BRICS o BRICS

Some days ago, I found a little information on the financial track via Roscongress (the organizers of big trade and other conferences in Russia)

Russian Finance Minister Anton Siluanov will present the results of the Russia’s BRICS Chairship on the financial track at the final Meeting of BRICS Ministers of Finance and Central Bank Governors. He will also report on improving the international monetary and financial system.

🗓️ 11 October
📍 Moscow

Participants will discuss the following issues:
🔹 prospects for global economic development;
🔹 customs and tax cooperation;
🔹 the launch of the BRICS Finance Research Network, and other topics.

I posted this for us all here, and expressed my joy that at last we will see something on the economic vector.

The next information that was released, was this:

“Right-on!”: I said.  We will see something and this morning I started searching.  (Who do you speak to if you want to speak to BRICS?)  I found via the Russian MFA a forward from the Russian Indian Embassy.

Let’s take a look:

🌐 On October 10, Moscow hosted a high-level seminar as part of the financial track of the Russian #BRICS Chairmanship. ✔️

🔘The event was attended by Finance Ministers and Heads of Central Banks of the association, and its main topic was the improvement of the international monetary and financial system.✔️❓

Wait a minute, are we looking at creating a better mousetrap?  Improvement?  I thought we or BRICS was building a new financial and economic architecture.

💬 During the meeting, the participants discussed prospects for the development of the global economy, the current state of the BRICS countries’ economies, issues of customs and tax cooperation, launch of the BRICS research network on finance, interaction in the payment sector, etc. ❓

Prospects alone? Do we have a launch of a research network only now?   I thought we had several cross-border payment networks already.  Russia, China, methodologies with India, methodologies with Iran, cross-border payments in local currencies, MIR cards, crypto currencies based on currencies (China, Russia).

📊 At the plenary session, Russian Finance Minister Anton Siluanov presented a report on reforming the global financial architecture based on four key principles — security, independence, accessibility, and sustainability.✔️❓ For crying in a bucket, if they researched current reliable crypto currencies, they could have the qualities of security, independence, accessibility and sustainability in a New York minute and even I can give them a few more that are critical.

I truly hope that there is a big surprise during the summit for all of us and that this statement from the Russian Embassy in India was written by a rookie.