Podcast 125 - BRICS - Strengthening Multilateralism For Just Global Development And Security

Socialist correspondent

The BRICS alliance of Emerging Markets and Developing Countries took a major step forward at its 16th summit held in the Russian city of Kazan on October 22-24. Following decisions taken at last year’s summit in South Africa, a total of nine countries took part as full members for the first time, with Ethiopia, Egypt, the United Arab Emirates (UAE) and Iran joining Brazil, Russia, India, China and South Africa. BRICS now represents nearly half of the global population. A total of 36 countries participated in the summit, along with the leaders of six international organisations, which included Antonio Guterres, United Nations General Secretary. BRICS has announced its intention to challenge the Western domination of the bank transfer system by introducing BRICS Pay as and alternative to SWIFT. This was a key announcement at the summit which showed a determination to continue to strengthen relationships between BRICS members.