Leaders from BRICS, a loose collection of nations accounting for a quarter of the world’s finances and aiming to dominate the global economy in a few decades, will convene in South Africa to discuss ways to reverse the West’s economic dominance.
The BRICS nation including Brazil, Russia, India, China, and South Africa, will have their heads of state in attendance with the exception of Russian President Vladimir Putin who is currently considered a wanted man, with an international arrest warrant over alleged war crimes in Ukraine.
China’s Xi Jinping, Brazil’s Luiz Inacio Lula da Silva, and Indian Prime Minister Narendra Modi are scheduled to be hosted by South Africa for the BRICS summit from August 22 to 24.
Situated in different parts of the globe, these BRICS nations are primarily united by their skepticism of the US’s economic influence and how it serves the country and its allies’ interests.
Although the subjects up for discussion in the meeting have not officially been stated, expansion is likely going to be a key topic, seeing as some 40 nations, including Egypt, Saudi Arabia, and Argentina have expressed interest in joining these dauntless nations.
In the past two months, Ethiopia and Algeria have presented good cases as to why they should join the BRICS nations. The second-largest population in Africa, Ethiopia, asked for the opportunity to tap into the benefits of being listed as a BRIC nation.
Ethiopia’s ambition to join BRICS reflects its determination to become a significant player on the global economic stage. With its rapid economic growth and a young, dynamic population, Ethiopia is poised to harness the benefits of collaboration with BRICS nations to drive further development and prosperity.
A month later, Algerian President Abdelmadjid Tebboune was reported by Ennahar TV as stating that Algeria has submitted an application to join the BRICS group and a request to become a shareholder member of the BRICS Bank with a contribution of $1.5 billion. Algeria is attempting to diversify its economy and improve relations with nations like China.
Part of these nations’ plan to curb Western economic influence is perpetrating de-dollarization. They have made mention of creating a unified currency that serves member states. This is another likely topic to be tabled during the summit.
Additionally, the bloc has spoken about disbursing loans as an alternative to the much-criticized Breton Woods institutions. However, it has approved only $33 billion of loans in nearly a decade, just a third of the amount the World Bank committed to disbursing last year alone.