The Prime Minister Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018 [PMO, India]
India’s benchmark Bombay Stock Exchange SENSEX has continued to break records this week.
On Wednesday the 30-share exchange broke its record to reach 38,061 before settling just below the 38,000 mark. At press time Thursday it is at 38,012, marking the first time ever it has reached this level.
According to breaking news, RT is reporting that the US will be sanctioning Turkish officials over the detention of an American pastor. The officials targeted under the so-called Global Magnitsky Act are Turkish Justice Minister Abdulhamit Gül and Turkish Interior Minister Süleyman Soylu, White House press secretary Sarah Huckabee Sanders told reporters.
The key take away from the BRICS summit in Johannesburg is that Brazil, Russia, India, China and South Africa – important Global South players – strongly condemn unilateralism and protectionism.
The Johannesburg Declaration is unmistakable: “We recognize that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy.”
Closer examination of Chinese President Xi Jinping’s speech unlocks some poignant details.
Following the 10th BRICS summit, which was held in Johannesburg, South Africa between July 25-27, the Turkish President, Recep Tayyip Erdogan, has expressed his hope that Turkey will be accepted into the bloc. Erdogan pointed out that the bloc has expressed its willingness to expand its membership, and that with Turkey already being a part of the G20 alongside the BRICS countries, that a platform of cooperation to some degree is already present, and that since the BRICS countries are not opposed to the accession of Turkey, that he wishes they will soon permit it so.
Recep Tayyip Erdogan, the Turkish President, is embossed with the sheer magnitude of what the BRICS bloc represents, as well as what it has achieved, and is expected to accomplish going forward and wants a piece of the action, so it seems. Erdogan was invited to the 10th Leaders’ Summit of BRICS countries in Johannesburg representing the Organization of Islamic Cooperation.
With the rise of protectionist tendencies and Trump’s billowing trade war, the five leaders of the BRICS bloc, which represents over 40% of the world’s GDP, are committing themselves to an even closer degree of economic cooperation in a joint declaration following a meeting in Johannesburg for the annual summit. Trade between BRICS members grew by 30% in 2017, and, in the wake of Trump’s tariffs regime, is likely to increase as members seek to further diversify their trade portfolios as well as mitigate the damage done by Trump’s war to put or keep America on top of the world.
While at the BRICS summit currently ongoing in Johannesburg, South Africa, Russian President Vladimir Putin made a proposal to South African President Cyril Ramaphosa for cooperation between Russia and South Africa on the development and expansion of nuclear power in the region. Ramaphosa, however, was hesitant to consider the deal over concerns about his government’s budget, believing that South Africa lacks the liquidity to adequately participate in such an endeavour.
Indian Prime Minister Narendra Modi touted India as an emerging manufacturing hub, pointing to the development of domestically produced smartphones, cars, satellites, and others. He also pointed out that India is now exporting these goods to countries which India used to import them from. The statement came during a speech to Indian diaspora at the Ugandan capital. He also noted that rail tracks, metro train coaches and satellites are being manufactured using Indian steel.
Indian Prime Minister Narendra Modi is meeting with Russian President Vladimir Putin on the sidelines of the BRICS summit in Johannesburg, South Africa for bilateral talks. Most recently the met during the Shanghai Cooperation Organization Summit in Qingdao, China, back in June, and before that in Sochi back in May, where the Russia India relationship was deemed a ‘special privileged strategic partnership’. Modi arrived at the summit on Wednesday. BRICS consists of Brazil, Russia, India, China, and South Africa, and this year’s summit is symbolically taking place in South Africa.
In order to deal with new technologies like AI and cryptocurrencies, BRICS nations must work together, Ramaphosa, center, said [PPIO]
BRICS countries are being urged to embrace the rapidly developing technologies which have carved a fourth industrial revolution but to do so in a fully collaborative approach.
South African President Cyril Ramaphosa says that while this digital revolution is the next threshold for BRICS countries, they should work together to ensure that emerging economies have a level playing field.
