Tag Archives | BRICS

Despite the limitations of the BRICS project, it is clear that the increase in South-South trade and the development of Southern institutions (for development financing, for instance) challenges the neo-colonial system even if it does not immediately transcend it.

While the five original BRICS states have their geopolitical differences, they are finding enormous common ground on the geoeconomic front as trade volumes surge and trade routes multiply.

New Zealand’s estimation matters because it is a small country in Southern Pacific heavily dependent on trade with China for preserving its prosperity and yet one of the Five Eyes (along with the U.S., UK, Australia and Canada), the exclusive secretive security grouping of Anglo-Saxon countries. 

The U.S. government is trying to divide the BRICS bloc and recruit India for its new cold war on China. Biden doesn’t care that far-right Prime Minister Modi is closely linked to fascistic Hindu-supremacist groups that violently oppress minorities.

The BRICS bloc’s New Development Bank, an alternative to the U.S.-dominated World Bank, is de-dollarizing its loans, promoting local currencies, and adding new members: Argentina, Saudi Arabia, and Zimbabwe.

The new chief of the BRICS bloc’s New Development Bank, Brazil’s leftist ex-President Dilma Rousseff, revealed they are gradually moving away from the U.S. dollar, promising at least 30% of loans in local currencies of members.

Ecuadorian economist and former presidential candidate Andrés Arauz explains Latin America’s attempt to create a new currency and regional financial architecture, to challenge the “hegemonic, neo-colonial” U.S. dollar-dominated system..