Here’s why there’s international attention on the BRICS Summit. Picture: Central News Agency.
Here’s why there’s international attention on the BRICS Summit
The politicking set to take place has attracted international attention on the BRICS Summit like never before. Here’s what you need to know.
Here’s why there’s international attention on the BRICS Summit. Picture: Central News Agency.
Starting today (22 August 2023), for the first time in its 14-year history, international attention on the BRICS Summit is on a scale never seen before, reports The New York Times.
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The 15th meeting of heads of state from Brazil, Russia, India, China and South Africa (BRICS) will centre around de-dollarisation, expanding the number of member states and potentially becoming an alternative to Western-led blocs like the G7.
INTERNATIONAL ATTENTION ON THE BRICS SUMMIT
On top of the BRICS Summit itself, Chinese President Xi Jinping has been engaged with President Cyril Ramaphosa on a state visit in Pretoria. Indian Prime Minister Narendra Modi arrived in Johannesburg in time for the summit this afternoon. There is much speculation whether the Chinese and Indian leaders will meet one-on-one in between other commitments.
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Luiz Lula da Silva, the Brazilian President, arrived in South Africa yesterday. And the controversial Russian President, Vladimir Putin, will only appear at the summit virtually. Thus circumventing the issue of South Africa having to arrest the leader for war crimes committed during the Ukraine invasion.
NEW INTERNATIONAL COALITION
The heightened international attention on the BRICS Summit centres on in-fighting between the US, China and Russia. Since the invasion of Ukraine, debate over whether the bloc will remain a loose trade alliance or become a new international coalition has raged.
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China is in favour of aggressive expansion, while Russia requires new allies after its sanctions and protracted war in Ukraine. India and Brazil are pushing for a more cautious approach based on consensus. While hosts, South Africa, the smallest economy of the group, hopes to sign some favourable bi-lateral trade agreements with the member nations. It, too, is hosting a China-Africa Leaders’ Dialogue, with 69 invited African states.
DE-DOLLARISATION
Another reason there’s international attention on the BRICS Summit is the question of so-called de-dollarisation. As we suggested in a story about a new BRICS currency, the bloc wants to discuss how to decrease its reliance on the US Dollar.
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The bloc is home to its own bank – the New Development Bank – based in China, seen as an alternative to the World Bank. However, its primary currency for global trade is the US Dollar. Each of the BRICS nations need to balance their existing trade relationships with the West in all this politicking, too.
NEW MEMBERS TO BE DISCUSSED
23 countries have made a formal application to join BRICS, while dozens more have expressed interest in joining. This is yet another reason for the international attention on the BRICS Summit right now.
The 15th BRICS Summit in Johannesburg takes place from August 22-24 2023 at the Sandton Convention Centre. We will bring you all the news as it takes place.
