Alexandra Morozkina Featured on "Coffee with BRICS" Seminar Series, held by BRICS Policy Center at the Pontifical Catholic University of Rio de Janeiro
On August 22, Alexandra Morozkina, Deputy Dean for Research at the Faculty of World Economy and International Affairs (HSE), a participant in the "Approaches to an Alternative International Monetary System" project and a member of the "BRICS-Russia" expert council, shared her perspective on the results of the BRICS summit in Rio de Janeiro. She highlighted three main areas that attracted the most attention from experts: increased settlements in national currencies, the adoption of principles for global governance in the field of artificial intelligence (AI) and climate finance. Regarding national currency settlements, Alexandra emphasized the mention of the New Development Bank's (NDB) role in increasing these settlements. The NDB aims to increase the share of loans in BRICS national currencies to 30% by the end of 2026; currently, that share is about 25%, with the majority denominated in Chinese yuan. In the field of AI, she highlighted the official principles for global governance agreed upon by the BRICS countries this year. This is the first document in this area entirely prepared by developing countries. Key principles emphasized by BRICS include sovereignty, fair data governance, and a balanced approach to intellectual property. Regarding climate finance, Morozkina noted the large number of documents and initiatives, underscoring BRICS's gradual emergence as a platform for discussing climate change issues and preparing a common position for developing countries. In particular, BRICS countries link the issue of increased financing to the need to reform the multilateral institutions system.
During the Q&A session, participants discussed potential scenarios for India's BRICS chairmanship, and Alexandra Morozkina expressed hope that all priority themes, especially settlements in national currencies, would continue to be pursued. Responding to a question about the possibility of increasing development assistance from BRICS countries as a response to declining planned aid volumes from developed countries, Alexandra Morozkina discussed the changing landscape and geography of aid and noted the potential for BRICS countries to play a greater role in the next 10-15 years.