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Agreement With Brics
On July 15, the first day of the 6th BRICS summit in Fortaleza, Brazil, the emerging market group signed the much-anticipated document on the creation of the $100 billion New Development Bank (formerly known as the “BRICS DEVELOPMENT BANK”) and a pool of reserve currencies worth more than $100 billion. Documents on cooperation between BRICS export credit agencies and a cooperation agreement in the field of innovation were also coloured. [Citation required] The BRICS Heads of State and Government call on all countries to fully implement the Paris Agreement on climate change and the 2030 Agenda for Sustainable Development, reaffirm their support for the energy transition, including the diversification of the energy mix with low-carbon and renewable energy sources, and stress, inter alia, the importance of sustainable infrastructure. In Brazil, BNDES has piloted related initiatives, such as an acceleration program focused on technologies such as blockchain and a moU with Deutsche Entwicklungsbank, through a partnership for the improvement of the TruBudget blockchain software. Vijay Prashad, author and Edward Said Chair at the American University of Beirut, has highlighted the limitations of the BRICS as a political and economic “locomotive of the South, so that the states concerned adopt a neoliberal policy, according to Prashad. They did not set up new counter-equalization institutions and did not launch an alternative ideology. Moreover, Prashad argues, the BRICS project has no capacity to challenge the primacy of the United States and NATO.  However, the introduction of free trade between BRICS members and the Eurasian Economic Union remains interesting. Eawu has already agreed to sign agreements with non-Eurasian countries and Morocco, Egypt, Mozambique and Namibia (countries bordering South Africa, a BRICS member) are currently on the agenda. Russia has developed free trade zones in Africa and Asia, and China has done the same – I said in the article how foreign investors can benefit from China`s Belt & Road Initiative in Africa Despite the partial lack of satisfaction with the current free trade, it is obvious that measures are also being taken to deal with it.
This makes the prospect of BriCS aligning with eaWU more likely. If so, such a free trade area could look like this: over the past decade, South-South trade has almost doubled. At present, the BRICS (Brazil, Russia, India, China and South Africa) are negotiating more with Africa than with each other, with trade expected to reach more than $500 billion by 2015. . .