A geopolitical shift, the US and the West - EDITORIAL

French President Macron is presently on a visit to China. IMF Chief von der Leyen too will be in that country. Speaking in Brussels last week Ms vonder Leyen publicly criticised China’s ‘no limits’ ties with Moscow in the face of an ‘atrocious and illegal invasion of Ukraine.’
While we do not condone invasion, whether, by Russia or any other country, it may be better if Ms von der Leyen starts by ordering the US and NATO countries, who still hold on, and cling onto colonies they invaded in an earlier era, than spring with such alacrity to solely pick on Russia’s invasion of Ukraine.
France continues its rule in its colonies in Western Africa, Asia, the Indian Ocean, the Caribbean and even in Antarctica.

According to the Foreign and Commonwealth Office, the UK remains the colonial ruler in Anguilla; Bermuda; British Antarctic Territory; British Indian Ocean Territory; British Virgin Islands; Cayman Islands; Falkland Islands; Gibraltar; Montserrat; Pitcairn, Henderson, Ducie and Oeno Islands; St Helena and St Helena Dependencies (Ascension and Tristan da Cunha); South Georgia and South Sandwich Islands; Sovereign Base Areas of Akrotiri and Dhekelia (Cyprus); and The Turks & Caicos Islands
The Smithsonian Magazine reveals the US has remnants of its colonial empire, for example in Puerto Rico, Guam, the Commonwealth of the Northern Marianas, American Samoa and the U.S. Virgin Islands.

Today the politico-economic situation in the world is fast moving away from a US-West European centre of gravity. 
In fact, the hegemony of the US and Western colonialists are being challenged in nearly every sphere of activity.
Saudi Arabia, one of America’s closest allies in the Middle East, is taking small steps toward the restoration of bilateral ties with its old foe Iran under a Chinese-brokered peace plan. Just a week ago the two Foreign Ministers of those countries spoke via the telephone -the 4th or 5th call between the two countries. Under the Chinese brokered plan which both countries agreed to-their Foreign Ministers agreed to the return of Ambassadors as a means of discussing restoring relations. 

The Print claims restoring diplomatic relations may come to fruition within months. The two States are also looking to revive the Security Co-operation Agreement signed in 2001 and as well as the 1998, General Agreement for Co-operation in areas of trade, investment, science and sports.
Saudi Arabia has shown every indication of moving out of the shadow of its earlier US/European-centric alignment. It is also moving toward an agreement with Syria, this time brokered by Russian-sponsored talks. Saudi has also pushed OPEC to cut down oil production in the face of the US and West European pressure not to do so.

The US continues enforcing sanctions on various nations it has disputes with, using dollar transfer as a weapon. A major problem with this is that it disrupts trade between countries that are not targets of sanctions.
In the face of this challenge BRICS a grouping of Brazil, Russia, India, China and South Africa -representing the largest developing economies and formed in 2019- are now working on a programme to use a single ‘BRICS currency’ that could be used for trading purposes.

Even today China and Russia trade using their own currencies -the Yuan and Ruble. India and Russia use the Indian Rupee to Ruble for payments. 
Again according to China, Yuan has already replaced the US Dollar as the most traded currency in Russia. In a multi-polar World Order, many could trade using their own currencies. However, using the BRICS currency has many advantages because it is backed up by multiple currencies, gold and other rare minerals and therefore it is much more stable and less risky.
The Common Currency being developed via BRICS is not to replace the domestic currencies -like the Euro did in the EU Zone.

Rather, the common currency under discussion is to settle trade between members. Say, India wants lithium from Brazil/Argentina, instead of paying in US dollars, India can cost in the BRICS currency or the Rupee (INR).
Today’s reality is that the world is moving away from dependence on the US and Europe. It would be best if the US and Europe come to terms with this new reality.
Let them ‘remove the beam from their own eye before they point to a speck in the eye of others.