The role of the BRICS forum is more important than ever for post-Covid global political economic recovery as also risk management in the global political economy, experts from Moscow and New Delhi said in an online discussion in the run up to the virtual BRICS summit.
“BRICS not only supports multi-polarity but can potentially strengthen commerce and trade relations especially when the world is facing economic challenges post-Covid. BRICS can contribute to global economic recovery not only to the economies of the BRICS countries but even non-BRICS countries,” said former Indian ambassador to Russia Bala Venkatesh Varma.
“The projected global economic growth is expected to be 2.5-2.9 per cent as against the usual 5.5 per cent growth rate before the Covid pandemic. However, India is expected to grow between 7 to 7.5 per cent. India can play a larger role in the revival and regeneration of global economic recovery,” Verma said.
“The post sanctions regime, the BRICS is considering the implementation of an international reserve currency to facilitate global trade and partnerships in disruptions in the payment system. Settlements in national currencies can help in mitigating the challenges help in settlement will cater to participants of many countries. Enabling payments in national currencies between the BRICS partner countries can help tourism and health,” said Head of the group of South Asia and the Indian Ocean region of the Centre for Asia Pacific Studies, Alexey Kupriyanov.
Former Dean of School of International Studies, Jawaharlal Nehru University Anuradha Chenoy stressed on the need to address the challenges posed by the “selective de-globalisation” and the intended shift in global supply chains will lead to disruptions especially to the vulnerable countries.
Director of the Institute of Asian and African countries , Moscow State University Alexei Maslov said Russia’s good relations with China does not in any way affect the privileged strategic partnership with India. The online video bridge was organized by Sputnik News. 2
