BRICS summit: Leaders eye expansion, common currency
Xi calls for accelerating BRICS expansion
President Xi Jinping urged the BRICS group to accelerate their expansion efforts.
“We should let more countries join the BRICS family and pool wisdom to make global governance more fair and reasonable,” Xi said in open remarks at the BRICS leaders summit. The Chinese leader emphasized that the summit in South Africa is taking place during global turbulence and change.
He said BRICS should “bring to the world more certainty, stability, and positive energy,” despite the “cold war mentality is still haunting our world.”
Xi also urged BRICS countries to work closely together.
Ramaphosa says discussions on use of local currencies continue
South Africa’s President Cyril Ramaphosa said BRICS were increasingly concerned that the global financial and payments systems are “being used as instruments of geopolitical contestation.”
“Global economic recovery relies on predictable global payment systems and the smooth operation of banking, 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 trade and investment flows through the increased use of local currencies,” he said.
Reducing the global reliance on the US dollar is high on the agenda of the summit (see entry below), but no concrete agreement has so far been reached.
Putin tells summit war in Ukraine ‘unleashed’ by the West
Russian President Vladimir Putin said he wanted to end the war that he said had been “unleashed by the West and its satellites” in Ukraine.
The Russian president repeated old talking points, saying the war was a forced response to actions by Kyiv and the West.
“Russia decided to support people that fight for their culture, for their traditions, for their language, and for their future,” he insisted. Western nations and Ukraine have repeatedly rejected Putin’s narrative.
South Africa President Cyril Ramaphosa, who is the host of the summit, said BRICS believed the conflict was best brought to an end by negotiation.
Putin is not attending the meeting in Johannesburg in person as South Africa was compelled to arrest him on an International Criminal Court warrant over alleged war crimes in Ukraine.
Russian Foreign Minister Sergey Lavrov is leading his country’s delegation.
Russia’s war in Ukraine creep into agenda
Russian President Vladmir Putin is not attending the meeting in Johannesburg in person as South Africa was compelled to arrest him on an International Criminal Court warrant over alleged war crimes in Ukraine.
He, however took multiple shots at the West, using a prerecorded speech that was aired on giant screens on Tuesday to rail at what he called “illegitimate sanctions” on his country
He also threatened to cut off Ukraine’s grain exports permanently.
Russian Foreign Minister Sergey Lavrov is leading his country’s delegation to the BRICS summit in South Africa.
BRICS currency talks
While BRICS’ political ambitions dominated coverage of the Johannesburg gathering, creating a common currency was also on the agenda.
During a leaders retreat on Tuesday night, they discussed reducing global reliance on the US dollar. The dollar is the most commonly used currency in global business and has successfully overcome previous challenges to maintain its dominance.
No concrete proposals have emerged in the run-up to the summit.
The bloc, however, supports the increased use of members’ national currencies for trade and the introduction of a common payment system in the long term.
Expansion tops BRICS agenda
Leaders of the BRICS countries are mulling over admitting new members to the bloc during a summit in Johannesburg, South Africa.
More than 20 nations have applied to join BRICS, according to South African officials.
They include countries like Saudi Arabia, Iran and the United Arab Emirates.
A major proponent of enlargement is Chinese President Xi Jinping.
“Whatever resistance there may be, BRICS, a positive and stable force for goodwill continue to grow,” his Commerce Minister, Wang Wentao, said at the business forum.
“We will forge a stronger BRICS strategic partnership,… actively advance membership expansion,” and “help make the international order more just and equitable.”
Russia is also keen to expand membership, and South Africa’s President Ramaphosa voiced support for the idea at the meeting with Xi.
On Monday, Foreign Secretary Vinay Kwatra stated that India has a “positive intent and an open mind,” but is cautious against hasty expansion.
Brazil is worried that the expansion of BRICS will reduce its influence. However, on Tuesday, Lula expressed his desire to see Argentina join the bloc.
BRICS leaders seek to counter Western dominance
The BRICS leaders summit officially kicks off Johannesburg, South Africa on Wednesday. But on the eve of the summit, leaders of the five-member group had already fired their first salvo.
Speaking at a business forum on Tuesday, they made it clear they want BRICS to be a counterweight to Western dominance of global institutions.
“Some country, obsessed with maintaining its hegemony, has gone out of its way to cripple the emerging markets and developing countries,” China’s President Xi Jinping said. “Whoever is developing fast becomes its target of containment.”
He added that “the course of history will be shaped by the choices we make.”
“We want to sit at the negotiating table on an equal footing with the European Union, the United States or any other country,” Brazil’s President Luiz Inacio Lula da Silva said in a social media post on Tuesday.
Officials say more than 40 countries have shown interest in joining BRICS from across the Global South, and 20 countries have already requested to join.
“It goes to show that the BRICS family is growing in its importance, in its stature and also in its influence in the world,” South Africa President Cyril Ramaphosa said.
