BRICS Bloc Unveils Ambitious Plan

The BRICS bloc has announced a groundbreaking plan to form its parliament. The new legislative entity will oversee the alliance's functions and facilitate work on its most important projects, such as de-dollarization initiatives.

Russian President Vladimir Putin recently emphasized the need for institutional governance within BRICS.

"The bloc doesn't have an institutionalized parliamentary structure yet, but I believe this idea will be implemented in the future," he said.

His confidence in forming a BRICS parliament signals a new chapter for the coalition.

Tremendous Growth Since the 2023 Summit

Since its 2023 summit, the BRICS bloc has experienced significant growth. It has expanded its membership, introducing four new countries into its fold.

Alongside this expansion, BRICS has created monumental economic and political instruments to strengthen its position in global affairs. The formation of a parliament is the next phase in this strategic development.

Russian President Vladimir Putin reiterated the importance of this new institution in a recent BRICS forum. He noted that the parliament would be crucial to the bloc's ongoing de-dollarization efforts. "I am confident the collective will facilitate the process," Putin stated, underscoring the strategic importance of this initiative.

Advancing De-Dollarization Efforts

The BRICS bloc is already making strides toward creating its payment systems. Notably, Iran, a newcomer to BRICS, has proposed the interconnection of central banks within the bloc.

Iran's Minister of Foreign Affairs spokesperson, Nasser Kanini, shared with Russian state media that Iran has completed connecting its national payment systems with Russia. He emphasized the desire to extend this mechanism to all BRICS nations.

These initiatives are pivotal in elevating BRICS' status on the global stage. By advancing de-dollarization, the bloc aims to increase its economic independence and reduce reliance on Western financial systems. Establishing its parliamentary structure could be a significant leap forward in achieving these goals.

"The bloc doesn't have an institutionalized parliamentary structure yet, but I believe this idea will be implemented in the future," Putin said.

Strengthening Global Influence

Forming a BRICS parliament represents a bold step in the bloc's strategy to enhance its global influence.

This new institution will likely be central in coordinating the alliance's diverse initiatives. With its governance structure, BRICS can better manage its growth and strengthen its competitive position against Western powers.

As BRICS continues to evolve, global observers will closely watch its new parliamentary structure.

The bloc's commitment to creating robust economic and political frameworks underscores its ambition to reshape international dynamics. With these developments, BRICS is poised to make a lasting impact on the global stage.