Africa ( commonwealth union ) _ During a meeting in Cape Town, the foreign ministers of the BRICS nations (Brazil, Russia, India, China, and South Africa) discussed ways to increase their global influence and challenge the United States. One of the prominent topics of discussion was the use of alternative currencies to shield member countries from the impact of sanctions, such as those imposed on Russia.
The BRICS nations have requested guidance from the New Development Bank, the Shanghai-based lender created by the bloc, on how a potential new shared currency could work. The goal is to prevent member countries from becoming victims of unilateral sanctions that have secondary effects on countries not directly involved in the issues that led to those sanctions. While specific details were not provided, officials at the New Development Bank are considering proposals and will guide the bloc on future models for a shared currency.
Moreover, the expansion of the BRICS bloc was also on the agenda, with more than 20 countries expressing aspirations to join. The issue of Saudi Arabia joining the BRICS was discussed during a meeting with a Saudi Arabian delegation, indicating that the bloc is open to expanding its membership.
Despite representing a significant portion of the world’s population and global GDP and trade, the BRICS nations have struggled to exert influence as a group. However, there is a growing demand for the bloc to have more sway on the global stage.
The meeting in Cape Town serves as a precursor to the upcoming BRICS summit, scheduled for August 22-24 in Johannesburg. There are discussions about potentially changing the venue to another nation to resolve South Africa’s dilemma regarding an International Criminal Court arrest warrant for Russian President Vladimir Putin if he were to travel to the country.
