BRICS Summit: Integration, Economic Independence, and Opening the Block

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Integration, economic independence, and the opening of the bloc were the main topics discussed on the first day of the BRICS summit in Johannesburg. The leaders and representatives of Brazil, Russia, India, China, and South Africa gathered to evaluate their role on the global stage and propose future guidelines.

The president of South Africa, Cyril Ramaphosa, highlighted the significant contribution that the BRICS economies have made to the transformation of the global economy over the last decade. He also emphasized the bloc’s importance, as it represents a quarter of the world economy, a fifth of world trade, and is home to more than 40% of the world‘s population.

One of the key issues addressed during the summit was the bloc’s opening to other emerging countries. Around 40 nations have expressed their interest in joining the group, and 23 countries, including Argentina, Iran, Saudi Arabia, and Indonesia, have advanced in formal expressions. The opening of the bloc reflects its increasing importance, stature, and influence in the world.

Chinese leader Xi Jinping, a strong advocate of the bloc’s expansion, stressed the need to forge stronger strategic partnerships and deepen cooperation with other emerging markets and developing countries. He emphasized the goal of making the international order more just and equitable.

Brazilian President Lula da Silva supported the idea of opening up the BRICS bloc and creating a multilateral institution that is fair, predictable, and promotes equitable global trade. Lula’s support for China’s position is also driven by Brazil’s desire to obtain Beijing’s backing for its bid to become a permanent member of the UN Security Council.

However, there were some internal divisions within the bloc. India viewed the bloc’s opening with suspicion, fearing that it could increase China’s influence in the region. The condemnation of Russia’s invasion of Ukraine also exposed divisions. South Africa, China, and India refused to condemn the invasion, while Brazil remained ambiguous.

Despite these differences, the bloc expressed unity on other aspects. Lula emphasized the need to diversify payment sources in local currencies and advocated for the creation of a reference currency for trade between the BRICS countries. He also highlighted the role of the New Development Bank (NDB) in financing projects that address pressing global challenges.

Putin, on the other hand, focused on the de-dollarization of transactions within the bloc, describing it as an “irreversible process.” The bloc aims to present itself as an alternative to institutions like the World Bank and the International Monetary Fund, seeking equal footing with other major players in global negotiations.

The BRICS countries, with more than 40% of the world‘s population, 23% of the global GDP, and 18% of world trade, have been working towards achieving a world order that better reflects their interests and growing influence since the bloc’s creation in 2009.