BRICS+ Expands, De-dollarizes and Resonates with Global South

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13:49 GMT 27.10.2024 (Updated: 14:17 GMT 27.10.2024)

Ekaterina Blinova

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Despite the Kazan BRICS Summit wrapping up earlier this week, the Western press is still musing as to how Russia managed to overcome sanctions pressure and continue to play big in global politics.

Moscow is pushing for «an alternative world order… to counter one dominated by the wealthy Western nations,» writes the Washington Post. The newspaper quoted Russian President Vladimir Putin as saying that the bloc is «striving to build a better world where the opinion of every nation will be respected.»

The latest BRICS Summit «shows determination for a new world order,» echoes online publication the Conversation. While the publication insists that the West may still have time to re-engage with the Global South, it acknowledges that there is «a substantial increase in interest in BRICS membership,» as a number of new applications to join the format continue to pile up.

The issues presented at the summit «resonate strongly among a variety of countries, from global powers like China to nations throughout the Global South,» writes Responsible Statecraft (RS), a media outlet of the Quincy Institute, a Washington DC-based think tank.

«They all share a common interest in navigating the emerging challenges presented by a rapidly developing multipolar architecture,» the think tank points out. «After several decades of war and harmful sanctions, BRICS+ nations are increasingly distrustful of the United States led ‘rules-based order’ that favors the few at the expense of many.»

De-dollarization and a shift to alternative means of payment is another noteworthy development, especially given that BRICS+ countries are steadily increasing their gold holdings, emphasizes RS. The focus on accumulating the yellow metal shows developing nations are moving away from dollar reliance, the think tank notes.

Meanwhile, UN Secretary-General Antonio Guterres hailed the Kazan Summit and called it a tool to solve global problems in an interview with Russian journalist Pavel Zarubin released on Telegram on October 27.