President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US laws permit such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US dollar.
Despite a 21 per cent minimum wage hike in parts of Uttar Pradesh, factory workers in India, particularly in states like Uttar Pradesh and Haryana, continue to experience wages below the national average and a widening disparity compared to supervisors and managers.
China's foreign ministry on Monday parried questions on a possible meeting between Prime Minister Narendra Modi and President Xi Jinping on the sidelines of the BRICS summit in Russia this week.
Chinese President Xi Jinping will attend the 13th BRICS summit to be held on Thursday at the invitation of Prime Minister Narendra Modi, China's foreign ministry announced in Beijing on Wednesday.
Taking Kharg would give the US control over virtually all of Iran's oil exports and thus provide significant leverage, notes Prem Panicker in his must read daily blog on the Gulf War. It would also put American troops within range of Iran's remaining missiles, drones, and artillery on a piece of real estate that is just eight square miles in size, and just 15 miles from the Iranian mainland.
In a joint declaration issued after the 16th BRICS Summit in the Russian city of Kazan attended by Prime Minister Narendra Modi and Chinese President Xi Jinping, among others, the leaders reiterated unequivocal condemnation of terrorism in all its forms and manifestations while reaffirming that it should not be associated with any religion, nationality, civilisation or ethnic group.
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
Prime Minister Narendra D Modi with Brazil's President Luiz Inacio Lula da Silva, China's President Xi Jinping, South African President Cyril Ramaphosa and Russia's Foreign Minister Sergei Lavrov at the BRICS Summit in Johannesburg, South Africa.
This could become tricky territory for India, given its basically adversarial relationship with China, its moves to block imports and investment from that country, and to deny market access for Chinese technologies, observes T N Ninan.
'Even if the war ends tomorrow, which is unlikely, and we go back to the pre-war status quo, the world will still need some time to get over the sudden shock of oil price increases.'
'Victims of terrorism do not sit together with its perpetrators to discuss terrorism.'
Putin expressed concern over the situation in Gaza, and said Palestinian President Mahmoud Abbas has been invited to BRICS events.
To be sure, Trump is furious, as the trajectory of the war is in a state of Zugzwang, as chess players call it. Trump and Netanyahu stare at two choices -- retreat in humiliation and concede Tehran's demands -- recognition of its rights, reparations, and binding security guarantees -- or perish in a quagmire, points out Ambassador M K Bhadrakumar.
Prime Minister Narendra Modi spoke with Iranian President Masoud Pezeshkian, condemning attacks on critical infrastructure in West Asia and emphasising the importance of safeguarding freedom of navigation and ensuring secure shipping lanes.
One of the most uncivilised characteristics of this war has been the total disregard for international law and the laws of armed conflict, asserts Vice Admiral Biswajit Dasgupta (retd).
Prime Minister Narendra Modi spoke with Iranian President Masoud Pezeshkian to discuss the escalating tensions in West Asia, emphasising the safety of Indian nationals and the need for regional stability through dialogue and diplomacy.
"We will examine the latest developments and make a determination about our future engagement with BRICS," Baloch said.
China on Thursday said Beijing views the BRICS as an "open and inclusive" platform and it backs moves to expand the five-member grouping with "like-minded partners".
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
Cuban Ambassador to India Juan Carlos Marsan Aguilera strongly condemned the US military operation in Venezuela, calling it a 'criminal act' and a 'terrorist act'. He emphasized the need for global unity to counter US unilateral actions and highlighted India's pivotal role in the evolving geopolitical landscape.
Dar also said Pakistan views Russia as an important player in the West, South and Central Asia, and strengthening mutually beneficial cooperation with Russia remains an important priority for Pakistan's foreign policy.
Consensus remained elusive on a common BRICS currency as business leaders from the five-bloc nations debated the pivotal issue at a business forum on the periphery of a summit of the five-member bloc being hosted here by South Africa. In their two addresses at the Summit so far, the leaders of Brazil, Russia, India, China and South Africa have made no or scant references to the issue either. "The BRICS Business Forum discussed the international payments system in detail. "Participants also debated the question of whether a BRICS currency is possible or desirable, with strong views expressed both for and against and little consensus reached," Sim Tshabalala, chief executive of Standard Bank Group, told several hundred captains of industry from the partner countries and over 40 other nations across the globe at the Summit.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
Modi held a "productive meeting" with his Ethiopian counterpart Abiy Ahmed Ali on a day when BRICS (Brazil, Russia, India, China and South Africa) leaders officially endorsed Ethiopia's entry into the bloc.
If the Iranian regime needs to be punished for promoting quasi-terrorist outfits like Hezbollah and Hamas, then what about Pakistan which has spent decades exporting terror around the world, killing thousands, particularly in Afghanistan and India? asks M R Narayan Swamy.
We know in our heart that speaking the truth on this stupid Iran war will anger Trump and so we look the other way because if we look him in the eye the bully will straighten us out, asserts Aakar Patel.
The Meeting of BRICS and BRICS Plus High-Level Security Officials is scheduled to be held in St Petersburg from September 10-12.
Chief Economic Adviser V Anantha Nageswaran on Wednesday said that the country is not pursuing any proposal to replace the US dollar as international currency for global trade. "No, certainly not. I think India is not part of any such initiative," he said in response to a question if India is looking at an alternative currency to the US dollar for global trade.
Israel and the United States had a plan. Iran punched back. And now the Gulf is reeling, the world is beginning to feel the pain and, as on date, no one in Washington or Tel Aviv appears willing to admit that the punch has landed, notes Prem Panicker, continuing his must-read blog on the war in the Middle East.
Chinese Foreign Minister Wang Yi stated that China mediated tensions between India and Pakistan, a claim disputed by India which maintains that the matter was resolved bilaterally.
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
Sonia Gandhi has criticised the Modi government's silence on the assassination of Iran's Supreme Leader, arguing it raises doubts about India's foreign policy direction and credibility.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
'To suddenly give the impression of taking a position that is hostile to Iran, or, at least, not friendly to Iran, is not a good thing.'
'I suspect that Bangladesh being given permission stuck in India's official craw, and this story was an attempt to balance the scales by giving the impression that a similar waiver had been given to India as well.'
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
During a special briefing in Tianjin, Misri confirmed that the prime minister will first address the SCO plenary session before meeting President Putin.
The third BRIC summit in Sanya, China, on Thursday will have a new member: South Africa.
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