BRICS to Become Alternative to Global Financial Institutions — Cuba’s Envoy to UN

BRICS may become an alternative to international financial institutions, the country’s Permanent Representative to the United Nations Ernesto Soberon Guzman told TASS.

“BRICS plays an important role in the international economic order, providing a balance regarding large powers that have not always worked in the interests of developing countries. BRICS countries have common interests and huge possibilities for foreign trade,” he said.

BRICS may “become an alternative to international financial institutes, such as the World Bank or the International Monetary Fund, as some largest economies of the world are among its members,” Guzman noted.

The Cuban foreign ministry said in October that the country’s authorities had submitted an official request to be included in BRICS as a partner country in a message to Russian President Vladimir Putin.

The BRICS group was created in 2006 by Brazil, Russia, India and China, while South Africa joined it in 2011. On January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia and Ethiopia became its full members. This year, the Russian Federation is chairing the association, with over 200 various events planned. The BRICS summit in Kazan is going to become the association’s main event during Russia’s chairmanship.

This article was first published on the TASS news media site – the interview was conducted by Denis Solovykh of the New York Bureau.

The BRICS Summit begins on October 22 and will run until October 24. This year’s Summit will take place in Kazan, Russia.