BRICS

2024 - 10 - 22

BRICS Summit 2024: Where Modi Meets Icons, and Cash is King!

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Catch the live action from Kazan, Russia as PM Modi attends the BRICS Summit! Could cash be the new cool amidst global tensions?

The stage is set for the 16th BRICS Summit in Kazan, Russia, where Prime Minister Narendra Modi has touched down amidst much anticipation. The summit, running from October 22 to 24, is more than just a meeting; it's a gathering of nations representing 42% of the world's population and 27% of the global GDP. As PM Modi gears up to hold bilateral discussions with the likes of Russian President Vladimir Putin and Chinese President Xi Jinping, the focus will undoubtedly be on building strong ties and confronting global challenges head-on. It's no small task as these leaders also tackle domestic issues while keeping an eye on the international chessboard.

This year's summit is characterized by an eagerness to foster a "new world order," with Russia at the helm pushing for economic innovations and increased cooperation among BRICS members. Amidst discussions, a highlight will be the potential introduction of a common BRICS currency—a tantalizing proposal aimed at lessening dependence on the US dollar. As nations deliberate on a shared financial framework, the atmosphere is palpably charged with cooperative zeal, reflecting a shift towards increased autonomy and mutual support among these rising economies.

In a quirky twist, as global sanctions on Russia have rendered foreign-issued Mastercards and Visas useless, the message from Russia’s hosts is crystal clear: "Bring cash!" This adds a humorous yet serious layer to the summit—a reminder that despite modern digital transactions, sometimes it's the old-school bills that can save the day. As leaders initiate discussions ranging from nuclear security to trade collaborations, the economic dynamics shared among BRICS nations can potentially redefine international relations for years to come.

As we watch these giants strategize their way through future economic landscapes, let's not forget the intriguing idea of the BRICS Bridge—a multilateral payment system designed to streamline and secure financial transactions between member nations. While global tensions simmer, it's refreshing to see these countries attempting to create stability through collaboration.

In a fun fact twist, did you know that the BRICS nations, apart from banding together economically, also represent a vast cultural tapestry with diverse traditions and histories? This unique amalgamation of backgrounds adds an additional layer of intrigue to their cooperative efforts. Plus, with the expansion of BRICS to include nations like Egypt, Iran, Saudi Arabia, and Ethiopia, the summit is a treasure trove of potential partnerships. Who would have imagined that a cash-only summit might just pave the road towards a more united and economically resilient global south?

Post cover — Image courtesy of "The Hindu"

BRICS

BRICS Summit 2024: Where Modi Meets Icons, and Cash is King!

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