All articles tagged with #brics summit
China's Xi Jinping is hosting a major regional security forum in Tianjin to showcase Global South solidarity, inviting over 20 leaders including Putin and Modi, amidst geopolitical flux and efforts to counter Western influence. The summit emphasizes optics over substantive cooperation, with key bilateral meetings expected between India and China, and Putin staying on for a military parade in Beijing.
The Brics summit in Brazil aims to strengthen collective action among emerging economies to address global issues like climate change and geopolitical tensions, amidst internal divisions and challenges to multilateralism, with a focus on reforming global governance and supporting climate finance for the global south.
The upcoming Brics summit in Brazil faces challenges due to the bloc's rapid expansion, leadership absences, and internal divisions, with many leaders, including Xi Jinping and Vladimir Putin, not attending. The summit aims to focus on less controversial issues like health and green energy, but disagreements over topics like UN reform and trade currencies highlight ongoing tensions within the diverse group of emerging economies.
Indian Prime Minister Narendra Modi and Chinese leader Xi Jinping met on the sidelines of the BRICS economic group meeting in Johannesburg and agreed to "intensify efforts" to deescalate tensions at their contested border. The meeting comes after a deadly clash in 2020 strained relations between the two countries. The disputed border has long been a source of friction, and the leaders discussed the importance of maintaining peace and tranquility in the border areas. The meeting is seen as a step toward mending their fraught relationship, and both sides expressed the need to handle the border issue properly to safeguard peace and tranquility in the region.
China and Russia criticize the West at the BRICS Summit, with Putin blaming the West for the conflict in Ukraine and Xi Jinping criticizing exclusive blocs and the cold war mentality. Indian Prime Minister Narendra Modi expresses support for expanding the BRICS group, while Brazilian President Luiz Inacio Lula da Silva emphasizes that BRICS should not aim to rival the U.S. The summit also discusses de-dollarization and reform of the international financial system.
Chinese President Xi Jinping unexpectedly skipped a scheduled speech at the Brics summit in South Africa, raising speculation about his absence. His speech was read out by his commerce minister, Wang Wentao, who made thinly veiled attacks on the US. This marks the second unexplained absence of a Chinese official, following former foreign minister Qin Gang. The Brics countries, representing 40% of the world's population and a quarter of global GDP, aim to strengthen their alliance as a counterweight to western blocs.
Russian President Vladimir Putin blames the West for the war in Ukraine, claiming that their "aspiration to preserve their hegemony" led to a coup d'etat in 2014. Putin's remarks came during the Brics summit, where he also discussed the establishment of new transport routes, bolstered partnerships in various sectors, and emphasized the importance of a world order based on international law. Meanwhile, Ukraine reported a strike on a Russian air defense missile system in Crimea, and Ukrainian officials stated that the attack destroyed 13,000 tonnes of grain and reduced the export capacity of the port of Izmail by 15%.
Russian President Vladimir Putin delivered a prerecorded speech at the BRICS summit, criticizing Western sanctions and advocating for de-dollarization. Putin was unable to attend the summit in person due to the risk of arrest. He emphasized the importance of the BRICS bloc as an alternative to the Western order and expressed support for adding new members. The BRICS bloc represents 40% of the world's population and a quarter of global GDP.
As the BRICS summit takes place, discussions around membership expansion and de-dollarization are at the forefront. However, Hugh Hendry, Founder of Eclectica Macro, argues that de-dollarization is detached from economic logic and reason, stating that those who see it as a major threat have no understanding of how the world works. Hendry believes that the BRICS countries lack the necessary depth in their markets and currency trading to make de-dollarization a viable strategy. He also highlights the importance of America's democratic system and open capital markets in maintaining the dollar's status as the dominant currency.
African countries are urging China to shift its focus from infrastructure development to local industrialization, according to Wu Peng, China's top Africa diplomat. This request comes in light of the Africa Continental Free Trade Agreement (AfCFTA) and the growing integration among African nations. Chinese lenders have provided significant loans to African countries in the past, particularly for infrastructure projects under the Belt and Road Initiative. However, loan commitments have decreased in recent years. Wu stated that discussions on urgent issues, including African industrialization, will take place during the BRICS summit, and Chinese investments in Africa are expected to increase, especially from small and medium-sized companies.
Ukraine reportedly destroyed a Russian supersonic bomber with a drone strike, while Russia shot down two Ukrainian drones over the Moscow region, causing minor damage to apartment buildings. The BRICS summit is underway in Johannesburg, South Africa, with Russian President Vladimir Putin absent due to an International Criminal Court arrest warrant for alleged war crimes in Ukraine. Ukraine is considering using a newly tested Black Sea export corridor for grain shipments after Russia blockaded Ukrainian ports. Additionally, an Iranian military delegation visited Moscow to discuss increasing cooperation between the two countries' ground forces.
Russian authorities reported drone attacks near Moscow, with two drones intercepted and falling debris injuring two people. Denmark and the Netherlands announced plans to donate F-16 fighter jets to Ukraine, drawing condemnation from Russia. Flights at four airports in the Moscow region were briefly suspended, coinciding with reports of a "terrorist attack" by drones. An Iranian military delegation visited Moscow to discuss cooperation between the two countries' ground forces. Russia is reportedly creating a "development plan" for the destroyed city of Mariupol, aiming to bring in 300,000 Russians to boost the population. Ukrainian forces have gained territory in eastern Ukraine's Bakhmut, while an exhibition of destroyed Russian military equipment is on display in Kyiv. Ukrainian President Zelenskyy praised the F-16 jet donations, while Russia's ambassador to Denmark criticized the move, warning it will escalate the conflict.
Chinese President Xi Jinping will meet with African heads of state during the BRICS summit to discuss and advance China-Africa cooperation. The meeting will take place on the last day of the summit, which has set aside events for the invited countries. Xi will also pay a state visit to South Africa's President Cyril Ramaphosa before attending the summit. The discussions will focus on creating a blueprint for cooperation to improve livelihoods and create jobs in Africa, aligning with the continent's economic restructuring and upgrading needs.
China and India have held a new round of border talks ahead of the upcoming Brics summit in Johannesburg, where both Chinese President Xi Jinping and Indian Prime Minister Narendra Modi are expected to attend. The talks, sparked by the deadly Galwan clash, aim to ease tensions along the Line of Actual Control. A bilateral meeting between Xi and Modi has not been ruled out during the summit.
Russian President Vladimir Putin will not attend the BRICS summit in South Africa next month due to an arrest warrant issued against him by the International Criminal Court. Putin stated that his presence in Russia is more important and that he will participate in the summit via video link. Russian Foreign Minister Sergey Lavrov will attend the summit in person. South Africa has faced pressure not to host Putin, and there are concerns that he could be arrested if he leaves Russian soil.