XI AND MODI ATTENDING SUMMIT, ILLNESS KEEPS LULA AWAY
Sheikh Mohammed and Saudi Crown Prince Mohammed bin Salman, who are not scheduled to attend the conference in Kazan, have received praise for their intervention efforts in relation to Ukraine.
” I assure you that we will continue to work in this way”, Sheikh Mohammed told Putin. We are prepared to work together to overcome problems in the name of peace and in the passions of both parties.
Brazilian President Luiz Inacio Lula de Silva canceled his trip after receiving health advice to temporarily avoid long-haul airlines due to a small brain hemorrhage caused by a brain injury at home, which also resulted in the attendance of Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.
In a research paper that highlighted Brazil’s, Russia, India, and China’s possibility for enormous development, BRIC was coined in 2001 by then-Goldman Sachs key analyst Jim O’Neill.
Russia, India and China began to meet more fully, gradually adding Brazil, next South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia is yet to fully enlist.
According to data from the International Monetary Fund, the share of the BRICS’ share of the world’s GDP is expected to increase to 37 % by the end of this decade while the share accounted for by the Group of Seven major Western economies will drop to about 28 % from 30 % this year.
Russia is attempting to persuade the BRICS nations to create an alternate platform for global payments that would be free of Western sanctions. However, there are numerous groups within the BRICS. There are hard relations between China and India, two of the biggest buyers of Russian crude, while there is much love lost between Arab countries and Iran.