The BRICS alliance has gathered to discuss a digital economy framework in what is poised to be a crucial new meeting for the bloc. Indeed, the gathering has taken place following the collective’s announcement of an impending independent payment system for member countries.
Now, the alliance has converged in Geneva for a meeting to discuss vital elements of its burgeoning digital economy. The talks will center around necessary infrastructure and were described as the “preparatory stage” of the burgeoning economic overhaul, according to a press release.
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BRICS Meet to Discuss Digital Economy Framework
For much of the last year, the BRICS economic alliance has been developing its own economic alternatives. Since Following imposed sanctions in 2022, the bloc has sought to create an avenue for independence for global economic participants. This meant both the implementation of de-dollarization efforts and the establishment of local economic measures.
That has now culminated in the impending arrival of a BRICS-independent payment system. Subsequently, the BRICS group is now meeting to discuss its digital economy framework in what is poised to be a critical meeting for the sector’s development.
The gathering took place in Geneva, Switzerland, with the BRICS Competition Law and Policy Centre leading the discussions regarding economic digitization and the necessary regulatory framework. Moreover, the event saw participation from a host of alliance nations.
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One of the major talking points for the gathering was the issue of antitrust regulation. Specifically, the discussions revolved around both economic activity in participating nations and collectives like BRICS. The discourse present at the gathering is a clear depiction of the growing cooperation between BRICS nations.
Although the alliance has been present since 2001, they have ramped up collaboration. Moreover, this meeting is essential as they begin to formulate guidelines and standards that all nations will adhere to.
Furthermore, this is yet another signal that a digitized BRICS economic system is nearing. Subsequently, all eyes will be on the impending 2024 Annual Summit. There, many expect important announcements with geopolitical implications, with many predicting the possible launch of a BRICS native currency.