Released on Sputnik Africa on July 10, 2024 by A2
Interview on BRICS Economic Governance - فا
1. Iran proposes to connect the national payment systems of the BRICS countries, following the example of the integration of Russia's Mir and Iran's Shetab systems. Why should the BRICS countries consider this option?
BRICS+ states and nations have deeply felt the injustices imposed by current Western order-keepers. They are aware of and can anticipate the reactions of these order-keepers to their ongoing economic independence and strength. Therefore, they are unconsciously inclined to adopt financial infrastructures and instruments that avoid future Western issues. Creating a roadmap will consciously convince them, and this is what we are collectively working on.
2. What are the benefits of this initiative for each member country and also for the BRICS as a whole?
The benefits include promoting trade, economic governance, currency stability, stabilizing BRICS+ economies, ensuring sustainable development, welcoming other countries, paving the path for the BRICS Development Bank, creating a united BRICS market, and establishing a BRICS currency.
3. What are the possible challenges that BRICS will have to overcome in this transition process?
Challenges include resistance from Western economic institutions, fixing currency exchange rates to reflect an updated global economic order and role distribution, creating harmonious policies, and defining advantages.
4. Why is it important to move towards de-dollarization and how can this initiative enable this process?
The US Economic Order rooted in liberalism and led by Wall Street bubbles, collapsed during the 2008 subprime financial crisis. Sixteen years later, Western economies have not offered a viable alternative, preferring to export their crises to the developing world while promoting terrorism in these regions over the past decade. Additionally, COVID-19 and Heartland conflicts have weakened the US dollar by 16% from October 2022 to December 2023. It is time to prepare the infrastructure to rid ourselves of the US-imposed economic order, managed by the Federal Reserve, OFAC, and SWIFT’s irresponsible behavior regarding political events.
5. How can this new payment system among BRICS change the economic dynamics of the world and create a multipolar world?
By creating a fairer global economic order initiated by BRICS+ authorities, representing one-third of global GDP (PPP), and assisting African states in promoting their resources and markets to play an active role on the global stage. This counters the economic orders of ex-colonial empires that have benefited a 777 million-strong G7 community at the expense of African, Middle Eastern, and Latin American resources, manpower, talents, and markets. In 2024, it’s time to build a global economic order benefiting 8 billion humans.
6. What are the potential benefits for developing countries in Africa of emulating the partnership between Iran and Russia?
Real independence starts in the mind. Truly independent mindsets can explore and realize possibilities for their peoples. In Africa, everyone speaks French or English, except for those independent governing mindsets that have reestablished culturally compatible languages and created intellectual, nation-based governing styles, like Algeria. Russia, China, and Iran are famous examples of cultural models that disregard Western hegemony and strive to deepen their own and mutual advantages. This paves the way for an independent global thinking platform that aims for a fairer, multidimensional world order. This is a great opportunity for African nations to rise and leverage their global share. Western economies have been deeply rooted in African resources for centuries but have not treated African nations and individuals as they deserve. Is that fair?
7. Could you please explain why this initiative is not beneficial for Western policy and its economic interests?
The current Western comfort, built on centuries of exploiting other nations' resources, and the Western economic order based on industrialization, which involves displacing raw materials, manpower, and talents from other continents to Western Europe and the United States, will be drastically modified. Since the 2008 subprime crisis, Western economists have shown their philosophical incapacity to implement a globally accepted economic roadmap. They feel threatened by the potential loss of their comfort bubble and illusory supremacy. However, their only option is to accept a fairer global economic order and participate in the transition, starting with Mediterranean and Eastern European economies. I want to highlight the pivotal role of Turkey as a NATO member and a state that has been denied EU membership for 20 years. Turkey requested to join BRICS+ immediately after the G7’s invitation. This is significant for those still hesitant between the illusory American Dream and the ongoing Global South economic order. The choice is yours!