Thursday, June 08, 2023

BRICS Bloc Moves To Add New Members and Create A New Currency To Challenge US Dollar


As we have reported on this blog and our other publications many times, while the west has been tearing itself apart with divisive and economically suicidal policies the BRICS bloc, consisting so far of founder members Brazil, Russia, India, China, and South Africa is  currentlt inundated with applications for membership and is moving to expand, both as its members grow in economic and geopolitical influence and by adding new members.

Together, the current BRICS members represent more than 40% of the global population, and their share of the world economy (when measured in purchasing power parity) is larger than that of the G7.

The foreign ministers of the BRICS member states met in South Africa on June 1 and 2. There, in addition to offering new memberships of the group they discussed a series of issues, including plans to create a new global reserve currency to challenge the dominance of the US dollar.

Also present at the meeting in South Africa was a group of top diplomats from countries described as “friends of BRICS”, including Egypt, Iran, Kazakhstan, Saudi Arabia, and the United Arab Emirates any of which is likely to figure in the first wave of BRICS expansion.

More than 20 countries have already shown interest in joining BRICS. At least 13 nations have formally applied.

South Africa’s ambassador to BRICS commented, “We are getting applications to join every day”.

Prospective future members not represented among the friends of BRICS include Algeria, Argentina, Bahrain, Belarus, Egypt, Indonesia, Iran, Nigeria, Saudi Arabia, Türkiye, and the UAE. 

At the June foreign ministers meeting, Bloomberg reported, “BRICS nations asked the bloc’s specially created bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia”.

“The use of alternative currencies was among the prominent talking points” at the meeting, Bloomberg noted.

South Africa’s foreign minister, Naledi Pandor, explained at a press conference that BRICS members want to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions”.

It has already been universally acknowledged that the US led campaign of sanctions on Russia in the wake of Moscow's invading Ukraine have backfired, wreaking more economic havoc in the sanctioning nationsd than in those sanctioned.

Reuters acknowledged that the BRICS “ministers sought to focus attention on their ambition to build up their influence in a multi-polar world”.


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