BRICS Reject of 'Illegal' Western Sanctions on Global Economic Dynamics
BRICS countries collectively rejected what they termed as "illegal" Western sanctions.
At the recent 16th BRICS Summit held in Kazan, Russia, the BRICS countries collectively rejected what they termed as "illegal" Western sanctions. In a joint declaration, the BRICS nations condemned the practice of politically motivated sanctions, saying that such measures undermine the development of other states.
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The declaration emphasized that these sanctions are not only unlawful but also harmful to the economic and social progress of the targeted countries. The BRICS leaders called for a more just and equitable international order, where unilateral sanctions are not used as tools of political pressure.
The summit was themed "Strengthening Multilateralism for Just Global Development and Security," reflecting the BRICS nations' commitment to promoting a more equitable and stable international order.
This stance by BRICS is part of a broader action to challenge the dominance of Western-led institutions and promote alternative mechanisms for global economic cooperation. The bloc has been actively working towards reducing its dependence on the US dollar and exploring other currencies for international trade and finance.
The BRICS countries also highlighted the importance of strengthening their economic ties and increasing cooperation in many sectors, including trade, investment, technology, and human capital. They believe that by uniting together, they can fulfill their countries' potential and make a positive impact on global developments.
The joint declaration at the BRICS Summit is a clear message to the international community that these emerging economies are committed to defending their sovereignty and promoting a multipolar world order. It also highlights the growing influence of BRICS on the global stage and their determination to create a more balanced and fair international system.
The summit marked the inclusion of Egypt, Ethiopia, Iran, and the United Arab Emirates as new members of BRICS, following their decision at the previous summit.
One of the key topics discussed was the reduction of dependence on the US dollar. The BRICS nations introduced a payment system called BRICS Pay, designed to facilitate financial information exchange between central banks and serve as an alternative to the Western interbank system SWIFT.