BRICS adds more members

[FHN]

The world’s transition to renewable energy, including electric cars, requires huge amounts of nickel, copper, lithium and other so-called critical minerals. Kazakhstan has many of them.In 2022, Kazakhstan produced 43% of the world's uranium. Imo Kazakhstan is more important than turkey. You need contries that are rich in resources. Central Asia is actually the place for Chinese products to reach Russia to circumvent sanctions lol

 

[hodor]

BRICS has no military or economic function. It is a union on paper.

Turkey's BRICS membership will not have any impact on Turkey.

 

[LeGenD]

Nato will pressurise many states to not join, Argentina had no choice but to back off and Indonesia declares itself neutral. BRICS and SCO needs to become more integrated. Looking at Russian situation, all Nato/EU and allies have economic destruction sanctions on it but its still surviving, the change is already here, just needs time.

Sanctions are largely aimed to reduce or restrict access to Western technology and systems to do something. Russia still have enormous amount of natural resources such as oil, gas, hydrocarbons, and metals to sell to interested buyers around the world and there is no shortage of them. Russia cannot use SWIFT for global transactions but uses SPFS and have barter trade with some customers. Some countries also provide parts and products to Russia that make it possible for Russia to fight the war in Ukraine.

So how USD remains strong even though BRICS is expanding? Because a large number of countries around the world have access to SWIFT for global transactions and can buy American products and services. Why not avail best possible services when available? The "Russian problem is not my problem" factor.

Russians not able to do all that does not impact the US by much. The US does not need Russian natural resources to meet its needs. And many countries around the world will not stop trading with the US because they like Russians. These sentiments are only found in forums but not in practice.

 

[FHN]

HOME

www.cips.com.cn

CIPS is an alternative to SWIFT. Annual business volume for 2024 will most likely reach 250 trillion yuan.

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

Cryptocurrencies, SWIFT alternatives, and even the barter system could reshape global payments amid Western sanctions.

www.businessinsider.com

Only CIPS can challenge SWIFT imo. Other payment systems don't generate much volume.
95 percent trade between china and Russia are in local currencies.

De-dollarization: 95% of the trade between China and Russia didn’t use the US dollar

Russia became China’s main trading partner, surpassing the goal of US$200 bi in transactions estimated for 2023

www.brasildefato.com.br

 

[FHN]

A new payment system might be in the works

https://twitter.com/x/status/1834983956577497160

 

[FHN]

Chinese share in RMB is actually very high if u include CIPS 35 trillion in US dollars for this year. last year SWIFT generated total volume of 150 trillion. And RMB share in SWIFT is around 6 percent.CIPS accounts for 23 percent of SWIFT volume.... Half of Chinese trade are already outside of US dollars there's more room to go.

 

[FHN]

The goal of BRICS is to facilitate trade through local currencies and create an alternative banking system similar to IMF. BRICS is still more useful than g7 cause all they ever talk about is china. ofc china can do it with individual countries through BRI but a group like BRICS can send a powerful message to g7 that there's an alternative to the current West order lol. China has been the largest producer and importer of gold for the past 2 decades you all know the number china announced was fake. They don't want to shake the West yet lol the price of gold is already at $2570 per oz. Imagine when china announces how much they really have the price will go through the roof.BRICS also have large natural resources u need to bring a few more resources rich countries like Kazakhstan Iraq and Nigeria to the mix and Vietnam indonesia Thailand then it will be set. U don't need 30+ countries 15-20 should be enough.

 

[FHN]

Moscow will support Islamabad's bid to join BRICS, says Russian deputy prime minister​

Moscow will support Islamabad's bid to join BRICS, says Russian deputy prime minister

Russia's deputy prime minister says Moscow will support Islamabad's bid to join the BRICS bloc of developing economies.

www.newsday.com

 

[FHN]

How would India react to this?

 

[ST1976]

BEIJING, May 30 (Xinhua) -- Trade between China and the Arab League has witnessed robust expansion as the two sides bolstered economic cooperation since the China-Arab States Cooperation Forum was established 20 years ago, customs data showed.

Total goods trade volume between China and members of the Arab League surged to 2.8 trillion yuan (about 393.75 billion U.S. dollars) in 2023 from 303.81 billion yuan in 2004, an increase of 820.9 percent, according to China's General Administration of Customs (GAC).

In the first four months of 2024, China's imports and exports with the Arab League climbed 3.8 percent year on year to a historic high of 946.17 billion yuan, accounting for 6.9 percent of the country's total foreign trade value.

The United Arab Emirates, Iraq, Oman, Qatar, Egypt, and Saudi Arabia are China's top six trade partners in the Arab League in terms of trade value. They took up 84.8 percent of the total China-Arab trade in the first four months, GAC data revealed.

China is the largest source of automobile imports, as well as textiles and garments, to the Arab League. Between January and April this year, Chinese exports under these two catalogs increased by 66.3 percent and 3.2 percent year on year, respectively.

The Arab League is China's largest import source of energy products. In the first four months of 2024, China imported 397.29 billion yuan worth of energy products from the Arab League, or 38 percent of China's total energy product imports in this period.

Also, in the first four months of this year, trade between China's private enterprises and the Arab League totaled 497.14 billion yuan, up 16.3 percent year on year. In the same period, it accounted for 52.5 percent of the total China-Arab trade, an increase of 5.7 percentage points compared with a year ago.

The 10th ministerial meeting of the China-Arab States Cooperation Forum was held in Beijing on Thursday. During the conference, China signed a number of bilateral and multilateral cooperation documents with the participating countries and the General Secretariat of the Arab League.

there was a time when developing countries used to pay high price of oil/gas and then OPEC/Arab nations buy expansive products from Western countries. and this trend continued till last century, till rise of Chinese export......

now we find OPEC/Arab nations pay less price for Chinese imported items, as compared to Western products. and this way now oil price is also less, similar to price of Chinese products
.

 

[ST1976]

China is the head of this bloc.

once we discussed difference between Japanese and Chinese roads. Chinse funded roads in African nations also. and we found Chinese class roads/products is available for all those countries who want.....

if Chinese industries progress, then other countries like Indonesia-India try to catch up with China. more China goes forward, India-Indonesia and other developing countries try to cope/catch up with China industries.....

India welcomed high trade deficit with China during this century as it was estimated that by 8-10 years, mostly, Indian firms also match with those Chinese items, in terms of price and quality both.
by techniques like reverse engineering etc, which was less possible with western/Japanese products till 80s....

in sum, more China progress, it finally help emerging countries.....

 

[MMM-E]

Kazakhstan has many of them.In 2022, Kazakhstan produced 43% of the world's uranium. Imo Kazakhstan is more important than turkey.

-- Turkiye hosts the largest Boron reverves in the World
-- Turkiye hosts the one of largest rare earth elements in the world
-- And Turkiye hosts one of the largest Thorium reserves in the World which can provide 1.000 years electric energy for BRICS Countries

Thorium is future of nuclear power energy
and Thorium is more stronger , cleaner and safer than Uranium


Also Turkiye is among the most important countries of the Modern Silk Road project (from china to London)

Turkiye play a key role in the Modern Silk Road with its recently attracting mega investments like Marmaray, Yavuz Sultan Selim Bridge, Eurasia Tunnel, Çanakkale 1915 Bridge, 3rd Airport. The Edirne-Kars High-Speed Railway line, which is carried out together with the chinese, is one of the important steps taken within the scope of the project

( goods will be able to reach Europe heading from china within 15 days ....... considerably less time than a journey by sea )


Middle corridor of the New Silk Road, which is a multimodal trade route that goes from china to Europe via Kazakhstan, Azerbaijan, Georgia, and Turkiye



-- Also Turkiye is a G-20 Country with $1,3 trillion Economy

-- Also Turkiye is an Industrialized Country

-- Also Turkiye control Black Sea and Eastern Mediterranean Sea In maritime transportation and trade

-- Also If Turkiye joins BRICS then Turkiye will be 3rd strongest Country in Defense Industry after Russia and China