“Indeed, the blueprint of the inaugural BRICS banknote has been freshly unveiled, with the Russian representative to South Africa taking the lead to disclose a 100 BRICS banknote at a gathering in the United Arab Emirates embassy located in Pretoria, subsequently presenting it to the Ambassador of the United Arab Emirates.
This gathering, taking place at the UAE Embassy in Pretoria on Tuesday night, September 12, 2023, marked the acceptance of the UAE into the BRICS association. Here, the Russian delegate to South Africa gave a succinct address and disclosed a 100 BRICS note. This note, reportedly printed in Russia, was given as a token by the Russian ambassador. This political gesture by Russia, in line with BRICS’ intention to move away from the dollar, did not go unnoticed by the attendees. The banknote showcases the flags of the five BRICS nations on one side and the flags of several other countries, including the Islamic Republic of Iran, Algeria, Indonesia, and others, on the flip side. The moniker of the new BRICS development bank is also visible on this note. It seems its introduction happened prior to the induction of new BRICS members. In this regard, Percy Morapedi Koji, the deputy chief of the African Economic Leadership Council, shared with Russian media that a common BRICS currency will facilitate seamless trade within the group and that it’s time for BRICS to select their allies.
“We need a new currency that aligns with our unique circumstances. It’s time to conduct affairs our way. We should have the liberty to choose our trade partners,” he expressed during the Economic Forum held in Vladivostok, in the Russian Far East.
“The new currency would bolster trade relationships within BRICS, especially given the optimistic projections for the group,” said Morapedi Koji. “Based on the data, we are set to outperform the G20 by 2030,” he added. However, the concept of a common currency was not on the agenda during the last BRICS finance ministers’ summit in Johannesburg, as indicated by South African Finance Minister Enoch Godongwana in late August. The BRICS, composed of Brazil, Russia, India, China, and South Africa, announced the addition of six new members following the group’s recent summit at the end of July in Johannesburg. These include Iran, Saudi Arabia, Argentina, Egypt, the United Arab Emirates, and Ethiopia, whose full membership will be effective from January 1, 2024. A total of 23 nations have shown interest in joining this economic confederation. On a different political note, Russian Foreign Minister Sergei Lavrov responded to the media at the conclusion of the G20 summit, sharing his thoughts on a more balanced statement and the determination of southern nations to resist having their choices dictated by Western powers.
The twilight of the post-Cold War global order
The post-Cold War global order is nearing its end, as announced by US Secretary of State Antony Blinken. This is primarily due to the evolving relationship between Beijing and Moscow, which poses a challenge to the period perceived by Washington as one of relative geopolitical tranquility. The alliance between the two nations is synonymous with the end of the post-Cold War global order, as confirmed by American Secretary of State Antony Blinken on September 13 during a conference at Johns Hopkins University. “Beijing and Moscow are collaborating to create a safer environment for autocracies through their unbounded partnership. What we are currently undergoing is more than a test of the durability of the post-Cold War global order.
This is the termination of this order,” he stated. Meanwhile, the leaders of Russia and China, at their meeting last March, advocated for the respect and propagation of universal values such as peace, development, equality, justice, democracy, and freedom, and to engage in dialogue over confrontation. According to the US official, the world has witnessed decades of relative geopolitical stability with hopes for escalating peace and security, international cooperation, economic interconnection, political liberalization, and the victory of human rights. This era has been replaced by intensified competition with authoritarian and revisionist powers, according to Antony Blinken.”