Thurs. AM TNT News Articles (BRICS, Iraq) 8-24-23




BRICS members agree to expand their bloc during the Johannesburg summit

The five member states of the BRICS group agreed on the principle of expanding their bloc that seeks to expand its influence, provided that decisions related to accepting membership of candidate countries are taken after studying their files.

The approval of the countries of the group (Brazil, Russia, India, China and South Africa) came during the summit of the group held in Johannesburg, South Africa.” South African Foreign

Minister Naledi Pandor said: “We have agreed on the issue of expansion, and we have adopted a document that sets out the guidelines, principles and mechanisms that are supposed to be followed to study requests countries that wish to become members of BRICS.

South Africa will host, from August 22 to 24, the fifteenth summit of the BRICS group of countries, in an effort to consolidate its role in the global economic system, as a number of files are discussed in the presence of more than 40 heads of state and government, in addition to leaders of the BRICS countries that include Brazil. Russia, India, China and South Africa. “

Since its founding in 2009, the BRICS group has sought to transform into a global economic power similar to the G7 industrialized countries.”

The group was established at its first meeting in Russia under the name “BRICS” before South Africa joined it the following year and its name was modified to “BRICS”, as the abbreviation constitutes the first letter of each of the five countries in it.




And during the current summit of the group, which indicates that it was established to achieve a global balance in light of American hegemony, about 40 countries expressed their desire to join the bloc, among them: Argentina, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, the Emirates, Egypt, Algeria, Kuwait, Morocco, Nigeria and Palestine. And Saudi Arabia, Senegal, Thailand, Venezuela and Vietnam. link

Despite efforts to abandon it, the dollar’s transactions globally are at a record level

Despite the increasing calls to abandon the US currency, the use of dollars in international payments increased last month, reaching an all-time high, according to the latest data of the global transfer system “Swift”.

Dollar-related trading rose in July to a record high of 46 percent, which is just over a third a decade ago, and the dollar was the number one currency in terms of the number of transactions, followed by the euro, the pound sterling, and then the yen and yuan.

Although SWIFT data does not include the entire currency market, it shows the extent of dependence on the dollar, which still plays a strong role in international financing operations, even with the emergence of some efforts towards more diversification and the use of national currencies in trade exchanges.

The BRICS summit currently being held in South Africa is witnessing extensive discussions about the need to reduce dependence on the dollar and to seek the use of national currencies.

And the New Development Bank, which was established by the “BRICS” group, which includes five emerging market countries (Brazil, Russia, China, India and South Africa), announced that it would raise the share of financing in local currencies to 30 percent from less than 20 percent.




In his video address to the BRICS summit, Russian President Vladimir Putin said that the dollar’s share in the BRICS group’s transactions fell by 28 percent, and that the reduction of dependence on the dollar continues “and cannot be reversed.”

Major global banks use the Society for International Interbank Financial Telecommunications system, known as SWIFT, to communicate with each other and facilitate interbank currency deals.

The increased dollar earnings from SWIFT transactions came largely at the expense of the euro, whose share in international transactions reached a 2012 high of 46 percent. Last month, the common European currency’s share of trades was at an all-time low, at just under a quarter, according to a Bloomberg report.

The SWIFT data also revealed the increasing frequency of yuan-related transactions, as the Chinese currency gradually became more integrated into global foreign exchange flows.

In July, for only the second time ever, more than 3 percent of transactions via SWIFT were in the yuan, while in 2010 this figure was only about 0.03 percent.  lin

The coordination framework reveals that the differences over the oil and gas law have been overcome

The leader in the coordination framework, Turki Jadaan, confirmed that half of the controversial paragraphs on the oil and gas law have been bypassed.

Jadaan said in a press interview followed by (Iraq Today), that “the number of outstanding points in the oil law reaches 14 points, half of which have been exceeded through meetings and discussions between specialized technical committees,” pointing out that “there is political support by all parties in order to overcome All differences and obstacles to reach a space of acceptance support the option to approve it during 2023.

He added, “The adoption of the law will address the challenges of smuggling and the influence of foreign companies and contribute to restoring the administration’s compass towards federalism, considering oil and gas as wealth for all Iraqi components.”

He pointed out that “discussions are currently taking place and there are expectations that a preliminary report will be submitted on the size of what has been achieved next September to the government in order to discuss the possibility of resolving what remains in coordination with the political forces.”




Oil and gas are among the important laws that have been postponed for 4 parliamentary sessions due to disagreements, and the government still has the purpose of coming up with substantive clauses that contribute to a consensus that leads to its approval.  link

Source: Dinar Recaps


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