BRICS Financial Forum Today: Is BRICS Currency?
BRICS Financial Forum Today: Is BRICS Currency?
Fastepo: 5-27-2024
The BRICS International Financial and Economic Forum (IFE Forum BRICS 2024), set to open on Monday in Moscow, will bring together approximately 700 guests from around the world, with tens of thousands participating online.
This event aims to foster discussion among ministers, diplomats, company executives, and experts on the creation of independent financial instruments within the BRICS framework and business development amid global transformations.
Key topics at the forum will include the development of new payment, settlement, and emission activities for BRICS countries.
The main goals are to facilitate the smooth entry of BRICS countries into new markets, boost mutual trade and investment, and strengthen ties among business circles, governments, and communities.
The forum will address the establishment of independent financial infrastructures to reduce reliance on Western financial systems and promote economic sovereignty among developing nations.
Key initiatives include the creation of a multilateral digital settlement and payment platform known as the "BRICS Bridge," which aims to enhance mutual trade and financial cooperation among member countries.
Additionally, the event will cover a wide array of topics such as economic growth strategies, technological advancements, and multilateralism for global development and security.
Emphasizing the integration of new members, the forum will support these countries in navigating collaboration complexities by sharing experiences and incorporating them into existing BRICS mechanisms .
One significant outcome anticipated from the forum is the adoption of resolutions concerning new financial infrastructures and the enhancement of economic cooperation among member states.
Discussions will cover various aspects, including the creation of a multilateral digital settlement and payment platform, known as the "BRICS Bridge," which aims to improve financial sovereignty and reduce dependency on Western-dominated financial systems.
Moreover, the forum will witness agreements on interparliamentary cooperation and major investment contracts between companies from Russia, Brazil, Egypt, India, Iran, China, the UAE, Saudi Arabia, Ethiopia, and South Africa.
Notably, countries that are not BRICS members, such as Algeria, Yemen, Palestine, Peru, and Tunisia, will also participate, indicating the forum's broad international appeal and its potential to enhance global economic cooperation.