BRICS Nations Forge New Economic Path: Grain Exchange to Payments Revolution

BRICS leaders met in Russia, predicting the group's growing economic influence. They focused on initiatives such as a grain exchange and a cross-border payment system, aiming to bypass the dollar-dominated financial network. The Kazan Declaration also opposed unilateral sanctions and proposed using local currencies to boost financial cooperation.

In a pivotal meeting held in Russia, leaders of the BRICS nations—representing 37% of global economic output—forecasted an expanded influence in the world economy. Key discussions revolved around establishing a grain exchange and a cross-border payments system, which could rival the traditional, dollar-dominated financial infrastructure.

Russian President Vladimir Putin, seeking support amid tensions with the West over Ukraine, highlighted the projected average BRICS economic growth of 3.8% for 2024/25. He identified population growth, urbanization, capital accumulation, and productivity improvements as the driving forces behind this anticipated rise.

The 'Kazan Declaration', adopted during the summit, condemned unilateral sanctions against member states like Russia and Iran. The declaration called for the removal of these sanctions and promoted the use of local currencies in financial transactions to bolster economic ties within the BRICS framework.

(With inputs from agencies.)