Venezuela: Maduro Urges ‘New International Financing System’ at BRICS Summit

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President Maduro stands alongside BRICS leaders and UN Secretary-General António Guterres in Kazan, Russia. (Photo: Prensa Presidencial)

Caracas, October 24, 2024 (venezuelanalysis.com)— Venezuelan President Nicolás Maduro participated alongside 35 other leaders at the XVI BRICS Summit held in Kazan, Russia, where the bloc welcomed 13 new “partner members.”

From October 22 to 24, the bloc convened a meeting with aspiring members featuring countries from Africa, Asia, Europe, Latin America, and the Middle East, as well as the United Nations (UN) General Secretary António Gutérres, under the motto “BRICS and Global South: Building a Better World Together.”

Maduro addressed the plenary session on Thursday, congratulating Russian President Vladimir Putin on his “inclusive and united” leadership during his BRICS chairmanship and commending the “enriching dialogue” that took place throughout the summit.

The Venezuelan leader urged BRICS nations to take “bolder steps” toward establishing a “new international financing system” that is independent of Western dominance. He advocated for a “basket of currencies” and “practical solutions” to promote international trade and monetary exchange.

“Venezuela emphasizes the urgent need to advance the establishment of the new BRICS bank, which is essential for the peoples of the Global South, along with a new payment system to replace the current one that has become a tool of aggression,” stated Maduro.

The Venezuelan leader recalled that Washington has blocked Venezuela’s access to international payment systems as part of its regime change efforts against the South American nation. Since 2017, the US Treasury Department has imposed financial sanctions and an oil embargo on state oil company PDVSA, aimed at isolating the country from global markets.

“It is not merely a matter of implementing minor reforms to the current financial system,” Maduro explained. “Because colonial Western nations maintain their hegemony through the dominant currency (the US dollar) and mechanisms such as economic packages and conditions.”.

The Venezuelan president likewise highlighted the urgent need to rebuild the United Nations system as the current one is “agonizing in the face of the emergence of Nazi and fascist currents.”

“Every time a high-precision missile falls on an apartment building in Gaza and kills men, women, and children; every time a missile falls on Beirut or southern Lebanon, those missiles also destroy the United Nations,” he said, while condemning the International Court of Justice (ICJ) for targeting Global South countries while ignoring the lives of the Palestinian people.

Maduro further praised the BRICS alliance as “the epicenter” of a shift towards multipolarity, with Global South regions striving to uphold their rights to independence, development and dignity. “The BRICS can count on Venezuela and all our revolutionary forces,” he concluded.

The BRICS summit centered around the theme “Strengthening Multilateralism for Just Global Development and Security.” In its final declaration, the bloc reiterated its commitment to “enhancing solidarity and cooperation based on mutual interests.”

The 23-page document also noted the “emergence of new centers of power” and emphasized the need for “more equitable and inclusive representation” in the staff composition of the UN Secretariat and other multilateral organizations.

“We reaffirm our support for a comprehensive reform of the United Nations, including its Security Council, to make it more democratic, representative, effective and efficient, and to increase the representation of developing countries,” read the statement.

Furthermore, the group condemned the “disruptive effect of unlawful unilateral coercive measures” on the world economy and called for their immediate removal.

The organization welcomed the interest expressed by Global South countries in joining the alliance and endorsed the integration of 13 nations under the newly established “BRICS Partner Country Category.” While this partner status does not equate to full membership, participating countries are still able to engage with BRICS initiatives.

Reports indicate that the list of potential partner countries includes Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. Venezuela did not make the list. However, the status of these partner countries has yet to be officially confirmed.

In August 2023, BRICS—which includes Brazil, Russia, India, China, and South Africa—expanded its membership by welcoming six new countries, becoming BRICS+. Although Venezuela’s membership application was not successful, the nation has taken part in numerous meetings with BRICS members.

The Maduro government has heavily campaigned for Venezuela’s inclusion emphasizing the country’s energy potential and natural resources as key to BRICS’ expansion as a leading economic bloc.

On the sidelines of the BRICS Summit, Maduro met with Putin, reaffirming the enduring “strategic partnership” between their nations, while the Russian leader endorsed Venezuela’s membership aspirations.

“I recognize that our Venezuelan friends share values and principles that align closely with those guiding BRICS,” Putin remarked. “We fully support your participation in BRICS activities.”

Additionally, Maduro engaged in bilateral discussions with leaders from China, Iran, Bolivia, Palestine, Vietnam, Turkey, and Belarus.

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