What You Need To Know:
Russia and China aim to enhance their influence in developing economies during the BRICS summit this week in South Africa. The summit gathers leaders from the BRICS economic bloc—Brazil, Russia, India, China, and South Africa—in Johannesburg’s financial district, Sandton. Chinese Premier Xi Jinping’s presence highlights China’s investment in the bloc as a platform for its ambitions.
Russian President Vladimir Putin will participate via video due to an International Criminal Court warrant related to the Ukraine conflict. Alongside Xi, Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa will attend.
The Details:
The summit is expected to call for greater cooperation among Global South nations in response to Western dominance in global institutions. Russia and China’s involvement indicates their alignment with this sentiment.
It is also the first BRICS summit to be held in person since the COVID pandemic.
ARRIVAL OF #BRICS HEADS OF STATE AND GOVERNMENT
?? His Excellency President Luiz Inácio @LulaOficial da Silva accompanied by his spouse, Her Excellency Ms Rosângela da Silva, arriving at OR Tambo International Airport in South Africa for the XV BRICS Summit.#BRICSZA… pic.twitter.com/ewLFeLB5QD
— Presidency | South Africa ?? (@PresidencyZA) August 21, 2023
Discussions will include the proposed expansion of the BRICS bloc, which originated with Brazil, Russia, India, China, and added South Africa in 2010. Saudi Arabia and over 20 other nations have applied for membership.
The summit could mark a symbolic victory for Russia and China, positioning BRICS as a counterbalance to the G-7.
Throughout the event, discontent with the current global financial systems, particularly the dominance of the U.S. dollar, is likely to be a central theme. BRICS experts acknowledge challenges in policy alignment due to differing priorities among the member countries.
While specifics regarding outcomes and decisions are not yet clear, the summit’s discussions will likely shape the direction of the BRICS bloc and its role in global economics and politics.
67 leaders from across the world were also invited to attend this year’s BRICS summit.
Note, the BRICS countries make up over 40% of the global population and approximately 26% of the worldwide economy.