Cuba's UN envoy sees BRICS as key player against traditional financial institutions

Cuba's Permanent Representative to the United Nations, Ernesto Soberon Guzman, stated that BRICS could emerge as a viable alternative to existing international financial institutions.

In an interview with Russian media, Guzman highlighted the significance of BRICS in the global economic landscape, noting its potential to balance the influence of major powers that do not always prioritize the interests of developing nations, Caliber.Az reports.

"BRICS plays a crucial role in the international economic order, offering a counterbalance to larger nations and fostering cooperation among its members, who share common interests and significant foreign trade opportunities," Guzman remarked.

He further emphasized that BRICS could serve as an alternative to institutions like the World Bank and the International Monetary Fund, given that some of the world's largest economies are part of this coalition.

In October, the Cuban government submitted an official request to join BRICS as a partner country, as communicated in a message to Russian President Vladimir Putin.

Originally formed in 2006 by Brazil, Russia, India, and China, BRICS expanded to include South Africa in 2011. As of January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia have also joined, enhancing the group's influence.

This year, Russia is chairing BRICS, with a busy agenda that includes over 200 planned events. A key highlight will be the upcoming summit in Kazan, scheduled for October 22 to 24, which will celebrate the inclusion of the new member states and reinforce BRICS's role in promoting stability and collaboration in a rapidly changing global environment. This summit is expected to be the flagship event of Russia's presidency in BRICS.

By Tamilla Hasanova