00:00China's Foreign Minister Wang Yi said that President Xi's participation in the summit would further strengthen BRIC's cooperation and amplify
00:07the voice of the global south.
00:10Otabiano Canuto is Senior Fellow at Policy Center for the New South.
00:14First of all, participants of trade start relinquishing, receiving their exports in other currencies, such as the U.S. dollar,
00:26and start accepting, receiving payments in Rambi, for instance, or other bilateral currencies.
00:34Over time, this may shift the composition of payments among the members, and that might, in terms of means of
00:45payment, rise the share of a non-U.S. dollar crisis.
00:51China's proposed a BRICS initiative on open-source artificial intelligence.
00:57Could that help emerging economies gain wider access to advanced technology?
01:06Definitely so.
01:08We know that one of the front lines of the ongoing technological rivalry between the U.S. and China is
01:18around the attrition intelligence.
01:19Well, attrition intelligence adoption will be essential in the establishment of standards and so on.
01:28So, by offering open-source AI instruments, China facilitates the diffusion of AI.
01:37So, it is something that will really be notable in the near future.
01:43The New Development Bank is being asked to do more on local currency lending and private capital mobilization.
01:52What does it still need to do?
01:54What does it still need to change to become materially more important, more successful?
02:02See, the NDB, the New Development Bank, is in the beginning of its trajectory.
02:11The volumes are not as big as the ones of the institutions where I work with, like the World Bank
02:18or the Inter-American Development Bank, but it has been notable.
02:22And the NDB is trying to lend in local currency, avoiding lending in, let's say, strong currencies and so on.
02:34And it is capturing resource in domestic markets based on local currencies.
02:43That was a way to minimize the costs of fundraising, given the fact that countries involved in conflict, like Russia,
02:54are currently, you know, a bigger, a big shareholder.
02:58So, in order to avoid the premium charged by markets, the NDB started raising funds, issuing bonds in local currencies
03:10of countries.
03:10And that's worked out well.
03:12And that's how the NDB has managed to increase the levels of operations.
03:18NDB, one should always remind ourselves that it is not an opposite of the existing institutions.
03:26It is a complementary one.
03:28So, it is an important addition to the framework of multilateral lending available to developing countries.
03:36It's a great thing.
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