SAUDI ARABIA, G7 and BRICS
Russia, China keen on rapid BRICS expansion to counter West. The entry of ASEAN nations into BRICS will improve its geographical coverage and bring countries in the ambit of India’s Act East Policy into the grouping.
AMID Russia’s chairmanship of BRICS, Beijing and Moscow are making efforts to rapidly expand the grouping and gain traction for the organisation to challenge Western domination. They aim to position BRICS as an upholder of the values of the Global South. BRICS has traditionally tried to find better economic avenues not dependent on the West. It is also an important effort for a MULTIPOLAR WORLD.
As many as 33 countries are waiting to join BRICS. This is a substantial number. Since 2010, when South Africa joined BRICS, it remained a club of five countries — Brazil, Russia, India, China, and South Africa. In 2023, during the South African chairmanship, six countries were invited to join the bloc: Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE. Argentina withdrew, while Saudi Arabia has not ratified its membership. The criteria-based approach was ignored in this rush.
Among Ethiopia, Iran, the UAE and Egypt, there is a mix of pro- and anti-Western countries. But the dominant theme is how to join another pole in the emerging international order and seek greater economic opportunities for themselves.
Indonesia’s reluctance to join the first expansion has left a gap in BRICS because no Southeast Asian country is a member so far. Indonesia, which was then the chair of ASEAN and had successfully helmed the G20 in 2022, was seen as an ideal partner. But it demurred. One reason was that it did not want to be a party to the international contestation between the US and China, assuming that it saw BRICS as a China-led grouping. Economically, Indonesia placed its bets on its application for the membership of the OECD (Organisation for Economic Cooperation and Development). Hence, it did not find BRICS equally attractive.
Currently, there are three ASEAN countries seeking BRICS membership — Vietnam, Thailand, and Malaysia. Public pronouncements by their leadership have varied. Thailand and Malaysia are more public about their efforts, while Vietnam, which recently hosted Russian President Vladimir Putin, has been discreet. Other applicants include Venezuela, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan.
Overall, the entry of ASEAN nations into BRICS will improve its geographical coverage and bring countries in the ambit of India’s Act East Policy into the grouping. India should have no difficulty in supporting Vietnam, Malaysia, and Thailand for their entry into BRICS and Indonesia whenever it seeks to join. India has close ties with these countries. And the economic and political expansion of relations with them remains a keystone of India’s Act East Policy.
They are all friends of India and could benefit by balancing the composition of BRICS. However, all of them are close economic partners of China, whose heft with their inclusion into BRICS would be clearly felt. India has been comfortable with the new members who have had good relations with it but prosperous economic partnerships with China.
Of the 33 current applicants, perhaps five to 10 that are acceptable to the others will be approved. ASEAN countries, with their wider reach and support from China, Russia, and India, would perhaps find it easier to enter BRICS at this stage.
Saudi Arabia flexes diplomatic muscle warns G7 over Russian asset seizure.
In what is perceived as a veiled threat, Saudi Arabia warned G7 nations earlier this year that it might sell off European debt holdings if the group decided to seize nearly $300 BILLIONS of Russia’s FROZEN ASSETS, Bloomberg has reported.
The move, which was being considered to support Ukraine, was seen as a veiled threat demonstrating the Kingdom’s growing diplomatic influence on the world stage, underscoring its increasing ability to influence decisions made by some of the world’s most powerful economies.
This veiled threat, particularly mentioning French treasury debt, appears to have influenced European reluctance to support the asset seizure plan as initially planned. The Saudi Finance Ministry’s opposition is said to have played a role in shaping the G7’s ultimate decision to tap only the profits generated by the frozen assets, rather than seizing them outright.
The motives behind Saudi Arabia’s stance remain unclear. There is speculation that Riyadh was driven by self-interest, fearing that such a seizure might set a dangerous precedent for other countries in the future. Alternatively, it may reflect solidarity with Russia, given the close ties Riyadh has maintained with Moscow since the invasion of Ukraine, including their joint leadership of the OPEC+ oil cartel.
The incident is seen as an example of the growing sway of BRICS (Brazil, Russia, India, China, and South Africa) nations over global events. Saudi Arabia is considering becoming a member. As these countries gain economic and diplomatic strength, they are increasingly able to challenge and shape global policy decisions that were once primarily dictated by Western nations.
The Saudi threat, whether acted upon or not, serves as a stark reminder of the Kingdom’s significant financial leverage. With net foreign reserves of $445 billion and a sovereign wealth fund approaching $1 trillion in assets, Saudi Arabia’s financial decisions can have far-reaching implications for global markets and geopolitics.
Ultimately, the G7 and EU agreed to a financial structure that will provide Ukraine with about $50 billion of fresh aid, using the profits generated by Russia’s blocked funds. The compromise solution reflects the delicate balancing act that Western powers must now perform, weighing their support for Ukraine against the potential economic and diplomatic repercussions from other global players.
The Saudi threat will be a seen as another example of the shift, which political analysts describe of a move towards a more multipolar world, where emerging powers can significantly influence global decision-making processes, even on issues traditionally dominated by Western nations.
Saudi Arabia flexes diplomatic muscle: warns G7 over Russian asset seizure – Middle East Monitor
BRICS+ IS THE FUTURE.
Russia’s President Vladimir Putin has invited Venezuela’s President Nicolás Maduro to the BRICS Summit on October 23-24, 2024, in Kazan, Russia. Venezuela has applied to officially become a BRICS member last year August 2023 and it is possible that its application might be approved at the upcoming Summit in October to officially become a member in January 2025. Venezuela’s admission to BRICS+ will further strengthen the bloc.
https://www.aa.com.tr/en/asia-pacific/china-welcomes-venezuela-s-intention-to-join-brics/2991736
HEALTH & WELLNESS is WEALTH… HEALTH is the MISSION…We are WORTH IT… This IS the BEST INVESTMENT in OUR LIVES…Our GRIT & DETERMINATION for OUR BEETER HEALTH.
- Four Things to Avoid:
- SALT
- SUGAR
- MILK POWDER
- FLOUR
- Four Things to Increase:
- GREENS
- VEGETABLES
- FRUITS
- NUTS
- Three Things to Remember:
- YOUR AGE
- YOUR PAST
- YOUR GRUDGE
- Three Must-Haves:
- FAITHFUL FRIENDS
- A LOVING FAMILY
- POSITIVE THINKING
- Four Actions to Stay Healthy:
- FASTING
- LAUGHING
- EXERCISING
- LOSING WEIGHT
- Four Things Not to Wait For:
- Do Not wait until you feel sleepy to sleep.
- Do Not wait until you are tired to rest.
- Do Not wait until your friend is sick to visit you.
- Do Not wait until problems arise to pray to God.
Take care of yourself… stay young!
- Additional Advice:
- Let us not care what others think of us!
- If not directly affected, do not interfere in any matter!
- Do Not think about people you do not like!
- Realize that this world will continue with or without you!
- Discover what your loved ones are like. Do not pursue crimes!
- Try to forgive!
- Always remember that everyone has to leave this place someday. Then you will love what surrounds you!
- Take opportunities to talk to young children!
- Recognize the chance to laugh and cry as a blessing!
- Understand the value of love and cherish those who love us
Onward & Upward towards, One People, One Nation, One Destiny.
