As it continues to grow and expand its functions, the BRICS bloc has announced plans to form its very own parliament. Indeed, the entity would oversee the alliance, and its functions, and facilitate continued work on its most important projects, such as its ongoing de-dollarization initiatives.
The plan was announced in a recent statement from Russian President Vladimir Putin. Speaking this week, Putin said the bloc “doesn’t have [an] institutionalized parliamentary structure yet, but I believe this idea will be implemented in the future.”
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Russian President Putin announces BRICS will form its own parliament.
"BRICS doesn't have [an] institutionalized parliamentary structure yet, but I believe that this idea will definitely be implemented in the future in the future."
Russian President Vladimir Putin has revealed that BRICS is set to form a parliament that oversees the alliance. Moreover, it will likely be critical to the grouping’s de-dollarization work. Speaking at a BRICS forum, Putin said he is “confident” the collective will “facilitate the process.”
The bloc is already creating its payment system. BRICS newcomer Iran proposed the interconnection of the country’s central banks. Speaking on the increased partnership with Russia, the country sought to extend that to the group’s other members.
Iran’s Minister of Foreign Affairs spokesperson, Nasser Kanini, told Russian state media of its “completed connecting national payment systems” through Russia and its central banks. Moreover, they seek “to extend this mechanism” to BRICS nations.
These initiatives are vital to growing its status. Moreover, they will only help it increase competition with the West. Its very own parliamentary structure could be an even larger step forward in that direction.
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