The 16th BRICS Summit will be held in Kazan, Russia from October 22nd to 24th. It is expected that more than 24 senior officials and heads of international organizations will be participated.As the organizer of this year’s summit, it has been prepared for it, and a main goal is to go to the US dollar.Surat Investment
Reuters reports that Putin will put forward a number of suggestions at the BRICS Kazan Summit to promote the end of the US dollar leading position, including the establishment of an international payment substitution platform that is not subject to Western sanctions.
According to Russia’s ideas, a payment system based on the central bank’s realization of mutual cooperation will be established. The system will use blockchain technology to store and transfer digital tokens supported by national currencies.In this way, these currencies can be easily converted and safely without need to conduct US dollar transactions.
According to data from the WTO, in 2023, the trade volume between the BRICS and other countries in the world and the mutual mutual between each other reached US $ 10.4 trillion, accounting for 21.6%of the total world trade.This data is second only to the European Union.In January of this year, the BRICS organizations have successfully expanded to 10 member states, and dozens of countries are in line to apply for joining. As the scale of the BRICS countries continues to expand, the trade data between members will continue to increase. IfThe successful establishment and operation of the BRICS payment platform is undoubtedly a heavy blow to the US dollar hegemony.
However, not all the BRICS member states are a heart. For example, India has once again played the old ability of his stirring, claiming to insist on using the US dollar to settle trade.The probability of this is because India is not full of the BRICS payment system with RMB as the core, and rubles are also the main currency, and the status of Indian rupees is far less than that.
But India does not want to think that other BRICS countries are willing to accept RMB and rubles because currencies in the two countries are supported by hard currencies.Russia is a resource -based country. Some are oil and gas, food and meat, minerals and wood resources are available for exports, and there are many buyers in military products; so people who took the rubles are not worried that they cannot spend.
As for India, the output of industrial products has accounted for more than half of the world’s most categories. India is now the world’s largest foreign trade country, the largest mineral and agricultural import countries.Blossom.Especially because India is a surplus country, it will naturally recover currencies, and RMB is a shortage abroad rather than excess.In contrast, the international influence of the rupee is not high, and there is no complete support of the product system, which is really embarrassing.
It is worth mentioning that India is not the first time in the organization of China and Russia. In July this year, the SCO Summit. With the highest leaders of China and Russia, Indian Prime Minister Modi chose to chooseAfter being absent, participating in the BRICS Summit, and when visiting Russia, he agreed to Putin’s personal invitation.However, from the current performance of India, India’s help to the BRICS countries is far less than the resistance they manufactured.
It can only be said that India, which is used to repeatedly swinging and jumping around the East and Western camps, is not exactly the same as the BRICS country. This is also realized by Russia.A few days ago, Russian diplomats Zaharov said in an interview with Russian media that for Russia, India and Brazil, the BRICS Summit will be a stage for defending its political and economic independence and confrontation.Essence
From another perspective, India’s anti -tuning behavior is also to fight for their right to speak in the organization and follow India’s style of acting. Unless they come to be the brick brick, they will not rule out that they will still be in the next step.During more important issues.But what the Modi government needs to understand is that this approach will not be found in India in the end, but it will only consume the patience of other countries and India’s own national reputation.Chennai Stock
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