Brics leaders on Friday called for greater cross-border investments and deeper co-operation between member countries amid geopolitical challenges, ahead of a key gathering next week.
The 16th Brics summit will be held in Kazan, Russia, from October 22 to 24. It will be the first since Saudi Arabia, Iran, Egypt, Ethiopia and the UAE joined the economic grouping on January 1.
Russian President Vladimir Putin said that Brics countries will generate most of the global economic growth in the next few years, thanks to their dominance in key markets such as energy, metals and food.
Brics' share of global GDP “strongly exceeds” that of the G7 group of advanced economies and continues to grow, Mr Putin said during the Brics Business Forum in Moscow.
“This year, average economic growth rate of Brics is estimated at 4 per cent, which exceeds the growth rate of G7 countries [at 1.7 per cent] and the [global] growth rate of 3.2 per cent,” he said.
Brics, founded in 2009, was formed to represent the interests of major developing economies. The organisation, which was founded by Brazil, Russia, India, China and South Africa, seeks to enhance economic co-operation among its members.
“The companies [from] Brics countries dominate many key markets, including energy, metals and food…without which sustainable economic development is impossible,” Mr Putin said.
The meeting comes as the Russia-Ukraine war continues with no immediate signs of a peaceful resolution.
Meanwhile, the Gaza war has intensified into a regional conflict, with Israel launching a ground offensive in Lebanon. Israel is currently thought to be preparing a response to Iran’s ballistic missile attack on October 1.
The world is witnessing “challenges and crises” that require joint efforts from all countries, Egyptian President Abdel Fattah El Sisi said.
“Not only do we need to provide swift solutions to modern challenges, we also [need to view] sustainable development as our shared responsibility,” Mr El Sisi said.
“Brics [involves] the private sector and businesses, who are indispensable partners in this field. Therefore, this forum offers a new platform for such co-operation. It makes it possible for us to jointly explore various fields of investment activities and trade between member states,” he added.
Egypt, the Arab world’s third-largest economy, has introduced several economic reforms aimed at improving the country’s investment climate, Mr El Sisi said.
The government is working to make it easier for businesses to operate and reduce the complexity of the tax systems, but “bureaucracy is still painfully felt in Egypt”, he added.
Egypt's economy has faced several challenges in recent years, including high debt levels, inflation and a foreign exchange shortage.
The war in Gaza and its regional repercussions have also been a major driving force behind Egypt’s sluggish growth throughout the first half of 2024.
Brics creates the basis for “expanding mutual trade” and has a “good influence” on international affairs, Iranian President Masoud Pezeshkian said.
Mr Pezeshkian bemoaned international sanctions against his country, calling them “illegitimate” and in violation of human rights.
The US dollar is being used as an instrument to “weaken” the position of some countries in the world, he said. “Fortunately, countries have established the necessary co-operation to use other currencies, and this process is continuing.”
Among the main priorities of Brics is the creation of a common currency, aimed at challenging the dominance of the dollar and dethroning it as the international reserve currency.
Sanctions were reinstated on Tehran after the US withdrew from the Iran nuclear deal in 2018. However, enforcement was eased once President Joe Biden took office in 2021, enabling Tehran to significantly boost its crude oil exports - its main source of revenue - especially to China.
This month, the US expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s second direct attack on Israel this year.
“The use of sanctions has a negative effect on human rights, and it was condemned by Brics countries…and they called for [a] suspension of such unilateral actions,” Mr Pezeshkian said.
“[Sanctions] could have a psychological negative impact on [countries] and it could deprive them of the opportunity to develop trade freely.”
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
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AT4 Ultimate, as tested
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'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
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15 years, 271 days old
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PREMIER LEAGUE TABLE
1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
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Infiniti QX80 specs
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heading
Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.
A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.
The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.
Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.
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%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Dhadak 2
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Rating: 1/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
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