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BRICS 2024: Uniting to Reshape Global Power
Welcome to all our new subscribers and a warm โAhoyโ to our loyal readers. Another new week, let's take a look ๐ญ
In todayโs email:
Together Strong: ๐ BRICS summit 2024 key takeaways.
Buy More: ๐ Farmland the new wall street gold-rush?
Hold Up: ๐ Red Sea crisis causing vessel congestion reminiscent of the pandemic peak.
BRICS 2024: A Unified Push to Redefine Global Power
The 2024 BRICS summit, held in Kazan, Russia, from October 22 to 24, marked a significant moment in global diplomacy, emphasizing the blocโs expanding influence and continued efforts to reshape the global financial and political landscape. The BRICS coalition, which initially consisted of Brazil, Russia, India, China, and South Africa, now includes: Argentina (withdrawn), Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, further increasing the groupโs global clout. Together, these nations represent over 42% of the worldโs population and nearly one-third of the worldโs landmass, providing BRICS with substantial economic and geopolitical weight.
Summit Key Takeaways
Global Financial System Reform: A major focus of the summit was reforming the international financial architecture. BRICS leaders pushed for the use of local currencies in trade between member nations, reducing their dependency on the U.S. dollar. Discussions also centered around the development of a BRICS-led international payment system, which would streamline cross-border transactions and provide a more inclusive alternative to existing global financial systems. The proposal for a BRICS digital currency, potentially backed by gold reserves, was also explored, further solidifying the blocโs intent to challenge dollar dominance.
Geopolitical Tensions: The summit addressed significant global conflicts, including the Russia-Ukraine war and escalating violence in the Middle East. BRICS leaders emphasized the need for peaceful resolutions in line with the UN Charter, particularly focusing on the humanitarian crisis in Gaza and Southern Lebanon. The bloc strongly condemned the negative impact of unilateral sanctions, stressing that such actions disrupt the global economy and hinder progress toward achieving sustainable development goals.
Trade and Financial Integration: Another key outcome of the summit was the proposal to establish a BRICS Grain Exchange to facilitate agricultural trade among member countries. In addition, discussions included the development of a reinsurance mechanism, which would provide greater financial stability and resilience for BRICS nations. These initiatives reflect the blocโs commitment to deepening trade ties and promoting financial independence within the group.
BRICS Expansion and Membership: This was the first summit to include the newly admitted membersโArgentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. However, Argentina's membership remains uncertain due to recent political shifts (officially withdrawn), while Saudi Arabia is yet to formally ratify its membership. This expansion highlights BRICSโ growing appeal, with other nations such as Indonesia, Mexico, and Thailand expressing interest in joining the group. BRICSโ broadened membership amplifies its potential to influence global governance and challenge Western-dominated institutions like the IMF and the World Bank.
Official Members
๐ง๐ท Brazil
๐ท๐บ Russia
๐ฎ๐ณ India
๐จ๐ณ China
๐ฟ๐ฆ South Africa
๐ฆ๐ท Argentina (has since officially withdrawn)
๐ช๐ฌ Egypt
๐ช๐น Ethiopia
๐ฎ๐ท Iran
๐ฆ๐ช UAE
๐ธ๐ฆ Saudi Arabia (pending formal ratification of membership)
Officially Applied for Membership:
๐ฉ๐ฟ Algeria
๐ฆ๐ฟ Azerbaijan
๐ง๐ญ Bahrain
๐ง๐ฉ Bangladesh
๐ง๐พ Belarus
๐ง๐ด Bolivia
๐จ๐บ Cuba
๐ฐ๐ฟ Kazakhstan
๐ฐ๐ผ Kuwait
๐ฒ๐พ Malaysia
๐ต๐ฐ Pakistan
๐ต๐ธ Palestine
๐ธ๐ณ Senegal
๐น๐ญ Thailand
๐น๐ท Turkey
๐ป๐ช Venezuela
๐พ๐ช Yemen
๐ฟ๐ผ Zimbabwe
Expressed Interest in Joining
๐ฆ๐ด Angola
๐จ๐ฒ Cameroon
๐จ๐ซ Central African Republic
๐จ๐ฉ DR of the Congo
๐จ๐ฌ Congo
๐ฌ๐ญ Ghana
๐ณ๐ฌ Nigeria
๐ธ๐ธ South Sudan
๐ธ๐ฉ Sudan
๐น๐ณ Tunisia
๐บ๐ฌ Uganda
๐จ๐ด Colombia
๐ธ๐ป El Salvador
๐ณ๐ฎ Nicaragua
๐ต๐ช Peru
๐ฆ๐ซ Afghanistan
๐ฎ๐ฉ Indonesia
๐ฎ๐ถ Iraq
๐ฑ๐ฆ Laos
๐ฒ๐ฒ Myanmar
๐ฑ๐ฐ Sri Lanka
๐ธ๐พ Syria
๐ป๐ณ Vietnam
The 2024 summit underscored BRICS' ambition to foster a multipolar world order, with an emphasis on financial independence, equitable development, and strengthened cooperation between emerging economies. This trajectory suggests that BRICS will continue to play an increasingly central role in global economic and political affairs. Watch clip
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VIDEO OF THE WEEK
Wall Street's Risky Bet: Why Farmland Is the New Gold Rush
Why are Wall Streetโs biggest players snapping up Americaโs farmland? While Bill Gates may own 250,000 acres, that's just a fraction of the land held by institutional investors, now responsible for over 12% of U.S. food production. With farmland values doubling since 2020, what's fueling this growing trend?
GLOBAL TRADE SNIPPETS
Tesla Cybertruck overtakes Ford Mach-E. The Tesla Cybertruck has surpassed the Ford Mustang Mach-E, becoming the third best-selling EV in the U.S. Its futuristic design and increasing production underscore Tesla's dominance in the electric vehicle market.
Red Sea crisis causes vessel bunching. The Red Sea crisis has caused vessel bunching to reach levels reminiscent of the pandemic peak. The congestion is severely affecting global shipping routes and trade, leading to significant delays.
Americas and Europe air cargo revenues lag. Cargo revenues in the Americas and Europe are falling behind overall market performance, despite global trade recovering. Weak demand and declining rates are contributing factors, impacting profitability in these regions.
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SHIPWRECK OF THE WEEK โ๏ธโ ๏ธ
Launched in 1979, the MS Zenobia was a Swedish-built roll-on/roll-off ferry designed for transporting vehicles across the Mediterranean. During its maiden voyage, the ship encountered technical difficulties with its ballast system, which caused the vessel to list severely. Despite efforts to correct the issue, the Zenobia capsized and sank just off the coast of Larnaca, Cyprus, in June 1980......................... Click to see Shipwreck๐
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