What if they Gave a Summit and Nobody (from the West) Noticed?
Unless you are reading this blog, you may not even know that the BRICS just held their 2015 Summit and moved ahead on a number of important fronts to organize as a bloc. On top of that, the Shanghai Cooperation Organization (SCO) was held in the same city in conjunction with the BRICS Summit. You would think such events involving nations with such a huge slice of the world's population and global GDP would get some attention in the western media. However, I saw very little mention of it with all media eyes focused on the mess in Greece.
"Russia is using its West-imposed “isolation” as a blessing in disguise to re-strengthen old strategic relations with friendly states across the globe.
In that respect, the policy of economic sanctions encouraged by President Barack Obama and Prime Minister David Cameron could yet become the worst blunder in geopolitics.
These sanctions have helped Russia, which this year chairs several multinational organizations, including BRICS, to realize that these groupings offer Moscow a strategic lifeline.
Russian President Vladimir Putin emphasized ahead of the Ufa Summit which brought Brazil, Russia, India, China and South Africa together, that BRICS maintains “coinciding strategic interests” and wants to change the global monetary order which greatly depends on the US dollar.
Among all the groundbreaking decisions made at UFA this year, hidden in almost a footnote, BRICS nations are moving to discard the dollar and euro on their $500-billion intra-trade.
Coupled with the rapid acceptance of the Chinese Yuan (renminbi) as part of official reserve currencies, this momentum represents the first major threat against the dollar in decades."
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"The Summit itself also seems to have experienced isolation and sanctions by Western broadcasters with no major network covering it significantly despite Putin hosting 14 heads of states who were attending BRICS meetings as well as the 15th Shanghai Cooperation Organization (SCO) Summit in Ufa."
"At the SCO meeting, the regional grouping – composed of two BRICS members China and Russia, with regional states, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan – inaugurated the inclusion of yet another BRICS nation, India as a full member."
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"The SCO has also strategically pulled in Pakistan as a new full member, clearly muscling out of US hegemony of the India-Pakistan geopolitical complex."
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Reforming the world economic order has always been a BRICS mantra, and the five members looked ahead to the G20 2016 Summit to be hosted in China for the first time.
In the hopes of diminishing Washington’s use of the G20 as a means of political influence, the BRICS declaration reiterated its commitment to strengthen International Financial Architecture and consolidate the role of the G20 as the premier forum for international financial and economic cooperation.
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With the G7 clearly out-dated and not representative of the emerging powers, the G20 remains the most representative organisation for coordination of global economic regulations.