The BRICS group of countries, consisting of Brazil, Russia, India, China and the Republic of South Africa, stands out as a powerful platform that has more than 40 percent of the world’s population and more than 30 percent of the global product.
The three-day summit is of critical importance in terms of evaluating the admission of 22 countries that have applied to BRICS and discussing the transition to the common currency.
Chinese President Xi Jinping, Indian President Narendra Modi and Brazilian President Inacio Lula da Silva arrived in South Africa to attend the summit to be held at the Sandton Convention Center in Johannesburg.
Russian President Vladimir Putin attends the summit via video conference due to the arrest warrant of the International Criminal Court (ICC). At the summit, Putin is represented by Foreign Minister Sergey Lavrov.
Trade between BRICS countries reached $162 billion
Speaking at the opening program of the summit, South African President Cyril Ramaphosa drew attention to the importance of the BRICS countries in the global economy and said, “While the BRICS countries together constitute one-fourth of the global economy and one-fifth of the global trade, they are home to more than 40 percent of the world’s population. doing.” used the phrases.
Ramaphosa said trade between members of the community, which is celebrating its 15th anniversary, reached $162 billion last year.
Emphasizing the importance of Africa for BRICS, Ramaphosa said, “Africa is a continent with great opportunities in the industrialization process in various sectors. Africa is a continent rich in critical minerals that will increase business success in the 21st century.” said.
The agenda topics of the summit
The BRICS group attracts the attention of developing countries, in terms of both its economic potential and its strong alternative to the Western-centered system.
South Africa announced in July that 22 countries had formally applied to join the BRICS, with an “equal number” of countries unofficially showing interest in membership.
At the summit in Johannesburg, concrete steps are expected to be taken regarding membership applications, including the UAE, Algeria, Iran, Kazakhstan, Egypt and Nigeria.
Another main agenda item of the summit is the “BRICS common currency”, which is planned to rival the US dollar.
Given the economic volume of the BRICS, the common currency is expected to break the global hegemony of the US dollar.
China, the strongest economy of the community, stands out as the biggest supporter of the common currency idea. Members with a relatively small economy, such as South Africa, abstain from this issue.