BRICS Offers Alternative Model As US Hegemony Fades in Int'l Arena: Report
TEHRAN (Tasnim) – The BRICS group of emerging economies consisting Brazil, Russia, India, China and South Africa are seeking an alternative model as the US hegemony fades in the international arena.
South African President Cyril Ramaphosa on Thursday expressed concerns about the increasing weaponization of the global financial system and payment mechanisms for geopolitical purposes.
The South African president noted that BRICS leaders will continue to consider "practical measures" to facilitate trade and investment flows through "the increased use of the local currencies."
Ramaphosa also singled out the climate change problem, stressing that the transition to clean energy must be fair and "it must be able to take into account the different circumstances that prevail in all countries," Sputnik news agency reported.
"In line with this objective, BRICS nations need to advance the interests of the Global South and call for industrialized countries to honor their commitments to support climate actions by developing economic progress. The commitments of support that have been made - that have not yet been lived up to - need to be followed through," Ramaphosa stated.
