While speaking at BRICS Seminar on Governance & Cultural Exchange Forum in Moscow on September 23, Mohammed Saqib, Convenor of COGGS offered a pointed evaluation of the BRICS coalition, stressing both its prospects and its current shortcomings. While he recognized the establishment of the New Development Bank as a remarkable achievement, Economist Saqib contended that the organization has fallen short in realizing its goal of making collaborative economic models among its member states: Brazil, Russia, India, China, and South Africa. He underscored the lack of a unified vision in the BRICS that rises above domestic political interests.
Private Sector-Global South Engagement & BRICS Business Club
Saqib stressed the importance of engaging private entrepreneurs from the Global South, arguing for the formation of an elite BRICS Business Club. He suggested that such a group could provide critical insights to governments and help forge a path toward accountability and achievable targets.
Furthermore, he advocated for practical measures like currency swaps among BRICS nations to address trade deficits, arguing that this could alleviate dependency on established financial systems like SWIFT.
Saqib concluded with a hopeful perspective, asserting that the Global South is on the verge of a new economic order. He positioned China as a key player that must overcome its cautiousness to catalyze this shift.
He underscored the critical juncture at which BRICS finds itself, as well as the potential consequences of inaction in the face of external pressures, particularly from the United States.
“If we allow swapping of currency, then 86 % of the trade deficit among each other can be sorted out within Global South. We don’t need to go to any either SWIFT or any other system,” Mohammed Saqib remarked.
Each BRICS Member Should Guide Global South
Saqib outlined a vision where each BRICS member nation could take on specific leadership roles in various sectors. For instance, he proposed that India and Russia should spearhead efforts in education and development, showcasing their achievements at the end of the year. Similarly, he argued that Brazil could lead initiatives focused on agriculture and food security, with South Africa playing a pivotal role in environmental protection.
Furthermore, he noted that while India and Russia could jointly host educational initiatives, Russia could also assume a leadership position in energy security for the Global South.
“So similarly, for all the five countries and plus eleven countries, we have worked out a table of what kind we should be the combination of the partners, a main leader, a co-leader, and some kind of performance they will have to show. That is not happening, and BRICS is not performing,” he asserted, while speaking at the seminar in Moscow.
