Posts

Showing posts with the label economic cooperation

Laos Expresses Interest To Join BRICS

Image
Laos has officially expressed its interest in joining the BRICS alliance. Laotian Prime Minister Sonexay Siphandone said on Friday that it’s in the country’s best interest to be a part of the bloc. “We are interested in becoming a member of BRICS. At present, we are in the process of studying this issue,” he said during the Russia-Laos business dialogue at the Eastern Economic Forum (EEF). Siphandone highlighted the growing importance of BRICS and how Laos could benefit from joining the bloc. He noted that the entire Global South region is learning to become independent by getting away from the clutches of the US dollar. The move seemed to be impossible until a decade ago, but the alliance has made it possible. Laos is located in Southeast Asia and is bordered by Cambodia, Vietnam, and Thailand. Also Read: BRICS Invests $2.02 Billion in Malaysia The Prime Minister’s statement urging Laos to join BRICS comes after he met with Vladimir Putin at the EEF foru...

No BRICS Currency Planned, Says Group’s Envoy

Image
Brazil’s Ambassador to India Kenneth Felix Haczynski da Nobrega confirmed in a recent interview that the BRICS alliance has no plans of creating a new currency to challenge the US dollar. The statement comes after the 17th summit in Rio de Janeiro which saw member nations push towards a multipolar financial world. The formation of a new BRICS currency is not feasible and was not discussed at the 17th summit on July 6 and 7. However, Kenneth revealed that the alliance will focus on settling trade with local currencies instead of the US dollar. The transactions will be on a “voluntary basis” among member nations to adapt local currencies for cross-border transactions. Also Read: India Officially Calls for a New Financial World at BRICS 2025 Summit BRICS Has No Plans of Creating a New Currency, Says Envoy Source: Shashi Shekhar Kashyap / The Hindu The Brazilian Ambassador to India revealed that BRICS is not envisioning creating a new currency. He stressed that the bloc is envi...