Russian President Vladimir Putin will host a BRICS leaders summit next week, hoping for support in his standoff with the West from the expanded organization, which now accounts for roughly one-third of global GDP.
According to Russia, leaders from Brazil, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE will attend, with Saudi Arabia’s foreign minister representing the country that has been invited.
Here are some of the recommendations Moscow will bring forward:
BRICS Reinsurance
The suggestion is to form a BRICS reinsurance company to ensure the continuous shipment of goods and vital commodities between members in the event that Western reinsurance corporations, which dominate international trade, refuse to perform their services.
This problem is especially important to Russia because Western countries have imposed a price restriction on Russian oil since 2022, preventing access to Western shipping and insurance services if the oil is sold for more than $60 per barrel.
BRICS Contingent Reserve Arrangement
An international financial facility designed to assist member nations during economic crises, serving as an alternative to IMF assistance.
BRICS Grain Trade Exchange
The proposal calls for the establishment of a trading platform for grain and other major commodities, with an associated pricing agency that will provide price data and market analytics. Currently, international prices for major commodities are set on Western bourses.
Cooperation on Credit Ratings
Improved communication and experience-sharing across the member countries’ credit rating agencies, with the use of artificial intelligence to reduce human bias. This approach would protect the BRICS markets from a pullout by Western credit rating firms.
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Source: NDTV
