen,” Putin said, citing population growth, urbanization, capital accumulation, and productivity growth as key factors.<\/span><\/p>\n

Russia, the world’s biggest wheat exporter, proposed the creation of a BRICS grain exchange which could later be expanded to trade other major commodities such as oil, gas, <\/span>and<\/span> metals.<\/span><\/p>\n

“BRICS countries are among the world’s largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange,” Putin told the leaders.<\/span><\/p>\n

He added that the exchange “will contribute to the formation of fair and predictable price indicators for products and raw materials, considering its special role in ensuring food security”.<\/span><\/p>\n

“The implementation of this initiative will help protect national markets from negative external interference, speculation, and attempts to create an artificial food shortage,” Putin said.<\/span><\/p>\n

Other leaders backed the creation of a common cross-border payments system, which would help BRICS countries trade with each other, bypassing the dollar-dominated global financial system.<\/span><\/p>\n

Brazilian President Luiz Inacio Lula da Silva, who took part in the BRICS summit via video conference after a head injury over the weekend, said that it is time for the BRICS nations to create alternative payment methods.<\/span><\/p>\n

He added that the group’s New Development Bank (NDB) was designed as an alternative to what he called failing Bretton Woods institutions such as the International Monetary Fund (IMF).<\/span><\/p>\n

India’s Prime Minister Narendra Modi said that he welcomed the steps for the <\/span>financial<\/span> integration of BRICS countries while China’s President Xi Jinping urged BRICS countries to deepen financial and economic cooperation.<\/span><\/p>\n

In his speech, Putin also called for the creation of a BRICS investment platform, which will facilitate mutual investment between BRICS countries and could also be used for investment in other countries in the Global South.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

KAZAN (Reuters): Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system. Russia’s President Vladimir Putin, who has sought support from BRICS leaders amid […]<\/p>\n","protected":false},"author":14,"featured_media":53722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[23294],"class_list":["post-53721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-brics-leaders-kazan-summit"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/53721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=53721"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/53721\/revisions"}],"predecessor-version":[{"id":53723,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/53721\/revisions\/53723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/53722"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=53721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=53721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=53721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}