Inside Story - Can BRICS counter the West?

Leaders of Brazil, Russia, India, China and South Africa launch a $100bn development bank. Folly Bah Thibault speaks to Aly-Khan Satchu, economist and CEO of Rich Management; Rajiv Biswas, senior director and Asia Pacific chief economist for IHS Global Insigh; and Simon Freemantle, senior analyst in the Africa political economy unit with Standard Bank.

[@LefterisDemetriou]

BRICS countries consist of the work force and are suppliers of most raw materials in the world. Of course they will succeed!

[@Xobik1]

I think the investment of The West in a good education system will be the only resource to stand against BRICKS. Be smarter and technological evolved was always what made the difference.

[@TheTamriel]

I sense much fear in the West, and that's the sole reason why IMF / WB fans talk the newest BRICS project down in full accordance to the principle of hope.

[@Wulable]

Most Western countries such as Great Britain, Mexico and Canada already have huge populations of upper/middle class immigrants from all of the BRICS and this I think will influence them to join (at least partially) with this new bank.

[@FredHandle1]

Its too late now baby.

[@lowveldsignsandindustrialc4680]

Will the bricks countries be invaded like Libya was for even uttering words about a similar project 🤔

[@mkodyChallengesYOu]

Ana surena! Get a job analysing politics U was right 7 years ago

[@mkodyChallengesYOu]

@@lowveldsignsandindustrialc4680 not possible 2 invade brics China will fight back India will fight back Russia will fight back And problem is south Africa and Brazil But I think the former 3 will step up if needs be !

[@TheBossKelso]

this is good for everyone

[@yaroslavlyakutya326]

BRICS is definitely a great challenge for the system that Anglosaxons have made for their own benefits only. The BRICS should be managed properly. If so, don't dout that it will be an equal balance for the world bank ruled by the US.

[@yaroslavlyakutya326]

***** First of all by these 3 lines that you wrote, it is clear that you do not know anything about any of these countries.Secondly, if we suppose hypothetically that what you say is correct, your conclusion is again baseless due to the fact that if one did not do anything yesterday, it does not mean at all that he will not do anything today.

[@raghureddy3237]

***** I see another self proclaimed intelligent moron. The indian IT provides the end to end solution for almost all major banks across the world. Also these platforms are awarded the best in many occasions. India has many people with expertise in IMF, WB and also holding key positions in many big companies and financial systems. So trust me indians are too good in management. With china having great infrastructure and hardware and india with great software and mangement expertise, it would be a great success. Capital is a problem but this is development bank and will grow. IMF and WB have all reasons to fear. But i worry more about you.

[@vineshnaidoo9402]

Good ol' Cause and effect.....If yous don't allow us an equal platform , we will create our own platform to ensure progressive environments....

[@RastamanPonBike01]

Power to the BRICS, lets hope they can hop over the obstacles that will try and stop them on the road to progress and yes the IMF and the WB will very much so be sweating but Aly Khan Satchu does have a very strong point.

[@naybobdenod]

Great interview,thank you Al Jazeera for the posting. Sincerely JF ( UK )

[@level1selamat155]

Optimism by SG rep is appreciated. The others didn't quite see the picture but their own Western centric narratives

[@RealNarod28]

Can't do it? Russia and China alone can give this amount of money without blink of an eye.

[@therealdeal2163]

To China it's small change ...China has 3 trillion dollar reserve ....but to maintain political and economic unity China must go with the other nations .....BRICS is a collection of equals ...not a unipolar hegemonic exercise like the G7 where the USA decides and the other 6 nations obeys ....

[@joeanamoawallace2220]

Against all doubts , especially that from Western Countries, I believe, it is a good for the emerging countries and probably some economic relief would be offered the developing countries. Let's be frank the IMF and the World Bank has bullied many countries with unreasonable austerity measures!

[@chongyeeyap9747]

The Singapore participant, looking at their respective points of view hindsight , was absolutely prescient ! 100% correct and to the point. (13/32023)

[@rogerfaint499]

Those on the waiting list to join BRICS: Indonesia, Turkey, Argentina, Egypt, Iran, Nigeria and Syria.

[@Wulable]

They should add Canada to that list in 5 years.

[@manubhadoria24]

@Syria, Iran and Egypt: No thank you!

[@chencho1122]

Argentina, Nigeria and Mexico in my opinion, maybe Turkey... but theyve always wanted to join the european union, they are wannabe europeans

[@chencho1122]

Wulable no sir, Canada is a pawn of the us in a geopolitical aspect

[@battlefennec]

+Roger Wsy 2015: Argentina, Indonesia and Turkey have expressed strong interest in full membership of the BRICS, while Egypt, Iran, Nigeria, Sudan, Syria and most recently Bangladesh and Greece have also expressed interest in joining BRICS.

[@stevenchen4167]

Love the debating atmosphere where each invited guest can speak their mind and may agree with or argue against their counterparts :)

[@FredHandle1]

When is the new currency coming out?

[@syedmaricar9946]

Let it take as long as it takes to improve the quality of nations.

[@samuelmahmud1909]

Great video coverage she said BRICS bank won't make it? Hats off to them for doing it!

[@stephenlock7236]

The US and West dominated and managed IMF and the World Bank has been treating the developing countries just like a loan shark treats its customers. This BRICS proposed bank is another financial institution in the right direction; after the AIIB; to provide actual financial assistance to its needy members rather than the extortionist and hegemonic practise of the IMF and the WB. This newly proposed bank is the right move by BRICS although a little late in coming.

[@derektomlinson6514]

I like the five sided table.

[@shelleylabar6310]

Good For BRICS. Wish them the best.

[@Beetlejuice1]

It’s finally her. Change is good!

[@mosiurreza2299]

Beautiful messages from BRICS established new International Bank really wonderful. Encouraging to Bank for the people of the world but must not be holding G7 the IMF and World bank.

[@MrPoornakumar]

The waiting list- Indonesia, Mexico, Turkey, Saudi Arabia, Nigeria, Iran, Thailand, Egypt, Argentina & a few more if I ignore the European bunch which fall under American influence.I don't think the secondary bunch will choose to be specators when BRICS grows in strength. What if this bunch forms another group, though not to rival or challenge the much larger BRICS but to complement it, for own economic survival? It seems to be the flavour of "today", that will catch up. What if this group is aided & abetted by a country like USA (after assuaging the feelings or pacifying countries like Turkey)?

[@syedmaricar9946]

I hope they all promote expand without oppressing others.

[@sulleymumuni9274]

Thinking that BRICS countries can't unite because of seemingly dominance by China, is wishful thinking.

[@usmanabdullahi8275]

The man from Nairobi is, sadly suffering from the colonialism hangeover. If a project lacks certain value, it surely has to do with the failure of the benefiting country not the lender. If China built a stadium with no economic value, China is not to be blame.

[@hubreydavid7864]

Totally agree with you.The man from Nairobi is out of poverty, snd has the attitude of, I'm alright Jack stuff Bob.He can't see the bigger picture, if Africa only had the opportunity in past to get loans, Africa wouldn't be as poor as it is today.

[@derektomlinson6514]

If Brics takes off westerner inestors in the private sector will financially invest in it without a doubt it has huge potentials.

[@chongyeeyap9586]

My assessment of the professional competence of the 3 participants is as follows : (1) Biswah from Singapore was absolutely 100% on the nose. (20 Mr Freemantle was accurate and very professional (30 Aly Khan was just "blare" ideological, not worth consideration.

[@Rickelsonnih]

BRICS status, 2022: Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies; China hosted the most recent 14th BRICS summit on 24 July 2022. -=Google AI

[@gulzarasghar1890]

It will certainly dilute the monopoly of IMF .create competition which improve all financial institutions.

[@aggieaggie7276]

Give them a break ! They are new and surely there will be challenges but they will work hard to make it work.

[@techniciansinc6048]

I like this move. Gaddafi wanted to do smtg like this in Africa. It was just a pity Gaddafi didn't have the military might and backing like the BRICS countries

[@mempho38128]

Hmmm. I wonder who gonna cross who out.

[@wekiyajunk4139]

In July 2022 we can say economist and those were looking down this bank wrong.

[@babuuosama8752]

Brics can deliver to the world better smarter than IMF .

[@hubreydavid7864]

With BRICS Africa will come out of the darkness of poverty were the West kept Africa for decades. This is the best for the Human Race. Peace to the world 🌎 ✨️ 🙏

[@Xobik1]

Dreams, dreams, dreams...

[@MitsukiHashiba]

You are a bot Account 😂😂😂

[@sulochanipatabadige3454]

Bind the rogue president Ranil and bring the case to justice and make it unbiased under international observation and do justice to Sri Lanka and Sri Lanka. Human rights violations in the country should be reported to the world human rights. Because the President has misled the country by interfering with the rule of law. As the Sri Lankan community is oppressed. Please protect our country Sri Lanka

[@hubreydavid7864]

Sri Lanka should join BRICS like India and pay off it's foreign debt to the West.

[@paulfonseca240]

Other than Brazil the other 4 nations should have equal contribution to the set up of the bank to have equal voting rights. Then the system has more chance to succeed. The reserve currency by BRICS is the need of the hour.

[@RodMayberry]

This WILL lead to war.

[@kokwahcheah1357]

BRICS GIVES THE WORLD A CHOICE. NO MORE DEBT TRAPS FROM IMF & WB. DON'T TRY TO FEAR MONGER BRICS BANK.

[@neuralkernel]

Can I deal with them in Bitcoin?

[@waynemartin5247]

No, Bitcoin can be purchased from illegitimate money. It essentially holds the same value as “chips” from an on-line casino.

[@manubhadoria24]

Wayne's comment is funny. All the BRIC countries like bitcoin specially India and China. They are investing heavily in it.

[@waynemartin5247]

ma9r1x Why would a country invest in a currency they are trying to regulate?

[@manubhadoria24]

Wayne Martin Every currency is regulated. Bitcoins don't fit into traditional currency model regulations though. So governments are confused about it. But Chinese/Indian investors have been flocking to bitcoins. If bitcoins are used more frequently for trading between Asian or BRIC countries then less deals using $$ will take place. Previously, if India has to buy oil from a country then India would have had to first buy dollars and then buy oil from that country. Now, for all trade transactions, non-US countries can use btc.

[@manubhadoria24]

ma9r1x And that's why its in interest of BRIC nations to encourage bitcoins

[@TheOne-gg7rc]

Guy from Johannesburg said that China will have more say and control over the bank than the other because of the larger financial input. What and how much difference would that be than Trump complaining that America financial input into NATO is much more than the other nations and America has more say over when they will go to war, or help fellow neighboring nations etc. I’ll say, let BRICS alone and let them do their job. I think it’s great that they are “pulling themselves up by their own bootstraps”! What, you don’t like that Americans.

[@osmanjerry3272]

Do business, the business man's way. Very soon the world is one family in business. From the business angle, businesses won't differentiate by nations. See how the American firms move to countries all over the world. The WORLD BANK and the IMF still not grasping the idea, they still mix politic with business making the others look for new sources. The BRICS is one and is going to flourish. Side track: Who is the number one is not important, although she will try to hang on. The more important thing is that give the maximum benefits to your country men, be it in the number 2, or number 3 slot you are in. Seeing the way India, Brazil, Indonesia, Nigeria etc catching up, the overtaking and relapses would be a norm in the future. It is time the Wests toe the line. So be the same to the rest.

[@quaintdeliveries247]

Satchu is the western white man. Why does he look brown?

[@jamestheory9967]

8 years later, nothing.

[@madhurameenakshit4889]

G7 also couldn't do anything against Russia What will you say about that Don't embarrass yourself

[@marisejones6046]

All to be stored in Rama's leather sofa 🛋

[@kingsango8174]

I love Brice and i want us to join them!

[@henk4165]

IMF WORLD BANK.....🤔🤔🤔🤔🤔 LOOK AT SRI LANKA.....

[@herojiro31valmire32]

Would a world controlled by BRICS be better? Why?

[@jameswright2974]

Romans Didn’last colonial empire on the same road

[@edgardovortex2559]

english language can stay global but us dollar cannot stay global...

[@dushyantparkhi]

Does Rajeev know how to end a sentence, he goes on and on and on and ...

[@marianovazquez7203]

Never.tha.win.thay.sing.wil.the.devil..thay.destroy.

[@repure1999]

Better than bombing them nations, ie. Yemen, Iraq, Afghanistan...

[@pmcastillo2166]

PHILIPPINES CAN PRINT INTERNATIONAL MONEY. we have 1.7million tons of Marcos Gold its a Filipinos gold. that why marcos was destroyed by CIA. i hope BRICS WILL SUCCEED.

[@matoke1238]

home speaker need to learn how to be neutral.....as far i see only pesimist though.....brics is an option way out for country thats banned by western country like iran and russia ....even saudi now feel unsecured to watch how western run the show and need refreshment or another option incase something bad happen....google how many institution have join brics thats mean many country in the future would have to support them

[@coolwinds1585]

BRICS = 0+0+0+0+0

[@yes_skywalker]

IMF and World Bank Slave over here

[@marianovazquez7203]

Thay.wton.on.everything.thad.laing