This graphic, via Visual Capitalist's Kayla Zhu, visualizes the share of exports and imports that move through the Taiwan Strait, broken down by the G7 and BRICS countries.
With China continuing to conduct military drills near Taiwan, as well as recently reaffirming that use of force will always remain an option to bring Taiwan under its control, concerns have grown over how potential Chinese actions in the region could impact global trade through the Taiwan Strait.BRICS countries overall are more exposed to disruptions to trade routes in the Taiwan Strait, specifically China, the United Arab Emirates, and Iran. The latter two have 24% or more of its exports pass through the strait. China and Japan are the most reliant on the Taiwan Strait for both imports and exports, specifically imports. Almost a third of both countries’ imports pass through the Taiwan Strait. Source: Visual Capitalist, www.zerohedge.com
JUST IN: Chinese President Xi Jinping says BRICS must promote a new financial system.
"There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power."
Emancipation from the West and the quest for multipolarity is one one of the megatrend we are currently following.
The BRICS Summit in Kazan is one illustration of this trend. Narandra Modi on X: "With fellow BRICS leaders at the Summit in Kazan, Russia. This Summit is special because we welcomed the new BRICS members. This forum has immense potential to make our planet better and more sustainable". The “BRICspansion” is part of a plan to “reshape global governance into a ‘multipolar’ world order that puts voices of the Global South at the center of the world agenda. This megatrend have important consequences on the geopolitocal, macro and markets side. Among them: - De-dollarization and lower demand for US Treasuries - Reshoring, friendshoring, nearshoring - From "just-in-time" inventory to "just-in-case" inventory - Higher demand for commodities including precious metals - Structurally higher inflation
Economic Growth Forecasts for G7 and BRICS Countries in 2024 🗺️
Source: Visual Capitalist
BREAKING: BRICS Will Create Payment System Based on digital currencies and blockchain!
The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, have announced their intention to create an independent payment system based on crypto and blockchain technology. According to Kremlin aide Yury Ushakov, the primary goal of this initiative is to provide a convenient, cost-effective, and politically neutral platform for governments, businesses, and individuals within the BRICS countries. The decision to develop this innovative payment system comes as part of the BRICS nations’ broader strategy to increase their role in the international monetary and financial system.
