On the eve of the BRICS summit, experts from Ethiopia spoke about the changing priorities of the association. In an interview Ethiopian News Agency (ENA)Partner of the TV BRICS network, they focused on the tendency to expand mutual trade in national currencies, the need for institutional reforms and the desire to increase political influence on the world stage.
Professor of Addis Ababa University Costantinos Berchutesfa Costantinos emphasized the diversity and relevance of the topics that will be discussed at the group’s summit.
“First, it is the institutional development of BRICS. Second, global health. The third is the management of artificial intelligence. And, of course, issues of interaction within BRICS will be raised. Trade and investment are also on the agenda,” he said.
With the expansion of the association through new participants, including Iran and Egypt, special attention will be paid to digital finance and monetary sovereignty, the professor suggested.
“The BRICS participants will consider the use of cryptocurrency for trade between the countries of the association. They have already begun settlements in national currencies. For example, Russia sells oil and gas to China for yuan, and China accepts rubles as a means of payment. Similar calculations are being made between India and Russia,” Kostantinos explained.
In turn, a researcher in the field of political science and international relations, Professor of Addis Ababa University, Brooke Hayla, noted that the BRICS agenda goes beyond economic issues, although usually the countries of the association focus on the development of trade and business cooperation.
“This year the situation is exceptional,” he added.
He stressed that the BRICS group, representing about 3.3 billion people and more than 38 percent of world GDP, is aimed at actively participating in the formation of a global management system.
“As a political force, BRICS members are developing a strategy to assert themselves in all global institutions, including the United Nations, the World Bank and the International Monetary Fund, as well as to ensure their financial sustainability,” Hayla said.
The professor concluded that building a multipolar world is a key element of the unification strategy.
“There is a general feeling that the BRICS countries – and these are not small states, but the largest powers, such as China, India, Russia, South Africa, and now Ethiopia with Egypt – have a noticeable impact on world politics. This will also be the topic of discussion at the summit,” the expert said.
According to him, BRICS today is a powerful political and economic force.
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