Banking in the 3rd World is still around 1800. They use correspondence banks, meaning the open an account in Citybank and receive the oder there. It takes much more time, it cost much more.
Where do you live?
I lived in several countries and in the developed world it was easy to open a bank account. It takes about 3 to 18 weeks to open one account.
Tradewise it is a world of difference:
The US, Germany and the UK trade about 200 billion vs 45 Billion from BRICS.
Even if China's citizens buy more the production of China needs more consumers as they don not have enough.
Which "third world" countries' banking system is from the 1800's?
Because in my experience, banking in the third world is FAR better and technologically modernised than in the USA. The US banks don't even have EFT (electronic funds transfer) where I just put money from my Banking App into your bank account and if we're the same bank, the funds are available immediately. IF you're a different bank from me, I have the option to select "pay and clear now" and for a small fee, the money is available in your account immediately too. In the US you need third party apps like Venmo. We don't have Venmo because we don't need it. In Kenya they have a payment system that sits on your phone, called M-Pesa. It works different from a bank, it's run by your cellphone service provider.
We also do tax returns with eFiling (where your tax return is already loaded into the system you just have to tweak it if you want to upload proof that you have extra deductible expenses). But that is only because our tax revenue service is determined to squeeze every last blue cent out of the taxpayers. The only government institution here that does work and works very well, is the tax revenue service lol
I live in "third world" (South Africa) and I can walk into a bank now, and open a bank account within an hour or so. All I need is ID and Proof of Address (like a utility bill or something). Some banks I can even open one online (but they still want to see your face, so after doing the application online you still have to show them your face – we have a law here called FICA (Financial Intelligence Centre Act) that aims to prevent Identity Fraud.
Which countries are you referring to where it takes 3 to 18 weeks?The Trading thing:
BRICS nations are the biggest
producers of commodities, Western world is the
consumer of said commodities. Plus, I don't know why the USA is trying to provoke a war with China: the two economies are so linked and need each other. China makes the stuff and the USA consumes the stuff. So both G7 and BRICS need each other. BRICS can't sell its commodities only to themselves. BRICS doesn't aim to overtake the G7 it just wants to be paid better for the commodities and not be exploited anymore:
Niger used to sell Uranium to France at something stupid like 2 cents per kilo, but the market rate is $200/kg. So they have recently raised the price to market value. France is not happy they can't exploit their ex-colonies anymore.
PS: Macron tried to join BRICS – last year he asked if he may get and invitation to attend the conference and the members said no.
