BRICS summit: Shaping the future of emerging economies

News Bulletin Reports
2023-08-22 | 13:04
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BRICS summit: Shaping the future of emerging economies
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BRICS summit: Shaping the future of emerging economies

Leaders of five countries gathered at a BRICS summit in South Africa. Four leaders were present in person, including the Presidents of China, Brazil, South Africa, and the Prime Minister of India.

As for the Russian President, he did not attend in person but participated via video due to an international arrest warrant on suspicion of committing war crimes in Ukraine. But he was represented at the summit by the Russian Foreign Minister.

Over three days and under tight security measures, the BRICS summit convenes. The summit includes emerging economies representing about a quarter of the global economy and 40 percent of the world's population.

The group aims to strengthen its unity and enhance its presence as a counterforce to Western dominance in international affairs. This involves establishing a global economic system that better reflects their interests and increases pressure on the G7, composed of major global industrial powers.

Among the topics discussed are financial matters, such as creating a payment system and a unified currency, increasing the use of local currencies in trade among member states, and reducing reliance on the dollar.

Furthermore, BRICS is gaining increasing global attention, with 23 countries formally applying for membership and around 40 expressing interest in joining, including Algeria, Egypt, and Saudi Arabia, represented by its Foreign Minister Prince Faisal bin Farhan. Iran, represented by its President Ebrahim Raisi, is also interested, as per Iranian news agencies.

Russian President Vladimir Putin stated that the summit aims to discuss a full range of issues related to the transition of national currencies in all areas of economic cooperation between the five countries.

He added, "The new BRICS Development Bank, already considered a credible alternative to Western development institutions, plays a significant role in these efforts."

In discussing countries interested in joining BRICS, Putin estimated that this indicates the group's growing importance. 

However, the expansion of BRICS raises divisions, particularly between its strongest members, China and India. China expresses enthusiasm for the expansion, while India is cautious due to concerns about regional competition.
 

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