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Cryptocurrency News Articles

BRICS Powers Strengthen Resolve Amid Speculation on Trump’s 2025 Impact

Nov 10, 2024 at 12:30 pm

Donald Trump’s 2025 return to the White House is unlikely to derail the economic progress of the BRICS economic bloc

BRICS Powers Strengthen Resolve Amid Speculation on Trump’s 2025 Impact

BRICS members are set to deepen their global partnerships and strengthen their resolve in the face of speculation surrounding Donald Trump's potential return to the White House in 2025, according to Brazilian analyst Jose Juan Sanches.

Despite potential opposition from the United States, Sanches, who serves as president of the Brazilian CMA Group, anticipates that the BRICS nations will continue to collaborate closely in the areas of trade and economic development.

“We can approach this issue from two perspectives: economics and politics,” Sanches stated in an interview with the Tass publication. “From an economic standpoint, the development of which depends solely on the global market situation … there will be no issues.”

According to the analyst, the economic growth experienced by the BRICS nations is largely driven by market forces and is not significantly influenced by external political dynamics.

However, Sanches acknowledged that the Trump administration may attempt to limit the bloc's expansion by preventing new members from joining the “BRICS Plus” initiative.

In early 2024, Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia were welcomed as full members of the BRICS group, joining Brazil, Russia, India, China, and South Africa.

Throughout the year, Russia has held the presidency of the coalition, spearheading more than 200 events to foster collaboration and address pressing issues.

The most recent summit, which took place in Kazan in October, brought together representatives from 36 countries and culminated in the adoption of the Kazan Declaration.

The declaration outlines BRICS' vision for economic growth, global cooperation, and peaceful conflict resolution, particularly with regard to the crises in Ukraine and the Middle East.

Highlighting Trump's recent comments on Ukraine, Russian President Vladimir Putin remarked, “It seems to me that he said it sincerely,” referring to Trump's pledge to bring an end to the conflict.

Putin recently clarified that Russia is not abandoning the U.S. dollar but criticized U.S. financial authorities for restricting Russia's access to it.

While discussions of a shared BRICS currency continue, Putin emphasized that creating one requires significant economic alignment, calling current plans “premature” due to differing economic structures.

News source:news.bitcoin.com

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