with respect to the dentist, this street in central concave shows you how devastating the effects of russian bombing has to be. i can see where 2 of the bullets hit there above my head. highest member of demetrius military wanted him dead. the stealing men or beneath women of property on the road costing out his ear english proud recipient of the new york festivals through the cost or of the year award for the 7th year running as a new era the brakes nation. the 5 members of the blog type agree to invite 6 new ones and the funding you can see arrangements aimed at reducing reliance on the us dollar conference reading shakeup, the wealth, political, and economic architecture. this is inside story, the

head of the welcome to the program. i'm to clock out a summit and you have his bug. the bricks alliance has agreed to expand from 5 members to 11 by the start of next year. there might be more strength in numbers, but it's sole say, part of a drive to reduce reliance on the us dollar for trade, and it will put a rise in any time since a cold war. so what will its expansion, me? well, the bricks club is comprised of 5 major emoji economies. as of china, brazil, south africa, russia, and india. but is looking to move and double its membership with 6 nations invite to the joint in full months time. they include argentina, that is false, not for result is but also economic turmoil. then this is the, our world's largest economy. saudi arabia, africa, the 2nd most populous country, if you is got close ties with the roster in china, but also the united states,

the others, all iran, egypt. i mean, noted our entrance there was plenty more discussion to the new development bank base and show you how i plans to lend using the currency of bricks. members more co operation with african nations has also been promised. schools are good. 5, see, china will launch the initiative on supporting africa's industrialization on china . will beto holland us its resources full cooperation with africa and initiative of businesses to support africa in growing it's manufacturing 6 tassels and realizing industrialization and economic diversification. our relationship with china will be one of promoting when, when outcomes based also on an important project that we have initiated, which is the africa continental feed trade area,

which is going to be the engine of our economic development. well, attending remotely was russian president vladimir putin. he's wanted by the international criminal court for legible crimes and ukraine, speaking from moscow. he also promised economic support for africa to just video, what us nationalism reserving it right now. we're concluding negotiations with various african countries on these issues. we're doing so despite the obstacles created by others, in particular, illegitimate sections and pose against our exports. which complicate insurance and settlement, or african friends can rest assured that russia will always remain a reliable food supply and continue to support the country's most in need. what other lead is brought up issues ranging from the future breaks to pushing for solutions to equality and poverty. this will get somebody is deduced on school. the expense and modernization of brakes is a message that all the global institutions must be adapted to the changing times.

this initiative can be an example for the reforms of the 20th century global institutions. i feel the feeling that that's correct. the energy transition cannot replicate the exploitation relationship with the colonial past. we need solutions that diversify and add value to the production of developing countries. the most evident signal that the planet is becoming a place and more in the quality is the growth of hunger and poverty. all right, so let's bring and i'll guess now from by lynn. we have been arrows who's the found an editor in chief of be any and tell the news of business media company focusing on imagine buckets from johannesburg arena, motor son, senior research or at the institute for global dot logan, south african, a south confirm policy specialist. i've heard by jane kind of times in china or affairs and less than senior fellow at the time here. institute a well welcome to all of you

a been are as if i may start with you. so brooks is here bigger and better than before. you might say a force for the good you'd say, or uh, i think what's going on is very his story in so much as the books themselves is that, you know, we've been, i measured my face may be struggling with poverty. we're getting basic things in place, and this is all been happening in the last 30 years. there's the socialists expand or tended fire with glass and the soviet union and everybody's embrace the markets . so the ideology went out on the same place and that you have 3000000 people in the west, the capitalist system, and they've been joined by trade, that in a problem essentially system to, to use the money market. so i'll be getting too much. now you see, uh sorry, say that we are ready service on site or we want to have more of a say in the way the world as brian. we were our interest represented because

they're under represented under sensitive things by us curious counsel around them in the various international bodies. and so whether it's something now is coming together in order to represent their interest and comments, according to what they see is new to the running, by the way, specifically the us creation various functions. but there's also many divisions within the brakes themselves. some of the most appropriate, this is an economic some of them like china and russia specifically wants to change the rest and be a little more aggressive um, within the group itself. and there's a lot of the center bar has to be done. right. well, come on today's divisions in a moment or 2, but for us arena, speaking from john is back for a country like south africa, what's wrong? the way things, what right now, what's wrong with the status quo? o and west and institutions like the i m f and the well back a look when you think about why the books came together. they say that the voices,

when i've heard across the, you know, the global economic platforms and the infrastructure already available. and for a country like south africa, that feels how currencies move immensely, this has a means potential to make a difference. but at the same time, well, the brakes are able to come together and strive for, you know, some kind of equitable world order. it's important to remember that while the bricks one to, to strive for a more equitable world order as a grouping of the 1st and foremost, acting in the national interest and modeling through, you know, very uncertain global realities. now for south africa, it's about how well it's able to domesticate this kind of bricks, agenda. what is it able to do with it in terms of taking these to these declarations, taking these bilateral relationships and making the best out of it. and from here we've seen, you know, 2 very key elements, you know, expansion,

the last time breaks expanded, it was in 2010. what saw that for could be included. and the alternative payment systems as well, because it gave marching orders to look at what can be done and you know, how can you look at potentially moving towards using the dollar a lot less, but creating more infrastructure for more local currencies. okay, gay will come on to that at all, you know, times in, in beijing. so brooks is not competing with anyone said vladimir putin, president of russia. but that's not the case. is it is new. it's all about putting bricks, plus at the center of well defense creating a new world economic order. well, not exactly. i mean, let's go back a ways and talk about the g 7, g 8, whatever it was, call that back. then those are supposed to be the leading nations. they were supposed to be guiding the world order it economically, etc. and then they were not useful during the economic crisis with financial crisis,

20089. so you have the emergence of the g 20. it basically to do exactly what g, g 7, that ga, that that time could not do and then apply for what do you have is a group of middle powers group and an absence of denied access to, you know, and any kind of the kind of economic and political power that they feel that they deserve. and there's a huge vacuum. the g 20 g 7 have not been able to come for. they were not very, very helpful when it came to the cobit and they're certainly not being very helpful when it comes to the economic problems we have here. so, you know, the breaks is a natural outcropping of countries that are united in the sense that they were all victimized by colonial ization. and if you start adding them up,

it's interesting. if you take the global south and then also the central asia, you have about a $160.00 countries. but what do they have? they have the majority of the world's resources, and they have markets and they have production. and the question then becomes, if they come together and they start doing what, you know, you had happened with opec. they could, instead of asking for, you know, hundreds of billions of dollars to deal with climate change and start demanding that they get fair price for their natural resources and for the production interested. yeah, it's ben. what do you make of that? and also this point, the fact that you know, you have china and russia loggerheads rising tensions with the united states in the west. and now breaks is, is to either countries to its team that are openly antagonistic to the west like a wrong. this is just basically become, you know, 90 west them block, isn't it? not yes,

not yet. i mean that's the process they've just stuff is on. is the trying to work out some modus operandi. because you know, china, russia, they need india, brazil, and south africa, less so, but also on boards and brazil and india and made it very clear that they don't box it has compensation with the, with the rest. and so much as they have relations good relations and investment of money. and so they sort of find out within themselves how they're going to work this and they're just the beginning of the process. i mean, we just had like the best, serious discussion, but nevertheless, you know, people were loved being a rest. it was pushing for a rank to be included, a visit was pushing for us and seen that's being created. and i'm going to have this, this despite the group, but yes, i mean, it, it is, i think, inevitable that the guy in the class with, with stomach stands and as my colleague just brings it up, a lot of people said, look, this group is not going to work because they don't have enough income and i get an

idea electrically or system wise. but it's not about what they have in common. it's about what they control and between the is specialize at control of them. and the addition of study riley was particularly significant because now they need the brakes plus control 42 percent as well as low production. and they were already cooperating on a commercial sense with the effect class. but now they were a pricing on a political level. and russ yourself controls in a huge amount. and so i wrote materials, metals, minerals, china produce was that controls, huge amounts of process wraps. and things like the and actually bank revolution kind of happen if china stuff the whole of those things back. and so the potential for really gnostic trash is there, but i think everybody sort of, you know, actually my wife. ready trying to find the average experience of work and i think people like the stays going to be craft shows thing and i have to make some sort of compromises. and i'm gonna even use like i'm to find era as the managing well,

it matches and stuff to to mom's thing stuff to ask for his voice to be how i could either the way it's going to take that into account. and this could go smoothly or it's not. and then it could get ugly. right? as far as bricks, internally who brings plus internally is concerned. arena. busy how, how will they avoid those classes. ready band alludes to when you've got countries of very different economies and, and very different foreign policy objectives. how can they be packing, sit for me to wait for a look. many have come to say that this move to include these, these countries at the moment actually got new to the power bricks politically, because it's difficult to reach the consensus at the moment. it seems that most of the geographic activity is slower to encapsulate, you know, the full potential of south america. and perhaps this could be the future strategy to look at another phase of expansion. but if you look at the clustering right now,

egypt, if you, if you do, you re, b, u, a e, you run this gives bricks, a kind of strategic, middle east, north africa look, well, these countries come with significant challenges of their own. like was saying, egypt and if your, if you had an impass regarding the grand if your parents, renee, since the time has done a lot of heavy lifting in terms of saudi arabia, the run to a brook has some kind of reconciliation. but this does not a raise, you know, years of competing foreign policy is between saudi arabia, u, a e, and the run in the region, even argentina, and not every are you ready to relations, have been immensely tense, but bringing in one or 2 without the other isolates another or the other potentially pushing them to take the stabilizing decisions for the region. a few so well from one perspective, the brakes could be moving to have a strong good economic impetus. but what if or does the start of

a strategic decision to shift attention away from the end of the pacific? for example, as an anticipated, they're to play at least for the next few years to come. and you, so, you know, the proposition of indonesia, vietnam, thailand. whereas some have intimated that they needed more time to understand, you know, the implications and impacts creating some kind of brooks in the pacific anchor in such shifting attention back to the middle east from the in the pacific does, does contain, you know, the military industrial complex in that region what, what's happening into critical minerals and creating new markets. ida, i know kind of new mentioned climate change. this is a very good example of the potential for differences on the face of it. we have different priorities would say at brazil and with china, brazil, we're under president lula, very much pro environment and prioritizing environmental issues. china still admits

you on a huge scale. is that going to be a stumbling block? or conversely, might it make china more conducive to people not being had to buy the west? i don't understand why you say that china is behind the wall. i mean, you know, there's a lot of things, for instance, there's always this thing that china is a build thing called plants. well, what they actually do is they'll close down to, you know, 43rd 30 or 40 coal plants and they'll build one that is much more efficient and less polluted. they're doing us as a stop gap. they have plans and as we know, china generally tends to meet any kind of uh, deadlines that they set for themselves. so i, i wouldn't be worried about that also. china is. ready leader in the electric car industry also spoke to about tags and. ready the energy, so they're going along the same line, this idea that there's somehow at loggerheads, i, i think is wrong. all right,

i'll put in a different way to 90. that's now that's it kind of kind of breaks plus be a full so good in the fight. against climate change and you yeah can, but there's a problem. the bricks cannot have everybody joy. and the reason is, my colleagues said you dilute the decision making power. but i do think as a middle power representing these different regions, they can go back to the g 7 who have not come forward with their promises. there's a promise of a $100000000000.00 a year. this is supposed to expand over many years, only 10 percent of it has been delivered. and on that 10 percent, that's what most of the projects somehow benefit developing countries and it's dubious is whether they're actually going to produce any kind of real environmental effect. so with different entities representing these regions, they can go back and say, look you, you folks have to, you know,

pony up because right now there's nobody told us, you know, the developed world accountable. think about it, you can't go the united nations. you can't go anywhere. so right now the bricks is the best chance of getting some sort of real environmental action because they have leverage. and this is the only thing that is respected despite all the hive. a sounding rhetoric about how we believe in the rule of law in the snapshot order. the fact is, the west, especially to us, lately, has been running roughshod over everybody's starting wars breaking treaties. you know, it just goes on undermining international institutions, like the w t o by refusing to appoint the appellate judges. so i do think that it can be a force for good. i don't see it as ideological. there's too many differences, but i do see it as a group. it remember they do have something in common. every single one of these nations was victimized by colonial ization at one point or another. okay,

with the different grouping. and that brings me on to my next point because it is, let me take you back to the 1950s. uh uh, the original line movement was set up um presidents and that sort of egypt present teacher. and then you can sloppy and present narrow india. it was quite successful, wasn't it? but then it, it turned back to the west in the 19 ninety's of the lessons to be learned from the been a my name is the 1st time, but i mean, things have changed dramatically this time around. and so much is um, in other lines, in those days that we're going to see, we can the in a sort of and password behind the pilot. and what's changed now is that the whole bands shifted towards emerging markets and it says the robust reset. i'm in a way, um, however, that's 40 percent of the population and on the 25 percent in terms of gdp number. nope. but if you're looking at a p p, p, the parity best and then imagine, well is now richer than the developer. and i think that's the point is that look,

whereas she's starting to be in charge and i agree with you. we all agree that there's something i, the logical unites in these countries. i think the glue of it's holding them together is a sort of enemy of the case mentality of light. we've been ignored by the rest of the world and we shouldn't be. and i think the way the science work is that they're going to be pragmatic as emerging markets that dealing with lots of problems. and i saw the question of values or ideology or philosophy. it's simply, you know, we've got things to fix the points, for example, as the currency after dollars use the donation of the dollar in, well trading system, which is the result, bretton woods and they're very unhappy with that because that gives these days numerous amounts of power and restroom particular is the case in point in so much as suddenly it happens or is as confiscated as being banned from the financial system. and the last person, huge problem around the same problem. and then china is looking at that. india is

looking at back and they have very worried and this is why the enemy, at the gate thing comes from a process already uncomfortably sweets um the states as is around the india, china and south africa. the other measure markets are like, we're going to have a running with the states, some fine, and then will they do the same to us? you know, compass k. uh, and see reserves collapsed are kind of, it's, i mean, mess is strong enough. what sassik enough? so that it can suffices but sort of countries cause and this is, i think, another reason why they were running to this, the magical though is. so the double side is running to this is break organization because they need some support. they need someone stand up to the west and represent the interest and as my colleagues, that there's no one else to go. un is dominated by the security council catch you anyway. there's no international court you can send to. and so the brakes is, is you'll turn it to oh, and it's attracting a lot of interest because of that. i know tell us about the new development banking

. this issue that's been, is talking about had the dollar eyes ation. and the plans to lend using the home countries currency of bricks, members to well it's, it's not theoretical anymore. i mean, or the, yeah. just before the meeting the they floated around ponds. so what this does is by putting the bonds out and round, that means they'll be pay repaid and ramp, which means that it takes a normal amount of pressure off the country in question because they don't have to worry about, you know, what's going to happen to the dollar that, that add something. now, of course, those, if you're investing money from outside of the south africa and you're buying rand buttons, you do have to worry about it. but it transfers the risk to those who are more capable of doing it. investors can hedge their position, they can make decisions. whereas people who are trying to get money are generally in the lesser position because they have to take whatever comes of the fact that

the rand bombs were over subscribed by many, many times. and they hit and went above their target bows very well. but this is going to have to be more than just one upon rating uh, one bond issuance. they're going to have to have markets that can handle this. obviously with in this, in grouping you have a, l, u, a e, which is, you know, we'd be happy to guires on their business. obviously try it. i can do part of it. but, but, you know, there's, there's a long way to go before the, the dollarization and everything like that that's, that's a little far off. but this whole issue about hedging, about having more money directly be especially between countries that are trading. why should they be using dollars when they can trade directly in their currency to the value of the trade that they have? so there's a lot of the risk in going on, and that's the correct term. the risk thing with the financial term was never meant to be a political term. okay. so say every day this is more about finding an alternative

to the system rather than an alternative to the dollar. well, it's quality dollarization. it's really about creating more trust in local currencies and in immediate sense, it is coming down to business as we're saying, you know, the dollar has been used extensively over decades. so our base liquidity security, reese ability, but that's very much attached to it. and trade is one to make sure they receive the value they bargain for. that's why there's such, you know, trust, still placed in this and why it's expected to take a little bit longer to achieve that. but that's not to say that crestwood a payment systems are already in place. some banks are already working with them. you know, they the brick stats of this into bank corp mechanism in 2010. and they, what they did was they, they create a lot of investing in regional financial services. they need front technology. so you see a lot of low hanging fruit says the bricks need is,

would call them reaching for those kind of low hanging fruit and building a lot of relationships between banks. if i can forward this back to, oh, so the africa was engaging the continental free trade areas, specifically, which was part of the, the brooks summit this year. you know, this comes back to creating institutions as well, where we're africans can benefit from and in relating payments and look parentheses and building this up. you know, you have the pen african payment spectrum in the system. and from that, they really want to create a markets. in addition, that can flourish from these local currency. ok, so i'm just going to jump in the, i'm sorry to jump who was just coming to the end of the program. but i just want to give you the last what the 2nd general and kind of gutierrez was in japan. his bag even echoed the bricks. long standing cools for reform of the un security council

of the i m f. and the will back is going to happen anytime soon as you think briefly, if you will. i don't think so. it's going to be too difficult. i mean, the permanent members of the security council quite happy with that low, someone like that sign in and rest. so i love being, you know, this is my representative from africa. there's one information, there's 3 from here. and the others are going to resist that because they don't want to have to pass power, which is getting very much gigs towards the west of the other institutions. i mean, that's going on, i think that's happening slowly. the china is busy writing people in the general assembly and the building up a voting block. so i think with the, with the bodies themselves, we can see other people being appointed, but then it's a long slow process. and i think this whole thing with the rice, the breaks, but right at the very beginning of one se, decades to happen. but i can, i think it's inevitable, given the size of these markets feedback, right. and then the importance of the economy so that it's not speed resistance.

just a question of how this process works cited smoothly or, you know, less space, right? road people, stuff i teach. all right, we'll have to leave with that. thank you tool i guess to bend are already in the sun and i'm talking a thank you to you for watching. you can see the program again at any time by visiting a website onto 0 dot com for further discussion, go to our facebook page, that's facebook dot com, forward slash a inside story. you can also join the conversation on x for me and with a high level is a inside story for me and the clock. and the whole team here is good, but the the

september, no, just india hose, the g 20 summit, where leading economies will discuss global challenges. the broad costs premier of a new series, exploring the implications of us and to fully cover those for 1st amendment rights . will lead to gathering new york for the un general assembly with the ukraine and climate change expected to dominate talks. generation sports meets the icons who are challenging preconceptions and using the platforms to change society. the candidates for mexico's presidential election will be announced. will this be the 1st time in the country's history to women go head to head for the top, jump september on al jazeera a. we look at the world's top business stories from global markets to economies and a small business sales force and included security around the world of history or

something that the international community your view should be doing to understand how it affects counting the cost on o g 0 this is time for the west to replace the best option for the ukraine watch awards and what, what those options look like. what is us strategy when it comes to iran for almost 200 years, americans have generally been stuck with 2 political choices, but cannot ever change because it comes to us politics developed in september. oh, no, just india hose, the g 20 summit where leading economies will discuss global challenges, the broad costs premier revenue series, exploring the implications of us and people got goals for 1st amendment rights will lead to gathering new york for the un general assembly with the ukraine and climate change expected to dominate talks. generation sports meets the icons to a challenging preconceptions and using that platforms to change society. the

candidates for mexico's presidential election will be announced. will this be the 1st time in the country's history to women go head to head to the top till september on al jazeera, the which is q leaders give the finish of about the 48 hours to leads. the power says doesn't it doesn't have the authority to make that told the bugs that overall the new, what fields they were like. but headquarters here in the also coming up at least 9 people being killed and something in the, or after 5 or up to the train at a sub beat outside the state even by the gasket, kills at least 13 people,

including several children. most of i use.