World's Financial Architecture Needs Redoing, Hoping Positive Outcome Of BRICS: Former Diplomat

Former diplomat Rajiv Dogra said if positive steps are taken at BRICS meeting in Kazan it will be major message, writes ETV Bharat's Chandrakala Choudhury

New Delhi:In an exclusive conversation with ETV Bharat on Tuesday, former diplomat Rajiv Dogra said that among the four most important countries, three attending the BRICS meeting in Kazan - India, Russia, China - is by itself a statement.

"If peaceful positive steps are taken, that will be a second major mesage out of Kazan", he said. Dogra noted that the financial architecture of the world needs a redoing. "And if instead of dollar, currencies of BRICS become creatable and changeable among these countries, that would really send out a major message to the world. I have a good hope out of it", added Dogra.

Prime Minister Narendra Modi landed in Kazan today to take part in the Russia hosted BRICS (Brazil , Russia, India, China, South Africa) summit. The summit, themed "Strengthening Multilateralism for Just Global Development and Security," will provide an important platform for leaders to discuss key global issues. It will offer a valuable opportunity to assess the progress of initiatives launched by BRICS and to identify potential areas for future collaboration.

Among the many important issues, the new international payment mechanism is likely to be high on agenda of discussion among the members, during the BRICS meeting today.

BRICS Pay is a proposed payment system by Russia aimed at facilitating trade and financial transactions among BRICS nations (Brazil, Russia, India, China, and South Africa). It seeks to reduce reliance on Western financial systems and currencies, promoting the use of local currencies for trade. The initiative aims to enhance economic cooperation within the bloc, streamline cross-border payments, and improve financial security for member countries.

Moscow, which is currently chairing the Brics grouping, has long called for an alternative to the West-backed International Monetary Fund (IMF) and the global monetary system.

It is worth noting that this is first summit following the expansion of the bloc which includes - Iran, Egypt, Ethiopia and United Arab Emirates.

Earlier today, Prime Minister Narendra Modi held a bilateral meeting with Russian President Putin and pushed for Peaceful resolution of the Russia-Ukraine conflict and reiterated that India was ready to provide all possible cooperation.

"We are in constant touch on the issue of ongoing conflict between Russia and Ukraine. We believe that problems should be resolved in a peaceful manner," PM Modi said.

"We fully support the early return of peace and stability. All our efforts give priority to humanity. India is ready to provide all possible cooperation in times to come," PM Modi further said.

Further, India's former ambassador And foreign policy commentator, Anil Trigunayat views the summit as a significant one as it comes amid geopolitical challenges.

He said, "It is an important summit after the last expansion and a line up of dozens of aspirational countries and happening in the midst of two major wars. Heavily sanctioned Russia as the host could showcase that it was not isolated. Greater focus and developmental aspects and solutions for regional and global challenges especially as they impact the global South will be addressed".

Meanwhile, on a lighter note, President Putin told PM Modi that the relations are so strong between the two countries, that he doesn't need a translation.

"Our relations are so tight that I thought you would understand me without translation", President Putin told PM Modi. In response to Putin, PM Modi said, "Me visiting Russia in the last three months reflects our close coordination and deep friendship. The annual summit held in Moscow in July has strengthened our cooperation across all areas."

Read more