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BRICS Summit Puts Expansion and De-dollarisation at the Top of Its Agenda
BRICS leaders gathered in Johannesburg on Tuesday for the bloc's first in-person meeting since the COVID-19 pandemic. Topping the agenda of the three-day summit was the admission of new members, and the possibility for the bloc to have its own currency. Due to an indictment by the International Criminal Court in March, Russian President Vladimir Putin attended the meeting virtually.
After hours-long discussions, the leaders announced on Wednesday that all members have agreed to expand the bloc. Dozens of countries have earlier expressed interest in joining, but the bloc has now only invited six countries -Iran, Saudi Arabia, Egypt, Argentina, Ethiopia and the UAE- to become new members. On the sidelines of the summit, the group also discussed plans to reduce using the US dollar for trade. The BRICS group of emerging economies currently makes up a quarter of the global economy and accounts for a fifth of global trade. Speaking via video link, Putin said the de-dollarisation of BRICS economies is gaining pace, and that the process is now irreversible.
Guests:
Ebrahim Rasool
Former South African Ambassador to US
Sarang Shidore
Director of Global South Program at QI
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