World Weekly | Positive outlook on the BRICS system, triggering a global gold rush valley | Countries | Global

On January 24, 1848, a carpenter named James Marshall discovered gold in the ditch of a sawmill in Sacramento Valley, California, USA. This has triggered a "gold rush". British scholar Ben Wilson defined the "gold rush" as the beginning of the modern world. Because it has ushered in a golden age of economic development. This week, the topic of the "gold rush" has once again sparked heated discussions. However, the term "gold" here does not only refer to luck and opportunities to acquire wealth, but also to the increasingly optimistic BRICS system.

On June 22, 2023, the New Global Financing Compact Summit opened in Paris. At the meeting, Brazilian President Lula unleashed his firepower on developed Western countries.

Brazilian President Lula: To be honest, who has complied with the Kyoto Protocol? Who complied with the decision of the 15th Conference of the Parties held in Copenhagen? Who fulfilled the Paris Agreement? That is to say, the Paris Agreement has not been truly implemented because there is no strong global governance to make decisions and truly implement it.

According to the Paris Agreement, developed countries should provide $100 billion annually in climate change funding to developing countries. The annual report of the World Meteorological Organization shows that Europe has become the continent with the fastest warming in the world. According to statistics, in 2022, the temperature in Europe was about 2.3 degrees Celsius higher than at the end of the 19th century. The region near the Arctic in Europe is warming up by over 3.5 degrees Celsius.

It is intriguing that this "extreme warming" is happening at a delicate moment when Europe is reopening coal-fired power plants and importing a large amount of fossil energy from the United States in order to alleviate the "energy crisis". In contrast, developed countries such as the United States would rather use their money for war than give it to poor countries.

In May 2023, Brazil participated in the G7 summit as an invited country. At that time, Brazilian President Lula proposed with great hope to form an international group to promote peace negotiations, but G7 countries were busy discussing providing F-16 fighter jets to Ukraine, and the developing countries present were just superficial.

Lula revealed in an interview that he himself was "ignored and neglected" at the G7 summit, and even "stood up".

Brazilian President Lula: If we don't discuss inequality, if we don't prioritize it like climate, we can get good weather, but people in some countries around the world will continue to suffer from hunger.

That's why on June 22nd, South African President Ramafusa and Brazilian President Lula held a meeting in Paris specifically to discuss the hosting of the BRICS Summit, which became particularly eye-catching. A "gold rush" hoping to join the BRICS mechanism is also coming.

On June 19th, the Dhaka Forum newspaper in Bangladesh reported that Bangladesh has officially applied to join the BRICS Cooperation Mechanism, becoming the latest candidate on the list.

On June 15th, Venezuelan Vice President Rodriguez announced that President Maduro had submitted an application to join the BRICS.

On June 14th, Russian Ambassador to Egypt Borishchenko stated that Egypt has officially applied to join the BRICS and is very interested in "de dollarization".

On June 13th, Iranian President Lehi expressed his hope to join the BRICS countries.

Iranian President Lehi: We have joined the Shanghai Cooperation Organization and expressed our desire to join the BRICS countries. These organizations will become emerging forces in the future.

Currently, nearly 20 countries have expressed their desire to join the BRICS. Russian President's press secretary, Peskov, stated that joining the BRICS has become an "international trend".

In 2001, when Jim O'Neill, Chief Economist of Goldman Sachs in the United States, first proposed the concept of the "BRICS", he probably did not expect that the "BRICS" had become crucial more than a decade later.

The traditional "BRICS" refers to the collection of the English initials of Brazil, Russia, India, and China, which sounds similar to "brick" in English. Among them, Brazil is known as the "world raw material base", Russia is called the "world gas station", India is called the "world office", and China is called the "world factory". The four emerging economies are all important economic forces in their respective regions. After South Africa joined in 2011, this cooperation mechanism was renamed as the "BRICS countries".

Although there are only five BRICS countries, their influence is not small.

Former Russian Ambassador to China Denisov: These five countries can all be considered great powers, some of which are referred to as world powers. The population of BRICS countries accounts for 42% of the global population, and their land area accounts for over 25% of the world's total territory. So some people say that although there are only five countries, a large part of the Earth belongs to them.

In 2006, BRICS foreign ministers held their first meeting, marking the beginning of cooperation. At that time, the quality of the BRICS was not yet sufficient, and for every 10 yuan produced globally, only 1.2 yuan came from the BRICS countries.

After more than a decade of development, the BRICS countries have now transformed from being small horses to leading emerging markets. It is estimated that in 2021, the total economic output of BRICS countries accounted for approximately 25.24% of the world, and the total trade volume accounted for 17.9% of the world. Behind the rapid development lies high-quality cooperation among BRICS countries.

On the vast hot land of Brazil, towering iron towers shuttle overhead with silver white transmission lines. This is the Brazilian Beautiful Mountain Phase II ultra-high voltage direct current transmission project invested and constructed by Chinese companies.

Starting from the Amazon region in northwest Brazil and southeast to Rio de Janeiro, it spans 5 states and 81 cities in Brazil, with a total length of 2539 kilometers. It is the farthest transmission line of the same voltage level in the world.

The "Beautiful Mountain" project not only effectively solves the problem of clean water and electricity transmission and consumption in Brazil, meeting the electricity needs of over 22 million people, but also is very environmentally friendly.

CCTV reporter Tang Ye: They can extend the installation of cables by dozens of kilometers for a natural karst cave or such an indigenous settlement area, or they can also replant trees that have already been cut down during construction on the same area in their original state.

In the process of protection and development, the concept of "green mountains and clear waters are invaluable assets" and sustainable development experience have been brought to more countries. "Beautiful mountains" have also become a "golden business card" for China Pakistan cooperation and upgrading development of the BRICS.

Over the past 17 years, there have been countless successful cases of BRICS cooperation, injecting confidence into developing countries that hope to accelerate development while maintaining their independence.

Sunuti, Deputy Editor in Chief of the Egyptian newspaper Pyramid: BRICS cooperation is considered an important mechanism to break the economic control and monopoly of developed countries such as the United States.

In 2022, the BRICS countries launched a new round of expansion process.

South African Foreign Minister Pandor: We have invited foreign ministers from Bangladesh, Egypt, Uruguay, and the United Arab Emirates.

In the group photo session, the match between the Iranian and Saudi foreign ministers received considerable attention.

This pair of former rivals held another bilateral meeting in Cape Town after the Beijing meeting in April. The two influential countries in the Middle East discussed plans to comprehensively restore relations and expand economic and trade cooperation.

Half a month later, Saudi Foreign Minister Faisal made his first visit to Iran in seven years and extended an invitation to visit Iranian President Lech on behalf of Saudi King Salman.

On June 1, 2023, Argentine Minister of Economy Massa, who was visiting China, arrived at the headquarters of the BRICS Bank in Shanghai. President Rousseff kindly interrupted Massa's speech during the meeting, telling him that there was "good news".

On June 10th, the Argentine football team led by Argentine football superstar Messi arrived in Beijing, witnessing the enthusiasm of Chinese fans.

As an "old rival" on the football field, Brazilian Rousseff told the Argentine that the "good news" is not that Messi is coming, but that the BRICS board of directors has officially authorized her to hold a vote on Argentina's accession to the bank, which is expected to be finalized at the bank board meeting in South Africa in the first week of August.

According to reports, the Argentine Ministry of Finance will invest $250 million in sovereign bonds originally held by national public institutions into the BRICS Bank. In history, Argentina has experienced multiple debt crises, which have led to domestic turmoil. Nowadays, negotiating cooperation with the BRICS Bank shows confidence and confidence in the future.

In 2014, the BRICS countries established the New Development Bank, also known as the BRICS Bank, with its headquarters located in Shanghai.

South African economist Silke: The BRICS and other developing countries have been accusing the International Monetary Fund and the World Bank of having no interest in developing countries for many years.

After the outbreak of the 2008 international financial crisis, the economies of major developed countries in the world were severely affected, exposing deficiencies in global economic governance.

The Spanish newspaper "Uprising" pointed out that the United States has almost dominated the world economically for decades, forcing dollar trading without bringing any benefits to the people of these countries.

Former Vice President of the New Development Bank of the BRICS, Paul Nogaila Batista Junier: The BRICS countries have repeatedly reiterated their support for an open economy and advocacy for international cooperation. This means that the BRICS countries will not fuel conflicts in any way, including trade and political conflicts, but will strive to promote cooperation.

On June 17th, Russian President's press secretary Peskov stated that "expanding BRICS membership" will be included in the agenda of the August BRICS Leaders Summit.

Brazilian President Lula: Countries that wish to join the BRICS have put forward many proposals, and we will discuss them because it needs to be based not only on Brazil's will, but also on the will of everyone.

The South African Broadcasting Corporation reported that the BRICS countries are expected to accept five new members this year, namely Argentina, Egypt, Türkiye, Saudi Arabia and Iran.

According to data released by the UK economic research firm Oak Fruit Macro Consulting in March this year, the proportion of BRICS countries to world GDP reached 31.5%, exceeding the 30.7% of the G7. As more and more countries are attracted by the spirit of BRICS, the gap between the two is expected to further widen by 2025.

The French newspaper Echo commented that the BRICS countries are becoming the most economically attractive mechanism.

Rabbidi, a senior financial journalist for the United Arab Emirates' Manifesto newspaper, said that cooperation among BRICS countries is not based on geographical proximity, but on recognition of multilateralism. The BRICS countries have a lot of momentum and potential.

Some Western countries have a complex mindset towards this.

US media has published articles such as "China and Russia's push to expand BRICS membership will weaken US influence" and "BRICS countries become a potential nightmare for the US". Al Jazeera, Qatar, believes that behind the extraordinary attention, there is a certain "anxiety and fear" that Western economic hegemony has been challenged.

On June 9th, multiple US lawmakers signed a joint letter claiming that South Africa's summit with Russia was "supporting Russia" and calling on the White House to impose sanctions on South Africa.

At the same time, rumors such as the change of venue for the BRICS summit are spreading widely.

In the view of Russian Deputy Foreign Minister Riyabkov, some Western countries are attempting to complicate the preparations for the summit by spreading some kind of "false agenda".

South Africa's Special Envoy for Asia and BRICS Affairs, Sukar: There are many rumors now, and Foreign Minister Pandor has emphasized multiple times at press conferences and BRICS meetings. The BRICS Leaders Summit is scheduled to be held in Johannesburg, South Africa from August 22nd to 24th, and South Africa is currently busy preparing for it.

The European website Modern Diplomacy believes that the rise of the BRICS countries represents a new world order, with power shifting from the "global north" to the "global south". Under the leadership of BRICS cooperation, countries in the southern regions of the world are accelerating their rise and proposing alternative development models that are different from following the "Western style path".

On June 22nd, Indian Prime Minister Modi, one of the "BRICS countries," once again mentioned the concept of the "global south.". The media has noticed that the United States, as the leading developed country in the "global North," has been exerting pressure on India on the oil issue.

White House National Security Council spokesperson Kirby: We hope that India will continue to adhere to the price cap when purchasing Russian oil, in order to limit Putin's ability to profit from the oil market.

After the Russia-Ukraine conflict, India, South Africa and other developing countries did not follow the West, but took a relatively independent position. In the 1950s and 1960s, in response to the demand of Western countries to forcibly choose sides and take sides, developing countries gradually emerged as the "Non Aligned Movement". India was one of the earliest countries to propose concepts such as "non alignment" and "neutrality".

American Foreign Policy Scholar Slaut: What surprised me the most was India's response, as well as countries like Brazil and South Africa, which are deeply rooted in the United States. We have put a lot of effort into wooing India, but India has clearly refused to stand in line and is still purchasing energy from Russia and preparing to continue purchasing weapons from Russia. This signals a significant shift in the global order.

George Hein, a scholar at Boston University, pointed out that it is not in the interests of many "global southern" countries to choose sides and stand in line in the Russia-Ukraine conflict.

On the world map, "Global South" usually refers to underdeveloped regions such as Latin America, Asia, and Africa, which are named after their geographical location in the southern hemisphere. Some scholars believe that the predecessor of the "Global South" was the "Third World". With the end of the Cold War, compared to the emphasis on development in the Third World, the "Global South" has become more prominent in its characteristic of not following the West.

South Africa's Special Envoy for Asia and BRICS Affairs, Sukar: In the past seven to eight decades, the world has undergone dramatic changes, and the process of reform must listen to the positions and voices of the global South.

In 1990, John Williamson, a scholar at the Institute of International Economics in the United States, proposed the concept of the "Washington Consensus" led by Western countries in the world. The three leading institutions driving the Washington Consensus are the International Monetary Fund, the World Bank, and the US government.

The Munich Security Report released by the 2023 Munich Peace Conference pointed out that for many "southern countries", the Western dominated order is characterized by "postcolonial rule, double standards, and ignoring the concerns of developing countries.".

However, countries in the "global south" do not recognize the Western dominated world order. In fact, what countries around the world dislike is the hegemonic logic disguised under the so-called "rule based international order". The Global South hopes to find new alternative solutions that are different from the Washington Consensus.

Egypt International Shipping Group Corporate Strategy Director Najib: We have indeed obtained loans from the International Monetary Fund, and we comply with international standards, but we would rather have more, faster convenience, and fewer financing conditions. I believe that the BRICS countries and the New Development Bank have the ability to do this for Egypt.

In the late 20th century, the United States gradually controlled the global economic order through globalization and the capitalist economic system, manipulating the G7 to form a closed and exclusive "small circle".

Why does world trade have to be settled in US dollars? Why is it not the currency of BRICS countries? Why is the world so polarized, with the rich getting richer and the poor getting poorer? In April this year, during a visit to the headquarters of the New Development Bank in Shanghai, the "Lula Three Questions" were thought-provoking. This is also a key reason why more and more "global southern" countries are supporting the BRICS cooperation mechanism.

Brazilian President Lula: They believe that our goal is to abandon using the US dollar as a foreign trade settlement currency, as was the case when Europe issued the euro, and the United States is very unhappy. In my opinion, if it is necessary to establish a unified currency system, large countries like China and Brazil do not need to trade on the basis of the US dollar. Our two countries can fully establish a unified monetary system.

The New Arab News Network pointed out that the risks caused by the abuse of sanctions by the United States have prompted more and more "global southern" countries to seek alternative currencies to the US dollar. The question now is no longer "whether the hegemony of the US dollar will end", but when it will end.

In May of this year, the German Marshall Foundation, a think tank based in Washington, USA, released a report stating that in order for Western countries to maintain their global influence, they must engage more meaningfully with "global swing countries" that are unwilling to follow the West.

Openness and inclusiveness are distinctive features of BRICS cooperation, and Fox News has noticed that countries, including allies in the United States, are eager to join.

Saudi Arabia, a traditional ally of the United States in the Middle East.

Lancaster University International Political Scholar Ma Bang: In the past, Saudi Arabia has been very dependent on its relationship with Washington, but in recent years, especially in the past decade, we have seen tensions in the relationship between the two countries. We know, bye