The BRICS nations have requested the bloc’s specifically established bank to offer guidance on how a potential new shared currency might work, including strategies to safeguard member nations from the repercussions of sanctions, such as those imposed on Russia.
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Earlier on Thursday, 1 June 2023, the foreign ministers of Brazil, Russia, India, China and South Africa gathered in Cape Town to deliberate on strategies for enhancing the bloc’s global influence and countering the influence of the US. Though definitive resolutions were not reached, the discussions prominently featured the exploration of alternative currencies as a potential avenue.
After the meeting, Naledi Pandor, South Africa’s minister of international relations, conveyed the BRICS’ intention to ‘safeguard ourselves against sanctions that unfairly impact countries unrelated to the issues that prompted those unilateral sanctions.’ While she did not explicitly mention Russia, the country has faced extensive sanctions from Western nations due to President Vladimir Putin’s military intervention in Ukraine, reported Business Tech.
Officials at the New Development Bank, the Shanghai-headquartered financial institution established by BRICS nations, are currently examining various proposals. Naledi Pandor stated that the bloc will receive guidance from them regarding potential future models, although she refrained from disclosing additional specifics.
The BRICS ministers were accompanied by counterparts from various countries, including Saudi Arabia, the United Arab Emirates, Egypt and Kazakhstan. The agenda also encompassed expansion, as more than 20 nations expressed interest in joining the group.
Regarding a meeting with a delegation from Saudi Arabia, Russian Foreign Minister Sergey Lavrov disclosed that discussions involved the potential membership of the kingdom within the bloc, alongside broader talks on the expansion of BRICS’ membership.
He remarked, ‘The shape and evolution of BRICS are still ongoing,’ when questioned about the matter.
Despite representing over 42% of the world’s population and accounting for 23% of global gross domestic product and 18% of international trade, BRICS has struggled to exert significant influence as a collective entity. This has led to calls for greater sway.
The notion of admitting additional members was initially broached at last year’s summit in China, with 13 nations formally requesting membership and at least seven others expressing their interest.
The current gathering serves as a precursor to the upcoming summit of BRICS heads of state, scheduled for 22 to 24 August 2023 in Johannesburg, South Africa.
According to sources familiar with the matter, South Africa is contemplating relocating the summit to another nation. This move would help resolve the dilemma of whether to enforce an International Criminal Court arrest warrant for Putin if he were to travel to the country.
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