that is fundamentally since changing the global landscape, emerging markets and developing countries have contributed as high as 80 percent of global growth in the past 20 years. and their share in the global g d p has increased, is sometimes useful percent 40 years ago to more than 40 percent. just as a line you're trying use point, please know, mountains can stop the surging flow off on my tv. but what's have a resistance, there may be perks a positive and stable force for good will continue to grow. low forward stronger brick, strategic partnership. expand it, breaks plus model. actively. there's membership, expansion, depot, solidarity and the cooperation without the emerging markets and developing countries. promot global multiple levity, i'm the queen to democracy, international relations and help maintenance and national old north just and

equitable the gathering between bricks countries and all the 50 other countries in south africa today is not an exercise of asking countries to take size, nor alexa. the size of creates and blocks compensation by the it is an endeavor to expand the architecture of peace and development. i'm glad to know, so that's over 20 countries. on looking at all the dorm brooks and the hopes to see more joining, the brakes corporation making is the use of ways that we can look friends with china stays committed to an independent foreign policy of piece and the building offered community with a shed see which has on my side as a developing country and the number of like global self trying to breeds the same draft with other developing countries. because it was

a shed see what you have with them. china has the residents, the of how they call the nexus of developing countries and the worked to increase their representation on the voice of the emerging markets. and developing countries in global affairs hasn't been, is, is not in china as being the, nor does china have any motivation to engage in major power. fantasia kind of stands firmly on the right side of history and believes that just cause it should be pursued for the common good. at present, when chinese, under the leadership of the communist party of china are advanced, integrated you of a nation of the chinese nation on all funds by pursuing chinese. more than i'd say sion, chinese mobilization aims to achieve calling prosperity. let's here on the control that thing called investments, harmony between humanity and nature, and a peaceful development for a huge population chinese model as ation has created a new phone or filament advancement, appraised into the new future of more than as agents. i hope that the other developing countries on google all the else,

then the achievements of human civilizations and find their own costs to modernization in keeping away they are national conditions. achieve your high quality development as a top priority in china. scroll fully building itself into a modernized country. so they are committed to apply a new development of philosophy and creating a new development paradigm. in the past decade, china has contributed more to associate percent of annual global growth. this year . the chinese economy has maintained the momentum of recovery and growth, trying to enjoys the several distinct advantages of socialist domestic economy in systemic terms. a super sized markets and some soft in mind. a full fledged industrial system in terms of supply and abundance and all high color labor force and entrepreneurs in terms of human resources. the chinese economy has strong resilience for lender as little touches so allegories, vitality, the fundamental sustaining china is

a long term growth will remain on changed. the design shape of the chinese economy will continue to cleave waves and sailed ahead. china remain a lot important opportunity for those developments. our door is wide open so anyone wants to engage in cooperation with us. as a super sized economy, china will remain firm in the defensive, highest end at opening up. they will continue to expand the market excess cut the negatively, so find the investment. but inside the open, the mazda service, the sector, it will start to improve the business environment, provide the national treatments, or for an investment enterprises false to a rolled across markets oriented business environments, accompanied by a sound legal framework, and the bill to globally or re engine network of high spend the free trade areas, it will continue to address the ecological conservation, etc, the building of a beautiful china activity and crude. and please move towards the call them, he can call the neutrality and the pursuit all around the green transition in economic and social development going forwards as it endeavors to achieve

mobilization, voice more than 1400000 people. china will surely contribute even more to the global economy and provide the even more opportunities for the business community. the ladies and gentlemen friends, a formidable mission, is a magnificent king. kindly from all re us mission, as well as we work in unity extras and cooperation. we will not be intimidated by any risk or challenge all the way ahead and we will surely stare that try the shape of human development to a brighter future. thank you. the shoes you see, i see the thing to think a president president seizing,

paying for his remarks and to minnesota long for delivering it on his excellency's behalf. we've now heard the views of 5 heads of state views at presenting more than 40 percent of the wells population as dixon. let's just do ever read the reports from the business community of the discussion you have had today. ladies and gentlemen, this brings us to the close of the session. i want to thank very sincerely they, it's of state. the excellence is for the time for the insights and for the comments that they've made as the heads of state will leave the stage now. and we say farewell to them as they proceed to the next meeting in what will be

a prisoner who do all the special coverage all the breaks the assignments. now we've just been listening and lives to the summit. as the 5 leaders of briggs, i gave their addresses to the business for um, now, just to run through so that the key points on each of those speeches size and the importance of being one raised by the south african president. he said that, you know, we're just calling the notice the quote for the global economy. it's already 42 percent of the world population and bricks economy. so powerful engines of global growth. so they just cannot be ignored. and i just been k like doing some number crunching in my head that how much those numbers will arise if the brakes does continue to expand. so it would definitely be exponential and it would definitely rival the current structure that this is meant to rival. absolutely, some of the other key points mentioned by the other will need is the shooting pain

. the chinese president was represented by one of his aides, of course. but this, this feeling of prosperity for all of the pace for mankind, cooperation on inclusivity, was a common theme. and all of those addresses we just had the working together based on a principle of equality is then the russian president, who tends a woods. he said, that's a trade between bricks members already accounts with $230000000000.00, and most alachua cooperation with within breaks. it boosts sustainable development to boost a healthy, a global economy. focus through some of the other key points it stuck out to you. yeah, absolutely, and you know, the other key points that were mentioned is the importance of stability. and stability, of course, would lead to economic growth. and as you mentioned, pieces at the center of this, all of their uh, statements actually that they,

they really drove that home. that in order for the world to be at peace, there has to be the ability the comments made by a siege in king and in his uh, address given by his representative. of course, that really struck me because it was so hot fell as he talked about an inclusive and beautiful world. he said with an during pace and being a part of the briggs is one step closer to achieving that. he talks about prosperity for all peace for mankind. what a lovely dream that is, let's hope that we do it in the class that it's hannibal does. i love your optimism new new. while the south african presidency around the site is up past taking the flow of the sun, it's cool for reform of global institutions to make them more agile responsive to the challenges facing developing economies. the books, main goal is motel actual developments. we retire a fundamentally full of the global financial institutions so that they can

be more edge, child, and responsive to the challenges facing developing economies. in this respect, the new development van established by bricks, countries in 2015 is leading away. i said this is formation. it has demonstrated its ability to mobilize resources for infrastructure and sustainable development in emerging economies. without conditionality, we therefore call on the business community to join hands with us to identify solutions to these and many of the challenges affecting our respective economies. let's get more details. now. from all, as you corresponded in colorado, let's outlook or run

a boat. good to see you. now today, well in the office, let me take us through what else that was discuss, please. well, let's start off with the whole stand. in this case, the chair of the 15th break summit. so the plus that really going into details about how, you know, south africa views, at least the changing landscape in global affairs over the last decade. so if this is an opportunity for breaks, and let's just uh, from an south african point of view, but to all show africa alone with it. he spoke about the fact that there will be some 7000000000 people here in, on the continent of africa. and that is something that can be hand this, that it will take a lot of investments, particularly infrastructure investments in creating the single market, the africa, free trade agreement, pharmacist. and he also goes into further detail saying that the,

the development bank furnace to the 7 existing, purely from a development perspective. but it really is there to serve a people to address the needs of the developing nations of the global south to to lift them out of the public key that these fil face. and i saw that those were really what really telling you in terms of way breaks was, but the tone in essence was really how the brakes uh heads of they've really differentiate themselves if you will, according throughout all the speeches from, from the lead. as you get a sense of more cooperation, more inclusiveness that this is contrary to what you would have in the west. and that is something that letting me a puts in for that as we joined the session through a video uh link with him and the planes that as a result of the legal sanctions that have been put on russia,

that food prices have run away in the media and developing countries such as those that you find in the african continent continue to pay the price. and he as stress the fact that rachel will continue to do it's pub in the world, be responsible in terms of its role as a, as a provider of foods. and he spoke about increasing the food supply the russia has, with regards to the african continent for instance. and he, him of the point that the last bill that was agreed for the, for the greenville really served the west more than it served. developing in the, the countries that most of the green ended up in the hands of the west, which didn't necessarily have such a need for him. and he, you know, you get a sense that he was thinking about hogging of resources there. and particularly of alpha cation here was the mation of the, the, the re evaluation project. something that got a lot of, of a sudden say,

if you will, in the audience as people really talk to it. the fact that the fact that he talked about the fact that the trade amongst the bricks countries has really increased. and as it has, we choose the reliance on the dollar. only some 29 percent of transactions would dotted through the use of the toilet. and that is something that is significant when it comes to the bricks nation. and we're just talking about the 5 bricks nations here. and the large impact that they will have. and, you know, he's trend since the fact that with more cooperation, more can be achieved is of letting me have fluids and the president of russia. national economic situation is also seriously affected by the illegitimate and legitimate sanction practice. and illegal freezing of a sense of silver and states which essentially amounts to this trend being

a phone old. the basic knows and rules of free trade and economic drive. norms and rules that not so long to go seemed immutable, restore still shortages increase in the cool in the quality. rising unemployment and degradation of the chronic problems of the world economy are the direct consequences. prices for fluids, basic and we control products and crops have skyrocketed. and it is the most developed the remote 4 countries that i hit hardest. our country is and delivered remain responsible supply of foods to the african continent. rational grain experts to africa and mounted to 11500000000 tons in 2022 and almost 10000000 tons in the 1st 6 months of

2023. and this is this find the unlawful sanctions imposed on us that seriously. and the expert or russian food products as complicated, trustworthy logistics, insurance and bank payment. it's sasha is being deliberately obstructed in the supply of grain and food devices abroad. and at the same time, lack of a critically blame for the current crisis situation in the world markets to and that is letting me put the president of russia. i really have missing most of the work that is being done by briggs. now he clearly makes a distinction there between the global cells as represented by bricks in this, in this instance, and the west that, that the chaos that's being created. the instability that's being created by the

waste has been rather ignored and it is being replaced by the cooperation that is being presented by the global cells. and in this case, by briggs. now some of the other lead is really bending upon the points of the silver president of brazil. really spoke to what's the need for more environmental awareness and what role brazil looks to play with regards to the african continent . a prime minister mode is spoke about the fact that india drag now has the largest digital transactions in the world. and there is a role that they see themselves harnessing and being able to bring to the african continent. and we had president seizing ping, the president of the people's republic of china, of course, also coming through saying as what these were distinct and really interesting points that were being made. schools speaking about the fact that china is

a role to play and that it does not have a hedge of money and is dna. i felt that that is more of an inclusive conversation . the china was to have that only with the global cells, but with the world at large. they will not be looking towards the stability that they will be looking more towards cooperation. and that includes the people to people exchange that the briggs countries currently have every platform to corresponding travel, a sla. thank you for so much for taking us through that same score of our local journalists. phil is spoke to, people can be my, an independent economist, energy and political analyst who sees the brit shift away from dollar reliance is understandable. the country's wants to control their trade. what would be the benefits of formalizing this grouping?

and having this charts are in place in terms of everything else that comes with the brakes and the, and visions and hopes like the trade. well let's, let's take it this way. there is trade happening. the bi lodge is skewed in one form or another. if you look at one member of the police nations, brazil, the trade, uh they have got a uh, i'd say, a positive balance width to try enough because they explore tomorrow to china insights optic out. we are importing more from china. then we are exporting to china, even though we export to enroll materials by enlarge. so when you talk about the beneficiary sion of natural resources, the industrialization of the economies within that. but it's nations where you can have somebody else time manufacturing that can be can pets form. that is where we are making. so the creating critics all transforming bricks into an organ if a child top would by and large assist in that regard. but also would give him pets

as to the top. we heading off a brief cutting see whereby they appear to be a desire by a list of bricks meant by states to want to shift or move away from using the dollar as the means of fate. among them and moving over to a 100 and seats where they can have direct influence and also be able to, i think have a line of control in terms of the kinetic structures of their own respective nations. of the we have the pleasure to host having the pleasure to host chris hart, the executive chairman of impact group companies here in the city with us to discuss the summit and the bricks. institution mr. hart. welcome. thanks for coming in. so you have been attending the brakes business for him today and you've heard all of the amazing statements that have been made. what are your

thoughts on that belief that the big spring could be a powerful alternative to the world bank? and i think the starting point is that you've gotten a number of very, very positive economies behind it fits on the rest of a result and india. these are becoming the biggest economies on, on this the taking the gc it has it with. and so this, this search and the a lot of economic muscle behind it. and behind that there's a number of other countries at all. so it's trillion dollar plus economies such as saudi arabia that also wants to join the, the pics, bricks bank. so it becomes a big, powerful, and significant institution was quite a big sprint of becuz. i think that is important as, as, as, as far as a broad display, the break back is speak to that think. and i think the actual foundation of the,

the books development bank is, is that and then i think we're getting to it as it is, go back. but i think that also considering local currency lending as well in terms of trade finance. and it also helps, i think, to lower the cost of ease, but not on the lower the cost of doing trade, but also is the ability to, to try a net that improves the capacity of the global economy as a whole, to actually grow. so it's the 10th street, the to become a very important cold in the global financial says. so it also takes it away from a specific few key if it's a power group in the, in the global economy and helps to multi electrolyzer. we'll rolled it and have, you know, look, we'll stick some focus on that. what is it really all for the well, just a new development. fine to also countries that they couldn't get elsewhere. i think the thing is the local currency funded. so what is the biggest problems of

developing bulk suffice is that the bar and hot currencies for us, but have soft currencies if, if i could put it that way. so we need to sleep to that, you're taking the numerous translation risk so you can borrow bits a $100.00 with $500.00 in your own currency and set you on code. so we can say against that currency, your obligation to pay back because a lot more in the book and one from the economy is great to so traces the risk of these economies and fee, i'll send you the economic crises that, that it could, let's say emerging market costs as is in fact the say to set to good. i'm soft currencies that have depreciated against the heart, courtesy dollar dollar obligations that is lifted in the very difficult sponsor country. so not in, in a very good position to offer the charge and manage that towards selection risk, which it should be in the financial system. sick to, to, to be managed within the,

the financial services sector. so the, if the development thing takes on that role, it will actually help to as low as the cost and also ease and, and, and it becomes much more sustainable across the board of finance and development finance. uh, overall, how feasible is it started because people talk about the dollar wise, asian like, you know, some trendy would and then some people say that it's not even possible. it's always, always going to be kate. well, i think that because what we don't always realize is that the level fund it's the system is locked. there's the foundation is lock on a quick 2nd. and that's because we've taken it away from a, from it a reference that you can print any courtesy out of sent a product and then flights it into the, into the system in which seamlessly commentary of the ticket sits. the cold window was close in a month, and so i think distorts and 51 mix. and since then the has

been the appropriate inc. and i think what part of the problem is that we lose the living memory of what a purpose stable system is, where you can go for one day cut to the end process. all absolutely. staples, but we don't, we don't have the right to with, with the current select that you could actually re and could. and i think it's a beta example of what of clicking on this currency, which i think will, will exhibit to compete. and it's, and in the, in the proper market system, let's see, which currencies went right. ultimately we've only had the dollar. we've used the dollar because that's the only thing we've had. right now we've put a proposal to the civil potentially another couple to the, to the euro hasn't quite fulfilled in roll. and i think the bricks development bank needs to take cooked us. what's of why the euro hasn't really taken?

it's role even though it's the economy behind the euro is big. it's, it's most freaked me to and it's still a fee of system. was the, this is i think of school backed by a number of countries. so you can have it policy fragmentation, but the fact this and kids, so they're looking to increase on gold, is in fact an enormous improvement in the is you could say the honesty of a system. chris har, executive to a man impact group of companies. thank you so very much for joining. thank you. thank you. thanks. bye. thanks. okay, well, moving on, and now as we were talking about the don't advise ation. all correspondence took a closer look at the deed on the rise. ation waiting means the countries with the rise of a multi polar world comes hope for

a future free from us dollar dominance and a global order. where when, when cooperation reigned supreme for many around the world bricks is the vehicle that can turn that dream into a reality with an independent world wide currency. i dream of having a come currency for countries to using transactions so that we could be independent from the us dollar. it can not be that we couldn't have more freedom for conducting business. i general griggs, having its own currency like the european union, 0 for now the dollars global hegemony is indisputable, with the greenback involved and 88 percent of all international transactions and russia, the world's most sanctioned country, has good reason to want to change the game. last year its banks were kicked out of swift and half of its overseas reserves to the tune of $330000000000.00 were frozen . it's all part of what moscow says is the dollar being used as a weapon. i have no doubt that using a rich experience in government working knowledge in this area, you will do your best to develop this institution,

which in my opinion is very important today is not easy to do so on the current conditions. bearing in mind what is happening with the global finance is with the use of the dollar as a political instrument. it's not just russia looking to break away from dollar dependents. the long side moscow, beijing and brazil. yeah, have moved towards greater use of national currencies and international transactions for those reinstated president blue or the silver has long advocated for deeper reliance on bricks and china considers dollar dominance to be the main source of global instability, the head, germany of the us dollars. the main source of instability and uncertainty in the world's economy during the call, the 19 pandemic, the united states. and we use this global financial position and injected 3 alliance of dollars into the global markets, leaving all the countries, especially image and economies to pay the price. a prime example of that instability is afghanistan. the united nation says $6000000.00 half dams are at

risk of starving to death. and the organization's calling for $770000000.00 in immediate humanitarian aid. it's one of many similar situations that have left people looking for breaks. as a more humane alternative, the new development bank is taking that decision, but at least 50 percent of new lending would be a local currency. so i think bridge has getting the captain this to go out to create a financial independence and not being held hostage by one or 2 currencies with a multi polar economic future on the horizon. it's likely that this change will be for the better for everyone correspondent that donald closer a token goes through the dollar wise ation. you know, what does the dollar wise ation mean to you? you know, for everyone in my, me do different things, but for the global south and especially for the continent in means becoming self reliant and dependent and truly taking control of their sovereign economies. and it

seems to right now as we were at this cross roads and well told us that don't arise . ation is going hand in hand with most people are so you will just multiply, receiving multiple already, as i mentioned previously, means having an equitable partner where trade policies are equally beneficial to the multi plan, multi bilateral relationship parties. and right now for most global south countries was slacking is that only one is winning, while the other one is just at a loss, right? and the latest was saying earlier, is this rick some blocks and the balance is grow. these is more about giving prosperity. so, oh, absolutely, absolutely. in this why multi party is going to be critical moving forward and to restructure all of those institutions that has prior ties, west and entrance such an interesting time in history, a confusing time as well because we've always known a unit pilot. what would it so.