BRICS

At a conference in South Africa on Wednesday, Chinese President Xi Jinping urged cooperation among his BRICS counterparts while arguing for the expansion of the organization to address a global “period of turbulence and transformation”.

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BRICS Countries

Brazil, Russia, India, China, and South Africa’s leaders are gathering in Johannesburg to discuss creating a framework and set of requirements for admitting new members, which is the main item on the agenda.

While all of the BRICS nations have openly stated their support for the bloc’s expansion, disagreements still exist on how quickly and by how much.

heavyweight bloc China has long advocated for enlargement and sees the initiative as becoming more urgent due to its deteriorating relations with the United States as well as the increased global tensions brought on by the conflict in Ukraine.

XI stated

The globe is going through significant changes, isolating itself, and reorganizing; it has now entered a new phase of upheaval and transition, according to Xi.

“We, the BRICS nations, should never lose sight of our founding ideal of fortifying our solidarity.”

Making decisions is made more difficult by the BRICS nations’ drastically dissimilar economies and regimes that frequently appear to have few shared foreign policy objectives.

For instance, China has an economy that is more than 40 times bigger than South Africa, the most developed nation in Africa.

about Russia

Russia is also seeking to fast expand BRICS and build it into a counterweight to the West, despite being ostracized by the United States and Europe due to its invasion of Ukraine.

Vladimir Putin, the president of Russia, believes that joining the BRICS will demonstrate to the West that he still has friends despite being wanted for questioning in connection with alleged war crimes.

He didn’t go to South Africa, but he attacked Western powers via video address.

“I want to point out that the grave crisis in Ukraine was caused by their ambition to retain their hegemony in the world, the desire of some countries to maintain this hegemony,” he stated.

TOWER OF BABEL’ absent

Cyril Ramaphosa, the president of South Africa, stated on Tuesday that he and Xi had the same views regarding the growth of the BRICS.

Brazil and India, which have both developed stronger links with the West, have also raised objections.

The notion that the bloc should attempt to compete with the United States and the wealthy economies of the Group of Seven was rejected on Tuesday by Brazil’s President Luiz Inacio Lula da Silva.

While he is urging Argentina, a neighboring country, to join, he also stated that any new members would need to adhere to specific requirements in order to avoid the group turning into a “Tower of Babel.”

The development was entirely supported by India, which is concerned of Chinese domination, according to Prime Minister Narendra Modi on Wednesday.

Modi underlined, according to an Indian official who was acquainted with the leaders’ late-Tuesday discussions, that “there have to be ground rules about how it should happen and who can join.”

India and China’s contested Himalayan border causes them to occasionally conflict.

DOLLAR-DOMINANCE BREAK

According to South African officials, more than 40 nations have expressed interest in joining BRICS, and 22 of them have formally requested admission.

A unified declaration that will be finalized on Wednesday may include information on joining requirements.

Beyond the issue of enlargement, the summit will also discuss ways to increase the use of member states’ domestic currencies in trade and financial operations and reduce reliance on the U.S. dollar.

Brazil has proposed a shared BRICS currency as a substitute for reliance on the US dollar, but South African organizers had stated that no discussions of such a currency would take place.

According to the more Development Bank’s chief financial officer, at least 15 more nations, including Saudi Arabia, Algeria, and Argentina, are being considered to join the organization.

After issuing its first South African rand bond last week, the NDB, which has historically used China’s capital market for finance, is now establishing an Indian rupee bond programme worth $2.5 billion over five years.

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