Leaders are looking forward to expansion and common currency

BRICS leaders, from left: Luiz Inacio Lula da Silva, Xi Jinping, Cyril Ramaphosa, Narendra Modi, and Sergey Lavrov. [BRICS/Handout/AA/picture alliance]

leaders of the brix South African Foreign Minister Naledi Pandor said that member states have agreed on a roadmap of how to allow new countries to join its group of emerging economies. Free radio A station run by its own ministry.

“We have agreed on the issue of expansion,” she said.

“We have a document that we have adopted that sets out guidelines, principles and processes for considering countries that wish to become members of BRICS… This is very positive,” Pandor said.

She added that BRICS leaders would provide more details by the end of the summit, which is currently being held in Johannesburg.

Expansion of the bloc was one of the main topics on the agenda. There are more than 40 countries interested in joining, of which at least 22 – including Iran, Venezuela and Algeria – have already submitted formal applications to become members.

Brazil supports the common currency of the BRICS countries

Brazilian President Luiz Inácio Lula da Silva has spoken in favor of creating a new common currency to be used among BRICS members instead of the US dollar.

“Decarbonizing our economies must be accompanied by decent jobs and green manufacturing, infrastructure and services for all,” he wrote on X, formerly known as Twitter.

He added that the BRICS New Development Bank in Shanghai, which is chaired by former Brazilian President and Lula’s ally Dilma Rousseff, will be able to meet the challenge.

“Creating a currency for transactions between BRICS countries reduces our vulnerabilities,” Lula said.

The Brazilian president did not elaborate on his proposal.

Lula calls for an end to the war in Ukraine

Brazilian President Luiz Inácio Lula da Silva has called for a swift end to the war in Ukraine, on the second day of the BRICS summit in South Africa.

“We consider it a positive development that an increasing number of countries, including BRICS countries, are in direct contact with Moscow and Kiev,” Lula said.

“The BRICS countries will support efforts to end this conflict through dialogue, mediation and negotiations,” he added, stressing the global consequences of the war that began with a large-scale Russian invasion in February last year.

Most BRICS members have refrained from outright condemning the Russian invasion, instead calling for the two sides to agree to end the conflict.

Russian President Vladimir Putin will not attend the summit in person because an international arrest warrant has been issued against him for war crimes in Ukraine.

Russia hosts the next BRICS summit

Although the summit in Johannesburg is only halfway completed, Russian President Vladimir Putin is already looking forward to the next meeting.

“We plan to hold the next BRICS summit in October 2024 in Kazan,” he told other BRICS leaders.

Indian Prime Minister Narendra Modi. [Reuters]

He announced that more than 200 political, economic and social events will be held under Russia’s BRICS presidency next year.

Russia was forced to attend this year’s summit virtually, with an international warrant issued for his arrest for alleged crimes in Ukraine.

All other BRICS leaders have personally attended this year’s summit, which ends on Thursday.

Modi calls for BRICS cooperation in space

During his speech, Prime Minister Narendra Modi proposed the creation of a constellation of BRICS satellites, to highlight India’s mission to the moon.

It occurred just hours before India attempted to land a spacecraft on the moon’s south pole.

Modi called on the BRICS to create a “space exploration union”.

Prime Minister of India Narendra Modi makes gestures at the plenary during the 2023 BRICS Summit in JohannesburgPrime Minister of India Narendra Modi gives gestures at the plenary during the BRICS Summit 2023 in Johannesburg

Modi said BRICS countries could work together on space research and weather monitoring. Photo: Gianluigi Gercia/Reuters

The Indian leader is expected to watch live coverage of the moon landing from South Africa.

Ramaphosa of South Africa, who is hosting the summit, congratulated India, saying that the moon landing would be “a very important occasion for BRICS”.

Xi calls for accelerating the expansion of BRICS

President Xi Jinping urged the BRICS to accelerate expansion efforts.

“We should allow more countries to join the BRICS family and pool wisdom to make global governance more just and reasonable,” Xi said in open remarks at the BRICS leaders’ summit.

Chinese President Xi Jinping looks at the plenary session during the 2023 BRICS Summit in Johannesburg President of China Xi Jinping looks at the plenary session during the 2023 BRICS Summit in Johannesburg

The Chinese leader stressed that the summit in South Africa is being held in the midst of global turmoil and changes.

He said BRICS should “bring the world more certainty, stability and positive energy,” although “the Cold War mentality still haunts our world.”

Xi also urged the BRICS countries to work closely together.

Ramaphosa says discussions about using local currencies continue

South African President Cyril Ramaphosa said BRICS was increasingly concerned that global financial and payments systems were being “used as tools for geopolitical competition”.

“Global economic recovery depends on predictable global payment systems and the smooth operation of banking services, supply chains, trade, tourism and financial flows,” Ramaphosa said at the summit’s open plenary session.

“We will continue discussions on practical measures to facilitate the flow of trade and investment through increased use of local currencies,” he added.

Reducing global dependence on the US dollar is high on the summit’s agenda (see entry below), but no concrete agreement has yet been reached.

Putin says the summit war in Ukraine was “unleashed” by the West

Russian President Vladimir Putin has said he wants to end the war he described as being waged by the West and its henchmen in Ukraine.

China Chinese President Xi Jinping. [Reuters]

The Russian president repeated old talking points, saying the war was a forced response to the actions of Kiev and the West.

He stressed that “Russia has decided to support people who are fighting for their culture, traditions, language and future.”

Western countries and Ukraine have repeatedly rejected Putin’s version.

South African President Cyril Ramaphosa, who is hosting the summit, said the BRICS believed it would be best to end the conflict through negotiations.

Putin did not attend the meeting in Johannesburg in person, as South Africa had to arrest him on the basis of a warrant from the International Criminal Court over alleged war crimes in Ukraine.

Russian Foreign Minister Sergey Lavrov heads his country’s delegation.

Russia’s war in Ukraine creeps up the agenda

Russian President Vladimir Putin did not attend the meeting in Johannesburg in person, as South Africa had to arrest him on the basis of a warrant from the International Criminal Court over alleged war crimes in Ukraine.

However, he fired several shots at the West, using a pre-recorded speech that was broadcast on giant screens on Tuesday to denounce what he called “illegal sanctions” on his country.

He also threatened to permanently cut off Ukraine’s grain exports.

Russian Foreign Minister Sergei Lavrov is heading his country’s delegation to the BRICS summit in South Africa.

BRICS currency talks

While the BRICS political ambitions dominated coverage of the Johannesburg meeting, the creation of a common currency was also on the agenda.

During the leaders’ meeting on Tuesday night, they discussed reducing global dependence on the US dollar.

The dollar is the most used currency in global business and it has successfully overcome past challenges to maintain its dominance.

No concrete proposals emerged in the run-up to the summit.

However, the bloc supports the increased use of members’ national currencies in trade and work Introducing a common payment system in the long term.

Expansion tops the BRICS agenda

Leaders of the BRICS countries are considering accepting new members in the bloc during a summit in Johannesburg, South Africa.

More than 20 countries have applied to join BRICS, according to South African officials.

These countries include countries such as Saudi Arabia, Iran, and the United Arab Emirates.

BRICS expansion ‘strong global token’

Among the main proponents of enlargement is Chinese President Xi Jinping.

“Whatever the resistance, BRICS, which is a positive and stable force of goodwill, continues to grow,” Commerce Minister Wang Wentao said at the business forum.

“We will forge a stronger strategic partnership than BRICS, … actively promote membership expansion,” and “help make the international order more fair and equitable.”

Russia is also keen on expanding membership, and South African President Ramaphosa expressed support for the idea during a meeting with Xi.

On Monday, Foreign Minister Vinay Quatra said India had “positive intentions and an open mind,” but was wary of precipitous expansion.

Brazil is concerned that the expansion of the BRICS group will reduce its influence. However, on Tuesday, Lula expressed his desire to see Argentina join the bloc.

BRICS leaders seek to counter Western hegemony

The BRICS Leaders Summit officially kicks off in Johannesburg, South Africa, on Wednesday. But on the eve of the summit, the leaders of the five-member group had already fired their first shots.

Speaking at the Business Forum on Tuesday, they made it clear that they want the BRICS to be a counterweight to Western domination of global institutions.

“Some countries, obsessed with maintaining their hegemony, have done their best to cripple emerging markets and developing countries,” said Chinese President Xi Jinping. “Anyone who develops rapidly becomes a target for containment.”

“The course of history will be shaped by the choices we make,” he added.

“We want to sit at the negotiating table on an equal footing with the European Union and the United States or any other country,” Brazilian President Luiz Inácio Lula da Silva said in a social media post on Tuesday.

Officials say more than 40 countries have expressed interest in joining the BRICS from across the global south, and 20 countries have already requested to join.

South African President Cyril Ramaphosa said: “It shows that the BRICS family is growing in importance, prestige and influence in the world.”

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top