BRICS: Palestine and a New World Currency

Over the course of 15 years, the BRICS alliance was formed by Brazil, Russia, India, China and South Africa. The annual conference was held this year between 22-24 August last in South Africa, and it was agreed to include 6 new countries, to include Egypt, the UAE, Saudi Arabia, Ethiopia, Argentina and Iran, to become 11 countries in this alliance with the beginning of 2024, with which we may witness a transformation of the world order in the twenty-first century: 

- From a monopolar system to a multipolar one.

- From the dominance of the dollar to another currency (there is competition between the major countries, and this may push these countries to adopt the digital currency to bypass the competition).

- From neoliberalism to a new, moderate socialism that brings together advanced countries in the Asian, African and Latin American continents.

An exciting alliance, and it is very important for us as Palestinians to have positive and strong diplomatic relations with these allied countries. Palestine's application for accession is a diplomatic strategic planning based on the profit base in drawing the map of foreign policy and international relations. For Palestine to strengthen its position among (Brazil, Russia, India, China, South Africa, Egypt, the UAE, Saudi Arabia, Ethiopia, Argentina and Iran), is an important point in the interest of the Palestinian cause. The BRICS position on the issue is fair and positive, as the final declaration of the summit demanded support for the resolutions of the Security Council and the General Assembly of the United Nations, as well as the Arab peace initiative aimed at implementing the two-state solution and establishing the State of Palestine, and they expressed their rejection of settlements and the escalating settler violence, and affirmed their support for the United Nations agency Relief and Works Agency for Refugees, "UNRWA", and pledged to provide more international assistance to improve the humanitarian situation of the Palestinian people.

It worries me that the leaders of the "BRICS" countries have called for support for direct negotiations that lead to the establishment of a sovereign Palestinian state. Here, they deal with "negotiations" as an end and not as a means, and this is a sensitive issue. We have to learn from the experience of 30 years of adopting "negotiations," and to mention From a scientific point of view, negotiations are one of the peaceful tools used in resolving conflicts, and here we must think of other tools. It is illogical for us to continue repeating the same phrases and adopting the same strategies, expecting different results. If Palestine joins, this will enhance its position politically and economically, as it will open the horizons for dealing with a new currency in light of the deprivation of an independent currency and the deep dependence on the Israeli shekel on the one hand and the US dollar on the other.

It is interesting that more than 22 large and small countries submitted requests to join the group, which calls for comparison or competition to some extent with the Group of Seven and the Group of Twenty. The most sensitive topic for this group is how to reduce the importance of the dollar as a global reserve currency. The BRICS economies are larger than the G7 economies combined. But an attractive new currency to compete with the dollar cannot be achieved anytime soon. However, bilateral agreements for more trade involving national currencies rather than the dollar are growing rapidly. Exploiting the dominance of the dollar to impose sanctions led by the United States will hasten the demise of the dollar, and for this we imagine the emergence of a new currency that may be electronic to avoid a race dispute between these countries. In order to avoid the collapse of this alliance that is heading towards adjusting the international balance of power, it is possible for the group to unite by issuing a new digital currency.

Some analysts believe that the existence of the BRICS group is threatened if it turns into a single bloc led by China! There are many accusations of labeling it an "illiberal bloc" that competes with the United States and the European Union, and against democracies in the world. But there are many forces that oppose and do not want India, Argentina or Brazil to embrace China's dictatorial populism. Saudi Arabia, the United Arab Emirates, Turkey and Egypt are all seeking to carve out a position between the two large blocs. For these countries, the benefit of belonging to the rising group is to protect themselves from undue pressure to join the camps of the United States or China, by formalizing non-alignment. This is what we witnessed when most of these countries actually refused to take sides in the Russia-Ukraine war. .

- Dalal Erekat: Professor of Diplomacy and Strategic Planning, Faculty of Graduate Studies, Arab American University.