Photo: Vladimir Smirnov/TASS
The rejection of dollar hegemony in recent years forces us to assess not only the geopolitical, but also the economic situation in a completely different way. Today, Russia, India and China are intensively developing synergistic cooperation within and among the BRICS, with the aim of balancing national interests. In this regard, it is necessary to weaken the influence of the US currency in global markets. This, as well as the development of digital technologies in logistics and the growing awareness of partners to build long-term relationships, was discussed by the participants of the session “Economic cooperation between Russia, India and China in the BRICS and RIC formats in the Eurasian space: synergy and balance of interests”, which took place within the framework of the Eastern Economic Forum (EEF).
“If we assume that the power of the hegemony of the United States of America is based on military power and the US dollar, then military power, its limitations, cannot be projected into other regions of the planet,” says Stanislav Tkachenko, professor of the Department of European Studies at St. Petersburg State University, expert of the Valdai International Discussion Club. – De-dollarization can strengthen this process of dismantling the US hegemonic system.
The diversification of the currency basket is necessary. And many countries agree with this thesis and support the transition to national currencies.
“We are based on the driving factors when making a decision on de-dollarization,” said Huang Yunsong, professor and vice dean of the School of International Studies at Sichuan University. – First, it is the activities of the International Monetary Fund, which negatively affect the economies of countries in many aspects. The second factor is geopolitical. The United States of America often usurps trade and financial relations by imposing dollar dependence on all participating countries. The third point is a change in economic development and a shift of economic centers to the east, towards China and Russia. We support the diversification of the currency basket and the use of different currencies in international economic transactions and international trade activities.
STAFF QUESTION
Problems of interaction between the BRICS and RIC countries, however, lie not only in the payment system, but also in the lack of highly qualified personnel in the field of economic cooperation. This significantly slows down the development of relations.
“The provision of highly qualified personnel is now a big issue,” said Sergey Andryushin, Vice-Rector for International Affairs at St. Petersburg State University. – The number of students coming from China to Russia, and to a lesser extent from Russia to China, on exchange programmes and joint programmes between the three RIC countries is increasing. We understand that we do not have specialists capable of implementing such projects. We are losing both time and, of course, money. In our opinion, it is very important to establish and create connections between large strategic projects for the development of economic cooperation between Russia, India and China. To link education and scientific research so that universities include in their plans the creation of appropriate educational programmes.
The diversification of the currency basket is necessary. And many countries agree with this thesis and support the transition to national currencies.
Photo: Shutterstock.
TECHNOLOGY IS A PRIORITY
To enhance cooperation between BRICS and RIC countries, it is necessary to introduce new technologies and develop information support.
Vladimir Zhuikov, Executive Director of the Investment Department of the Russian Direct Investment Fund (RDIF), said that this year the fund put forward an initiative to create an investment platform for the BRICS countries as a complement to the already existing mechanism of the BRICS Development Bank.
“We want to offer a platform for further development of investment cooperation, which will allow us to provide capital financing for the implementation of long-term projects necessary for the sovereign technological development of the association,” said Vladimir Zhuikov. – As part of the work on creating this platform, we see a positive response from all BRICS countries and we hope that the launch of such a mechanism will allow us, first of all, to finance important international projects.
Russian Deputy Transport Minister Dmitry Bakanov announced the launch of a “one-stop” service for freight forwarders, which should help avoid duplication of submission of documents to government agencies and speed up the process of cargo clearance. It will start operating in test mode on December 15.
“We issue up to 117 documents for import, up to 150 for export, and the data contained in them are 80-90% identical,” the deputy minister said. – A single window will be created by the end of the year. We will work on it for three months and by the end of the first quarter of 2025 we will try to put it into commercial operation. Any carrier, consignee, shipper or logistics company uploads the entire required set of documents and then copies it to the relevant state control authorities, and each of them does not request additional documents.
According to the rapporteur, the “one-stop shop” is being created within the framework of the National Digital Transport and Logistics Platform. It is necessary to unite the various services operating in seaports at the cargo control point.
“Each service has its own requirements, and verification often takes up to five days. To speed up all these procedures, we are creating a “one-stop shop,” he explained.
Sergey Mikhnevich, Executive Secretary, Member of the Presidium of the EAEU Business Council and Director General for International Multilateral Cooperation and Integration of the Russian Union of Industrialists and Entrepreneurs (RSPP), stressed that there is still a lot of work to be done.
“We still do not know each other well enough, and in many ways, despite serious indicators and positive dynamics in our trade and investments, we do not have such a large number of economic operators who can participate in the relevant processes,” he noted. “And that is something we all need to work on.” A very important element of the strategy is to prepare for possible negative consequences and ensure the sustainability of one’s own business in interaction with foreign partners. This includes, as far as possible, solving payment and settlement issues.
