BRICS: China & Russia Announce Major Partnership

Vinod Dsouza
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Source: Photograph by Li Tao / Xinhua / Getty

BRICS members China and Russia are forging new partnerships to promote the concept and ideals of a multipolar world. Both countries are looking to reform the global financial system which is heavily concentrated and dominated by the US. Russia’s Foreign Minister Sergey Lavrov met Chinese President Xi Jinping on Tuesday and the two discussed ways to push the new financial ideals ahead.

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Both the BRICS countries China and Russia pledged to defend the ideals of a multipolar world and promote the concept across developing countries. A multipolar world, according to BRICS is to sideline the US dollar for transactions and use local currencies for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

BRICS: China & Russia Announce Plans To Reform the US-Led Financial System

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The BRICS members explained that the US has pressed “illegal sanctions” against China and Russia. Therefore, they are now preparing to set up a coordination through BRICS to promote a multipolar world. The goal is to reform the global governance system with developing countries uniting against the US economic sanctions.

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BRICS aims to intensify bilateral communications and strengthen multilateral strategic coordination with developing countries that want to use local currencies. China and Russia are on a world tour in Asia, Latin America, and Africa pushing the de-dollarization and multipolar world agenda.

“China has always attached great importance to the development of Sino-Russian relations. And is willing to work with Russia to intensify bilateral communication. Strengthen multilateral strategic coordination in the BRICS group and the SCO. Demonstrate greater responsibility, unite the Global South countries, and promote reform of the global governance system,” Jinping said.

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However, we will have to wait and watch how other developing countries will be receptive to a multipolar world idea. While the de-dollarization agenda by BRICS is already kick-started, the multipolar world concept is slowly yet steadily gaining wings.