The BRICS economic alliance is discussing de-dollarization efforts with a plethora of new countries at the Shanghai Cooperation Organization (SCO) summit taking place Wednesday. The event has seen Russia and China’s presidents, Vladimir Putin and Xi Jinping, attend among a host of partner nations.
The SCO was established in 2001, and was first created by Russia and China to address the needs of Central Asia. Moreover, the bloc includes Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, as well as fellow BRICS nations Iran and India.
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BRICS Dominate SCO Summit to Discuss Western Dominance
The BRICS nation is set to discuss de-dollarization efforts with several new countries at the SCO summit taking place today. According to Nigel Gould-Davies, the former British ambassador to Belarus, the “principle value” of the grouping is to showcase a unified position and discuss countermeasures to Western hegemony.
The summit has already facilitated a meeting between President Putin, and Turkish President Recep Tayyip Erdogan, as well as Pakistan’s Prime Minister Shahbaz Sharif. Moreover, Putin and Xi are meeting at the event. This marks their second interaction since May when the Moscow leader visited China.
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The event is vital for Putin. According to the Director of the Carnegie Russia Eurasia Center, Alexander Gabuev, the summit is very important. For the Russian leader, it showcases “prestige and the symbolic optics that he’s not alone.” Moreover, it clearly showcases his “strategic partnerships,” with growing nations and BRICS allies.
The event will feature Belarusian President Alexander Lukashenko attending for the first time. Indeed, the country is set to become a full member. Additionally, BRICS expansion is likely to be discussed. China’s Xi had reportedly voiced his support for Kazakhstan to join. Those talks will also be important to de-dollarization efforts.