BRICS Summit Summary

(RT) – Russia recently hosted the first summit of the expanded BRICS club, with leaders agreeing on various joint projects, including a grain exchange and a cross-border payments system.

Reactions to the Summit

Abebe Aemro Selassi, Director of the African Dept, IMF

> "If you look at the IMF and World Bank, some of the most influential members here are indeed the Brazils, the Indias, the Chinas of this world. And increasingly over the years, they've been playing an important role. I don't agree with the notion of IMF/World Bank versus BRICS."

John Stremlau, Professor, WITS University in Johannesburg

> "The significance of BRICS depends on who you ask. South Africa would likely view its participation as a statement of non-alignment. The summit may also be seen as a potential hedge against a possible Trump presidency."

ING Analysts Dmitry Dolgin and Chris Turner

> "President Putin appears to have sidelined the discussion on a single BRICS currency, instead shifting focus towards reducing reliance on the dollar and promoting BRICS currencies."

Greek Finance Minister Kostis Hatzidakis

> "Each BRICS country has its ambitions, and we cannot compel them to follow one path. In a globalized world, cooperation is essential and should adhere to principled agreements."

Hannah Ryder, CEO of Development Reimagined Consultancy

> "BRICS is demonstrating a desire to challenge the status quo, particularly with its broader membership and new dynamics."

Jim O'Neill, Ex-Goldman Sachs Economist

> "The essence of my writings on BRICS was to highlight the complexities of a shifting global landscape where influential countries may not share similar values. The attempt for BRICS to form as an alternative to the G20 and G7 is problematic."