Leaders of BRICS member states (including Brazil, Russia, India, China and South Africa) discussed the future direction of the bloc at a summit in Johannesburg, South Africa, from 22 to 22. 24-8.
The issue of BRICS expansion is an important topic of discussion, although there are still differences among the members. For example, at the convention, according to the radio al JazeeraChinese President Xi Jinping called for the expansion of the BRICS grouping to build a more just and equal international order.
Beijing has long pursued the goal of expanding BRICS in the hope that having more members would help the bloc expand its influence globally.
Russia also wants BRICS to include more members and South African President Cyril Ramaphosa supported the idea in a meeting with the Chinese President before the summit.
South African President Cyril Ramaphosa speaking at the BRICS summit in Johannesburg on August 23. Photo: Reuters
However, India is more cautious in saying that the bloc should not expand too rapidly. Meanwhile, Brazilian President Luiz Inacio Lula de Silva stressed that BRICS does not seek to become a counterweight to the Group of Top Industrialized Countries (G7), the Group of Leading Developed and Emerging Economies (G20) or the US. However, the leader reiterated his desire to see neighboring Argentina join the bloc.
BRICS was born in 2009, now it accounts for more than 40% of the world’s population and 26% of the world economy. The bloc’s appeal is evident from the words of South African officials, according to which more than 40 countries have expressed interest in becoming a member of BRICS.
Of these, more than 20 countries have officially registered to join, notably Argentina, Algeria, Egypt, Iran, Indonesia and most notably Saudi Arabia. Talmeez Ahmed, former Indian ambassador to Riyadh, said that if Saudi Arabia is included in the BRICS, it will give special importance to the grouping.
In this conference, according to reuters, BRICS leaders discussed the framework and criteria for expansion. However, a source in the Argentine government revealed that no new members would be admitted to this year’s event.
Apart from the issue of expansion, one item on the agenda is to increase the use of local currencies of member countries in financial and commercial transactions to reduce dependence on the US dollar.
station wise rtRussian President Vladimir Putin said the process of de-dollarization of BRICS economic ties is “irreversible” and “increasingly strong”. At the summit, BRICS leaders focused on discussing measures to reduce dependence on the dollar, such as promoting payments in local currencies of member countries.
The idea of longer term is a block coin. South African Vice President Paul Mashatile stressed that the bloc did not seek to compete with the West, but to carve out a niche for itself in the global market.
Experts point out that BRICS faces difficulty in implementing policy as the economic and political priorities of the five member countries differ. Another reason is that China-India relations are still tense. However, some analysts said the BRICS could easily find a common voice on policies to promote the local currency in trade payments.
two important conferences
The White House had said on August 22 that US President Joe Biden would visit India from September 7 to 10 to attend the G20 summit. Earlier, US Vice President Kamala Harris will visit Indonesia from September 4 to 7 to attend the ASEAN summit and related conferences.
According to the White House, President Biden and G20 partners will discuss joint efforts to address global issues such as the clean energy transition, combating climate change and mitigating the socio-economic impacts of the Russia-Ukraine conflict…
Another important topic of discussion was the modernization of multilateral development banks including the World Bank (WB) and the International Monetary Fund (IMF). Mr. Biden intends to advance reforms at the IMF and the World Bank to better serve the needs of developing countries, offering high-standard solutions to the challenges facing these countries.
“The president will also reaffirm the United States’ commitment to the G20 as the world’s leading forum for economic cooperation,” said White House National Security Adviser Jake Sullivan. He said that the United States is committed to ending hosting the G20 summit in 2026.
Meanwhile, in Indonesia, Vice President Kamala Harris and ASEAN leaders will examine the unprecedented expansion in US-ASEAN ties under the administration of President Joe Biden.
Ms. Harris will also reaffirm America’s abiding commitment to Southeast Asia and ASEAN centrality. Through conferences and meetings, the Vice President of the United States will advance initiatives to enhance shared prosperity and security.
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