JUST IN: BRICS JUST UNVEILED New Members Flocking To Join For New Currency And Trade Order
JUST IN: BRICS JUST UNVEILED New Members Flocking To Join For New Currency And Trade Order
Tech Revolution: 7-23-2023
Picture this: a dynamic alliance formed by Brazil, Russia, India, China, and South Africa, five mighty nations on a mission to reshape the global landscape.
In 2009, these powerhouses came together, fueled by a shared vision to elevate their economic strength and make their presence felt on a global scale.
Each letter in "BRICS" represents a nation that brings its own unique flavor to the table. This isn't any typical group of friends; it's an interesting collaboration that has the potential to change the game.
The impact of BRICS stretches far and wide, as they combine their strengths and push their economies to new heights.
So in today’s video, we’ll see how BRICS is causing quite a stir on the international stage. In a surprising turn of events, more African countries are also flocking to join BRICS, aiming to be a part of a new currency and trade order.
Now, with 20 potential candidates, it’s obvious that not everyone can be accommodated right away. BRICS faces a bit of a problem here. They want to expand, but they also don't want to upset the countries that won't be included initially. It's a tough balancing act, and a lot depends on what BRICS wants to achieve in the future and how they plan to go about expanding their membership.
Speaking of BRICS, it's important to note that it's not your typical military alliance or trading bloc. It's something more unique. But for many African countries, joining BRICS would be a huge opportunity.
Countries like Egypt, Ethiopia, Zimbabwe, Algeria, Nigeria, Sudan, and Tunisia have all shown their interest in being a part of this group of emerging nations. So what is influencing all these countries to suddenly join the bloc? Why is it so appealing?
Well, imagine this: BRICS countries make up over 40 percent of the world's population and almost a quarter of the global economy. So you can understand why there's growing frustration with the West's dominance over financial systems.
The Global South leaders made their concerns heard loud and clear during the New Global Financial Pact summit in Paris. During the summit, the Brazilian President, Luiz Inácio Lula da Silva, spoke up boldly. He said that some folks get scared when he talks about creating new currencies for trade... But it's a discussion we need to have. And guess where he wants that discussion to happen? At the BRICS meeting, of course!
He even hopes to rally more African allies to join in. With that, President Cyril Ramaphosa of South Africa had to assure President Lula that when the BRICS meeting rolls around in August, the currency issue will be right at the top of the agenda.
Ramaphosa also emphasized the need for solid consensus on reforming the global financial architecture. He pointed out something interesting too about the International Monetary Fund and the World Bank. Well, according to him, their boards of directors aren't exactly independent. They're mostly insiders and shareholders. He thinks that's a big problem and significant reform is in order.
Other African leaders, like William Ruto of Kenya and President Denis Sassou Nguesso of Congo-Brazzaville, shared similar thoughts. So when South Africa hosts the 15th BRICS summit next month, the talk of the town will be the BRICS currency and the possibility of adding new members to the bloc.
In addition, Mihaela Papa, an assistant professor of sustainable development and global governance, thinks a lot is riding on this summit. People have high expectations that the new currency will be discussed, but there's no consensus among the BRICS nations just yet.
India's Foreign Minister Subrahmanyam Jaishankar has made it clear that India isn't planning anything of the sort. Papa believes this summit is crucial for jointly tackling global issues, boosting local BRICS currencies and trade, and figuring out how to manage the expansion of the bloc.
Aside from financial competence, there is another reason to join the BRICS. XN Iraqi, an economics professor from the University of Nairobi, said that some countries are eyeing BRICS as their ticket out of Western dominance. It's like they want to break free, both economically and politically.
And guess what? China and India are leading the pack. According to Professor Iraqi, these rising powers might end up in a friendly competition, trying to woo Africa with all sorts of gifts like aid, easy loans, and trade.
More Details In The Video