As leaders from the BRICS economic bloc comprising Brazil, Russia, India, China, and South Africa – gather for their 15th summit in Johannesburg, all eyes are on Russia and China, which are aiming to cement their political and economic foothold in the developing world. The summit, scheduled from August 22 to 24, will not only focus on regional cooperation but also showcase efforts to reshape global power dynamics.
Chinese Premier Xi Jinping’s presence underscores China’s deep commitment to the bloc’s ambitions over the past decade. Meanwhile, Russian President Vladimir Putin, hindered by an International Criminal Court arrest warrant over the Ukraine conflict, will join the summit through a video link. Also joining are Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa.
The key discussions are expected to revolve around expanding the BRICS bloc itself. Saudi Arabia’s formal application to join BRICS has stirred interest, potentially marking a significant shift in the geopolitical landscape. Talmiz Ahmad, India’s former ambassador to Saudi Arabia, states that Saudi Arabia’s entry could add extraordinary significance to the group. This move could challenge the Western dominance over international institutions and garner attention from the United States and its allies.
While some members, like Brazil, India, and South Africa, remain cautious about expansion, Russia and China see the potential for a more extensive coalition, offering a counterbalance to Western influences. The addition of more countries could fortify the bloc’s economic power, according to Prof. Alexis Habiyaremye of the University of Johannesburg.
The summit also focuses on addressing issues with the global financial system. Analysts predict that discussions will veer toward reducing the dominance of the U.S. dollar in international trade transactions. China and Russia aim to shift the world’s focus towards trade in local currencies, attempting to create a more diverse economic landscape.
Despite potential challenges arising from differing priorities among BRICS nations, the leaders are expected to explore ways to strengthen unity within the bloc, giving rise to an alternative global economic order. As the summit unfolds, the world watches closely to see how these aspirations will reshape international relations and reshape the global economy.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
21st August, 2023
