The 15th BRICS Summit, an important convocation of leaders from Brazil, Russia, India, China, and South Africa, convened in Johannesburg, South Africa, from August 22 to 24. This was the first in-person assembly since the Covid-19 pandemic began. Distinguished attendees included Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, Brazilian President Lula da Silva, and Chinese President Xi Jinping. Russia was represented by Foreign Minister Sergey Lavrov, with President Vladimir Putin participating virtually. The summit also welcomed over 50 leaders from various nations.
The BRICS group, a rising power representing the interests of developing countries, holds a significant capacity to shape global geopolitical and economic affairs. Despite accounting for 40% of the global population and a quarter of the world's GDP, the bloc has grappled with internal discord and a lack of unified vision. The recent summit aimed to tackle these issues and delineate a fresh path for the bloc's future.
A key topic of discussion was the potential expansion of the BRICS bloc. Over 40 countries, including Saudi Arabia, Indonesia, and Egypt, have expressed interest in joining, reflecting the bloc's perceived role as a counterbalance to Western dominance in international organizations like the United Nations, the International Monetary Fund, and the World Bank.
The summit also addressed the economic trials faced by BRICS nations. PM Modi underscored India's economic ascent, citing its status as the world's fastest-growing major economy with a projected rise to a 5 trillion dollar economy. South African President Ramaphosa advocated for a fundamental reform of global financial institutions. Conversely, some BRICS nations, including China, are experiencing economic slowdowns, and Russia is grappling with isolation due to the Ukraine conflict.
The summit explored strategies to decrease reliance on the US dollar and to expand the group. Countries under sanctions, such as Iran and Venezuela, have shown interest in joining BRICS to lessen their isolation and rejuvenate their economies. Saudi Arabia and the United Arab Emirates view BRICS as a vehicle to enhance their influence in global bodies. African nations like Ethiopia and Nigeria are attracted to BRICS due to its commitment to UN reforms that would amplify Africa's voice. Argentina, seeking a reconfiguration of international financial structures, has also shown interest in joining.
However, the bloc's tangible achievements, like the New Development Bank, have been hindered by slowed lending due to sanctions against Russia. While South Africa's trade with BRICS nations has grown since it joined the bloc, the increase is primarily due to imports from China. The bloc accounts for only a fifth of South Africa's total trade, with its trade deficit with BRICS partners escalating to $14.9 billion last year, a four-fold increase from 2010.
In conclusion, the 15th BRICS Summit has charted a new trajectory for the bloc's future. The summit's focus on expanding membership, reforming global financial institutions, and reducing dependence on the US dollar has reshaped BRICS's role in the global economy. As the Global South continues to ascend and gain influence, the decisions and actions of the BRICS nations will play a pivotal role in shaping the global economic landscape.
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