The 2023 BRICS summit is the 15th upcoming annual conference of the bloc, which is to be held in Johannesburg, South Africa, from August 22 to 24, 2023. The event will be attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa.
On August 22, 2023, the 15th BRICS summit kicks off in Johannesburg, South Africa. This event will be the largest-ever gathering of leaders of non-Western nations.
BRICS is a framework that unites the largest non-Western world economies - Brazil, Russia, India, China and South Africa.
This year, 67 heads of state will attend the top-level event, while 40 countries including Kazakhstan and Cuba have expressed their desire to join the club. Among those who jumped at the opportunity to officially apply are Argentina, Turkiye, Saudi Arabia, the United Arab Emirates, Egypt, Senegal, Algeria, Ethiopia, Iran, and Indonesia.
Russian Foreign Minister Sergey Lavrov stressed that BRICS accounts for 31.5% of global GDP (at purchasing power parity) and represents roughly 40% of the world’s population. According to the top diplomat, this makes the organization a global
BRICS to focus on curbing dollar reliance – South Africa
The leaders of the BRICS nations will discuss ways to eliminate dependence on the US dollar during their meeting in Johannesburg this week, South African Deputy President Paul Mashatile has said.
The bloc comprising Brazil, Russia, India, China and South Africa has taken several steps towards reducing the share of the greenback in mutual settlements by boosting payments in members’ currencies.
“Today the world takes notice of this bloc because it’s at the forefront of the global discourse” to curb dependence on the dollar, Mashatile told business leaders from the BRICS countries in Johannesburg on Monday. “We are not here to compete with the West. We want our space in global business.”
Members of the bloc have floated the idea of creating a common currency for intra-member trade.
BRICS countries, which currently account for 40% of the world’s population and almost a third of the global economy, are also expected to discuss the addition of new members to the group.
An enlarged bloc would represent about half of global output by 2040, double the share of the Group of Seven (G7) of the world’s most developed countries, according to Bloomberg Economics estimates.
The 15th BRICS summit is taking place in Johannesburg, South Africa between August 22 and 24. More than 20 countries have formally applied to join BRICS, and several others have expressed an interest. In recent months, several countries, including Argentina, Algeria, Egypt and Türkiye, have hinted that they may seek BRICS membership.
BRICS bank may accept five new members
The New Development Bank is currently considering applications for membership from nearly 15 countries, head of the multinational lender Dilma Rousseff said on Tuesday in an interview with the Financial Times.
Rousseff, a former Brazilian president who currently heads the Shanghai-based lender, said it’s likely to accept and approve the admission of four or five new members, but declined to identify the countries.
According to the official, the BRICS bank currently sees diversification of its geographic representation as one of its top priorities.
“We expect to lend between $8 billion and $10 billion this year,” she told the FT. “Our aim is to reach about 30% of everything we lend… in local currency.”
She added that the NDB is planning to start lending in the South African and Brazilian currencies in an attempt to further reduce reliance on the US dollar, as the lender actively promotes a more multipolar international financial system.
According to Rousseff, the international institution is going to issue debt in rand for lending in South Africa and do “the same thing in Brazil with the real.”
“We’re going to try to either do a currency swap or issue debt. And also in rupees,” she said, adding that the bank already lends in renminbi.
The BRICS group comprising Brazil, Russia, India, China and South Africa launched the NDB back in 2014 with the aim of providing funding for infrastructure and sustainable development projects.
The bank formally opened for business in 2015, and Bangladesh, the United Arab Emirates, Egypt, and Uruguay later joined. The NDB was founded as an alternative to US-dominated financial institutions such as the IMF and World Bank.
BRICS can offer world new model of international relations — Brazilian president
BRICS, a group that brings together Brazil, Russia, India, China and South Africa, could be an example of a new, alternative model of international relations, Brazilian President Luiz Inacio Lula da Silva said.
"We can change the customs and practices that have so far prevailed in international affairs," he said in a weekly interview on his social media.
He said he believes the world will see massive changes in the coming years.
"When we talk about Brazil and BRICS, we are showing that it is possible to create a new world. We don't want to argue with anyone. We want integration between continents and equal conditions for all," Lula da Silva said.
The BRICS summit is taking place in Johannesburg from August 22 to 24 and is set to be the largest meeting of heads of state and government of the Global South in recent years. Invitations have been sent to the leaders of 54 African countries. The Russian delegation at the event will be headed by Foreign Minister Sergey Lavrov. Russian President Vladimir Putin will participate by video link. According to the Kremlin, the summit will conclude by passing the Johannesburg Declaration of the 15th BRICS summit.
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