re posted from THE CRADLE
BRICS problems, BRI solutions
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.
Pepe Escobar JUL 24, 2023
As the BRICS approach the most important summit in their history on August 22-24 in Johannesburg, South Africa, some fundamentals need to be observed.
The top three BRICS cooperation platforms are politics and security, finance and the economy, and culture. So the notion that a new BRICS gold-backed reserve currency will be announced at the South Africa summit is spurious.
What is in progress, as confirmed by BRICS sherpas, is the R5: a new common payment system. The sherpas are only in the preliminary stages of discussing a new reserve currency which could be gold or commodities-based. The discussions within the Eurasia Economic Union (EAEU), led by Sergey Glazyev, by comparison, are way more advanced.
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