BRICS leaders will convene in South Africa from August 22 to 24 to deliberate on transforming their collective economic might into a geopolitical force capable of challenging Western supremacy on the global stage. The summit, which brings together leaders from Brazil, Russia, India, China, and South Africa, aims to solidify the group's position as a counterbalance to Western dominance in international affairs.
While Chinese President Xi Jinping, Brazil's Luiz Inacio Lula da Silva, and Indian Prime Minister Narendra Modi will be in attendance, Russian President Vladimir Putin will be absent due to ongoing disputes over expanding the bloc's membership. The BRICS nations are confronted with the question of whether to welcome additional "Global South" countries seeking to join their ranks.
The BRICS alliance represents diverse economies scattered across the world, bound together by a shared skepticism of a global order perceived as primarily benefiting the United States and its affluent allies. These countries intend to address the challenge by fostering a more equitable world order that respects the interests of all nations.
Though specific summit agenda details remain scarce, expansion discussions are expected to loom large. Approximately 40 countries, including Saudi Arabia, Argentina, Algeria and Egypt, have expressed interest in either formally or informally joining BRICS, as per South African officials. China is keen on swift expansion to amplify its geopolitical influence, whereas Brazil is cautious, fearing that the group's significance could be diluted.
Russia, grappling with diplomatic isolation over its actions in Ukraine, seeks to strengthen its international friendships through membership expansion, an objective also shared by its African partner, South Africa. India, however, remains undecided on the matter.
The theme of the 15th BRICS summit is "BRICS and Africa," highlighting the bloc's interest in establishing stronger ties with a continent that is becoming a stage for global power competition. South Africa's Foreign Minister Naledi Pandor emphasized that the BRICS nations aim to lead globally in addressing the development and inclusion needs of the Global South, in subtle criticism of Western hegemony.
BRICS countries aspire to be alternative development partners for the Global South, countering the influence of Western nations. The group seeks to reform global governance systems to enhance the representation of developing countries and emerging markets.
The New Development Bank (NDB), established by BRICS, aims to reduce dependence on the U.S. dollar in finance and offer an alternative to the criticized Bretton Woods institutions. However, the NDB has only approved around $33 bn in loans over nearly a decade, a fraction of the funding committed by the World Bank in a single year.
Despite ambitions of a united BRICS currency proposed by Brazil earlier this year, South African officials have dismissed the idea.
Climate change may also surface as a topic, but officials from Brazil, China, and South Africa have indicated it won't take precedence.
With a combined population of 40% of the world's total and collectively responsible for a significant portion of greenhouse gas emissions, BRICS countries call on wealthier nations to bear a greater burden in combating climate change. China, accused of obstructing climate discussions at the G20, has denied these allegations.
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