”A summit in the name of strengthening partnership and development”, “BRICS on the road to a multipolar world” – these and other similar headlines may be seen in Middle Eastern media commenting on the 16th BRICS summit in Kazan.

Transformation of the system of economic relations

A number of observers, who think broadly and long-term, point to signs of a transformation of the system of economic relations. It was created long ago by a handful of the largest and richest countries that monopolised global development. However, with the advent of BRICS, according to an Arab newspaper, there is movement towards the creation of new economic entities that act in the interests of developing countries.

This serves as the basis for the motivation of the countries of the Global South to join this group. They hope for the opportunity to restore some of their sovereignty on the world stage and in international trade, if this trade is free from the dominance of the dollar, one of the symbols of hegemony in the existing international system, experts point out.

The road to an independent financial and budgetary system

BRICS is focusing on a financial and payment system alternative to the single currency that will be more feasible and faster to implement than the creation of a common currency, which will require complex economic and political integration, according to media of the........

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