South Africa BRICS Summit
The 15th BRICS summit will be held from the 22nd to 24th August at the Sandton Convention Centre in South Africa. Image Credit: SANews

Home » Here’s why there’s international attention on the BRICS Summit

Here’s why there’s international attention on the BRICS Summit

The politicking set to take place has attracted international attention on the BRICS Summit like never before. Here’s what you need to know.

22-08-23 17:17
South Africa BRICS Summit
The 15th BRICS summit will be held from the 22nd to 24th August at the Sandton Convention Centre in South Africa. Image Credit: SANews

Starting today (22 August 2023), for the first time in its 14-year history, international attention on the BRICS Summit is on a scale never seen before, reports The New York Times.

ALSO READ: The politics behind NEW nations that want to join BRICS

The 15th meeting of heads of state from Brazil, Russia, India, China and South Africa will centre around de-dollarisation, expanding the number of member states and potentially becoming an alternative to Western-led blocs like the G7.

INTERNATIONAL ATTENTION ON THE BRICS SUMMIT

international attention on the BRICS Summit
Here’s why there’s international attention on the BRICS Summit. Picture: Central News Agency.

On top of the BRICS Summit itself, Chinese President Xi Jinping has been engaged with President Cyril Ramaphosa on a state visit in Pretoria. Indian Prime Minister Narendra Modi arrived in Johannesburg in time for the summit this afternoon. There is much speculation whether the Chinese and Indian leaders will meet one-on-one in between other commitments.

ALSO READ: Here’s what to expect from China’s state visit to SA

Luiz Lula da Silva, the Brazilian President, arrived in South Africa yesterday. And the controversial Russian President, Vladimir Putin, will only appear at the summit virtually. Thus circumventing the issue of South Africa having to arrest the leader for war crimes committed during the Ukraine invasion.

NEW INTERNATIONAL COALITION

international attention on the Brics summit
Photo: Supplied/Avi Lasarow

The heightened international attention on the summit centres on in-fighting between the US, China and Russia. Since the invasion of Ukraine, debate over whether the bloc will remain a loose trade alliance or become a new international coalition has raged.

ALSO READ: China comes bearing gifts to BRICS Summit

China is in favour of aggressive expansion, while Russia requires new allies after its sanctions and protracted war in Ukraine. India and Brazil are pushing for a more cautious approach based on consensus. While hosts, South Africa, the smallest economy of the group, hopes to sign some favourable bi-lateral trade agreements with the member nations. It, too, is hosting a China-Africa Leaders’ Dialogue, with 69 invited African states.

DE-DOLLARISATION

BRICS Currency
End of the road for the Rand? BRICS currency under discussion at 15th BRICS Summit. Picture: File.

Another reason there’s international attention on the BRICS Summit is the question of so-called de-dollarisation. As we suggested in a story about a new BRICS currency, the bloc wants to discuss how to decrease its reliance on the US Dollar.

TRENDING: End of the Rand? New BRICS currency on the agenda

The bloc is home to its own bank – the New Development Bank – based in China, seen as an alternative to the World Bank. However, its primary currency for global trade is the US Dollar. Each of the nations need to balance their existing trade relationships with the West in all this politicking, too.

NEW BRICS MEMBERS TO BE DISCUSSED

international attention on the Brics summit
New members will be discussed at BRICS. Picture: File.

23 countries have made a formal application to join BRICS, while dozens more have expressed interest in joining. This is yet another reason for the international attention on the summit right now.

The 15th BRICS Summit in Johannesburg takes place from August 22-24 2023 at the Sandton Convention Centre. We will bring you all the news as it takes place.