BRICS

• Welcoming the FII Institute to Hong Kong will be John Lee, Chief Executive of the Hong Kong Special Administrative Region; Paul Chan, Financial Secretary; Christopher Hui, Secretary for Financial Services and the Treasury; and Laura Cha, Chairman of HKEX.
• The FII Institute is a global data-driven non-profit foundation with an investment arm and one agenda: to make a positive 'impact on humanity'.
• Richard Attias, chief executive of the FII Institute:  "Hong Kong has a hugely important role as a global business hub and a place for investors to connect.
• With our partners, the Hong Kong Government Special Administrative Region and HKEX, we are honoured to bring our inaugural Asia summit and movement to this great city.

• BEIJING, Nov. 21, 2023 /PRNewswire/ -- Leaders of BRICS countries gathered on Tuesday for an extraordinary virtual summit on the Palestinian-Israeli issue.
• Speaking at the summit, Chinese President Xi Jinping called for an immediate ceasefire as the first step to realizing lasting peace and security.
• Humanitarian corridors must be kept secure and unimpeded, and more humanitarian assistance should be provided to the population in Gaza, Xi said.
• China will provide more supplies and assistance according to the needs of the people in Gaza, Xi said at the summit.

• But the numbers tell only half the story; equally significant was the way the votes fell.
• Those voting against the resolution included the United States and four members of the European Union.
• Meanwhile, about 45 members abstained – including 15 members of the EU, plus the United Kingdom, Canada, Australia and Japan.
• But they have been joined by the leaders of Brazil, South Africa and other Global South nations in taking a firm stand.
• While the U.S. has used the word genocide in relation to Russia’s action in Ukraine, the Biden administration has pointedly said the term doesn’t apply to current events in Gaza.

The Global South’s coming of age

• The growing influence of China and the fallout of the war in Ukraine – in which many Global South countries have remained neutral – has upended international relations.
• And 2023 has been the year that has seen the coming of age of this more assertive Global South.

• In August, Johannesburg hosted a summit of the BRICS group – a bloc that consists of Brazil, Russia, India, China and South Africa – during which 21 countries from across the Global South applied to join.
• In contrast, the Group of Seven leading economies, or G7, represents less than 10% of the world’s population and 30% of the global economy.
• The question is, can the BRICS+ – and more generally the Global South – do likewise given that it includes an array of countries with very different political and economic systems?

Latin America’s pushback

• Historically, many African and Asian nations have tended to support the Palestinian cause – Indonesia does not even recognize the state of Israel.
• But perhaps more surprising has been the strong reaction in Latin America to Israel’s actions in Gaza.

Western denialism

• The voting patterns of Western representatives at the U.N. suggest the answer is “no.” In turn, this only adds to the general discontent across the developing world with the current structure of the U.N. Security Council and its lack of representativeness.
• The fact that no country from Africa or Latin America is among the permanent members that enjoy veto power – compared with Western Europe, which is represented by both France and the U.K. – has long been a source of irritation in the Global South.
• Western commentators and analysts from think tanks in London and Washington even contend that the very term “Global South” should not be used – with much of the criticism against the term directed at its alleged imprecision, but also because it would contribute to greater international polarization.
• And no amount of Western denialism will be able to block it.

Jorge Heine does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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