Myanmar’s got its eyes on the BRICS prize, keen as ever to hop on the bandwagon and start dealing in the BRICS currency come 2024. The country’s fully on board with what the BRICS crew is laying down, currency-wise.
Kan Zaw, the big cheese in charge of Investment and Foreign Economic Relations in Myanmar, spilled the beans this week. He said they’ve been chummy with the SCO (Shanghai Cooperation Organisation) crowd for a bit now. And when it comes to BRICS and the whole single currency shindig, Myanmar is all in, according to Zaw.
BRICS has been on a bit of a growth spurt lately, adding six new members to their squad at last year’s bash. They’re all about ditching the dollar and making their own money talk. With the 2024 Summit coming up, countries are lining up for a piece of the action, and Myanmar’s right there with them, as Zaw made crystal clear.
If BRICS gives the nod, Myanmar will be joining the likes of Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia, who all jumped on the bandwagon at the start of 2024. Argentina, however, decided to bail after a change in leadership last October. But BRICS isn’t sweating it; they’re planning to send out invites to another six countries at the next summit, with India hinting at who might be on the guest list.
BRICS has become a movement, pushing for big changes in how global business gets done. They kicked things off with the New Development Bank (NDB) back in 2013, throwing down $50 billion to start. The NDB, parked in Shanghai, has been throwing money at projects left and right, trying to shake things up on the world stage.
When you bring your attention to BRICS trade and investment, things get interesting, especially between India and China. They did a record-breaking $135.98 billion in trade in 2022, with India buying more from China than ever before. China’s the heavyweight in the group, using BRICS as a platform to challenge U.S. dominance and push for a world where more voices get heard.
But it’s not all smooth sailing. The more the group grows, the harder it gets to keep everyone on the same page. India’s booming economy brings a lot to the table, and together, the BRICS countries are a major global force, covering a big chunk of the planet and its people. They’re doing more business with each other than ever, which is great news for everyone involved.
BRICS has been working hard to boost trade and attract more investment from developing countries. They’ve been cutting deals, dropping tariffs, and making it easier for goods and services to flow between their countries. This strategy has paid off, with trade and investment within the group shooting up.
According to the UNCTAD, BRICS nations have seen their FDI jump from $27 billion in 2010 to $167 billion in 2020. China’s leading the charge, but Brazil and India are also pulling in big bucks from their BRICS partners. Russia and South Africa are in the game too, though they’re not seeing quite the same level of action.
The BRICS countries know they’ve got to up their game in trade and investment if they want to keep the momentum going. They’re looking to beef up their manufacturing and transportation sectors, among others. Despite the challenges thrown their way by the pandemic, they’re pushing for policies that make it easier to invest and do business.
But there’s room for more investment within the group, especially considering how much trade they’re doing with each other. More cooperation on investment could really kick things into high gear, driving growth, bringing in new technology, and creating jobs. They’re also looking at ways to make sure their cyber networks are solid, which will help them work together even more closely.
