SOUTH AFRICA: The BRICS leaders are set to convene in South Africa next week to discuss the transformation of a quarter of the world’s GDP into a geopolitical power capable of challenging the West’s dominance in international affairs.
However, Russia’s president, Vladimir Putin, will not join the leaders due to disagreements about expanding the bloc to include the “Global South” countries. Putin also faces an international arrest warrant in connection with alleged war crimes in Ukraine.
The BRICS summit, taking place in South Africa from August 22-24, will feature leaders such as China’s Xi Jinping, Brazil’s Luiz Inacio Lula da Silva, and India’s Narendra Modi. The BRICS, geographically dispersed and with diverse economies, share a common scepticism of a global order that they believe serves the interests of the United States and its rich-country partners.
South Africa reports that around 40 countries have expressed interest in joining the BRICS, with Argentina, Egypt, and Saudi Arabia among them. Brazil opposes enlargement due to concerns about weakening the club’s prestige, while China seeks to increase its geopolitical power as it struggles with the US. Growth is expected to be a major topic of conversation.
China’s foreign minister told the UK media that the nation supports the expansion of the BRICS family and welcomes more partners to join at an early date. Russia is eager to welcome new members, as does South Africa, its most crucial partner in Africa, as it seeks allies to overcome its diplomatic isolation over Ukraine.
India is on the fence. In a reference to the group’s African hosts, the topic of its 15th summit is “BRICS and Africa,” underlining how the group can strengthen ties with a continent that is rapidly becoming a battleground for world powers.
South Africa’s foreign minister, Naledi Pandor, stated that BRICS nations aim to demonstrate global leadership in addressing the needs of the majority of the world, particularly the development and inclusion of the Global South in multilateral systems.
China’s foreign ministry also stated that BRICS seeks to reform global governance systems to increase the representation of developing countries and emerging markets.
The New Development Bank (NDB) aims to de-dollarize finance and offer an alternative to Breton Woods institutions but has only granted $33 billion in loans in over ten years, less than one-third of the World Bank’s promise. South African officials claim the idea of a BRICS currency, first proposed by Brazil, is not being discussed.
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