07:06Political and economic commentator Einar Tangen discussed global changes, a potential BRICS payment system and the emergence of the bloc ahead of the 16th Summit in Kazan, speaking in Beijing on October 10.
"The United States created something called SWIFT… and it was promised that it would never be used for political purpose," he began. "Well, the United States broke that…the world has taken notice… they're now anxious to have some alternative that they can use in order to not be under the thumb of the United States."
"While it is tempting to see this as the US versus the rest of the world, the fact is we are evolving, Tangen added. "It is time for a new economic system, one that isn't used by a tool of one country, and one that offers more efficiency and openness to a world where the Global South and central Asia are expanding and need new options."
The BRICS Pay initiative in particular has been discussed ahead of the Summit as a potential alternative mechanism, in the movement away from US and Western domination of the system.
"[The US dominated format] is going away. Now what you see is BRICS, which has an overwhelming number of people who want to join it," Tangen continued. "Organisationally, it's young. They obviously have a lot of opportunities, and there are a lot of responsibilities."
He also claimed that the US attempt to control the 'corridors of power' had fuelled the move away from the West.
"You had China and India said look: we represent a good proportion of the world. Yet we're not involved, a very small part of the IMF and the World Bank. We're willing to contribute money, but we also want to have a say," he said.
The 16th BRICS Summit takes place in Kazan from October 22-24, with over 20 world leaders and more than 30 delegations attending.
'Global South is evolving and needs new options' - Current affairs commentator Einar Tangen ahead of BRICS Summit
Political and economic commentator Einar Tangen discussed global changes, a potential BRICS payment system and the emergence of the bloc ahead of the 16th Summit in Kazan, speaking in Beijing on October 10.
"The United States created something called SWIFT… and it was promised that it would never be used for political purpose," he began. "Well, the United States broke that…the world has taken notice… they're now anxious to have some alternative that they can use in order to not be under the thumb of the United States."
"While it is tempting to see this as the US versus the rest of the world, the fact is we are evolving, Tangen added. "It is time for a new economic system, one that isn't used by a tool of one country, and one that offers more efficiency and openness to a world where the Global South and central Asia are expanding and need new options."
The BRICS Pay initiative in particular has been discussed ahead of the Summit as a potential alternative mechanism, in the movement away from US and Western domination of the system.
"[The US dominated format] is going away. Now what you see is BRICS, which has an overwhelming number of people who want to join it," Tangen continued. "Organisationally, it's young. They obviously have a lot of opportunities, and there are a lot of responsibilities."
He also claimed that the US attempt to control the 'corridors of power' had fuelled the move away from the West.
"You had China and India said look: we represent a good proportion of the world. Yet we're not involved, a very small part of the IMF and the World Bank. We're willing to contribute money, but we also want to have a say," he said.
The 16th BRICS Summit takes place in Kazan from October 22-24, with over 20 world leaders and more than 30 delegations attending.
Political and economic commentator Einar Tangen discussed global changes, a potential BRICS payment system and the emergence of the bloc ahead of the 16th Summit in Kazan, speaking in Beijing on October 10.
"The United States created something called SWIFT… and it was promised that it would never be used for political purpose," he began. "Well, the United States broke that…the world has taken notice… they're now anxious to have some alternative that they can use in order to not be under the thumb of the United States."
"While it is tempting to see this as the US versus the rest of the world, the fact is we are evolving, Tangen added. "It is time for a new economic system, one that isn't used by a tool of one country, and one that offers more efficiency and openness to a world where the Global South and central Asia are expanding and need new options."
The BRICS Pay initiative in particular has been discussed ahead of the Summit as a potential alternative mechanism, in the movement away from US and Western domination of the system.
"[The US dominated format] is going away. Now what you see is BRICS, which has an overwhelming number of people who want to join it," Tangen continued. "Organisationally, it's young. They obviously have a lot of opportunities, and there are a lot of responsibilities."
He also claimed that the US attempt to control the 'corridors of power' had fuelled the move away from the West.
"You had China and India said look: we represent a good proportion of the world. Yet we're not involved, a very small part of the IMF and the World Bank. We're willing to contribute money, but we also want to have a say," he said.
The 16th BRICS Summit takes place in Kazan from October 22-24, with over 20 world leaders and more than 30 delegations attending.