August 25, 2023
BRICS summit ends with inviting six nations to join
Media Reports:
The 15th BRICS summit ended in Johannesburg, South Africa Thursday with an announcement that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates, will join the bloc from 2024.
It's the second time that BRICS has decided to expand. The bloc was formed in 2009 by Brazil, Russia, India and China. South Africa was added in 2010. The BRICS bloc represents around 40% of the world's population and contributes more than a quarter of global GDP.
“Six new members were formally invited to join the group. Of course, there will always be debates over why a certain country was picked and not another as there were more than 20 interested countries. I think the new members bring qualities and attributes that will enhance the stature and strategic advantage of BRICS as it bids for more global influence,” Dr Sizo Nkala from the Centre for Africa-China Studies at the University of Johannesburg said adding:
“The new members bring significant natural resources, sizeable populations, and geo-strategic location which can serve as a foundation on which BRICS can build. Moreover, the BRICS partners were in agreement on critical issues including the Russia-Ukraine war, digital economy, reducing reliance on the US dollar, and enhancing connectivity to boost trade and investment in the global south,” said Nkala.
There were more than 50 heads of state and governments from all over the world attending the BRICS summit. This signified the importance of BRICS as a bloc and the role it plays in geo-politics.
Johannesburg II Declaration
The summit adopted the Johannesburg II Declaration which, President Cyril Ramaphosa says, reflects key BRICS messages on matters of global economic, financial and political importance. It demonstrates the shared values and common interests that underlie our mutually beneficial cooperation as the five BRICS countries.
“We look forward to the report by the BRICS Payment Task Force (BPTF) on the mapping of the various elements of the G20 Roadmap on Crossborder Payments in BRICS countries. We welcome the sharing of experience by BRICS members on payment infrastructures, including the interlinking of cross-border payment systems,” the BRICS Declaration said adding:
“We also encourage strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies. We task our Finance Ministers and/or Central Bank Governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms,” the leaders said.
President Lula da Silva of Brazil revealed a noteworthy development — a dedicated working group has been established within BRICS to conduct an in-depth study on the possibility of introducing a reference currency for the group.
"With this groundbreaking expansion of membership, the BRICS consortium now collectively represents a staggering 36% of the global GDP and accounts for a remarkable 47% of the world's population."
The implications of this development are expected to reverberate across international politics, economics and diplomacy, setting a new course for the collaborative efforts of these influential nations.
Five of the group's leaders are attending the summit and were present alongside Ramaphosa for the announcement, including Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, Russian President Vladimir Putin and South African President Cyril Ramaphosa.
Russian President Vladimir Putin did not travel to the summit after the International Criminal Court issued an arrest warrant for him. Russia was represented in Johannesburg by Foreign Minister Sergey Lavrov.
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