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Johannesburg, Top leaders of the BRICS nations on Thursday decided to admit <keyword id="5927" type="General" weightage="20" keywordseo="argentina" source="Orion">Argentina</keyword>, <keyword id="6354912" type="General" weightage="20" keywordseo="egypt" source="Orion">Egypt</keyword>, <keyword id="61936" type="General" weightage="20" keywordseo="ethiopia" source="Orion">Ethiopia</keyword>, <keyword id="41896" type="General" weightage="20" keywordseo="iran" source="Orion">Iran</keyword>, <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and the <keyword id="6354870" type="General" weightage="20" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> as full members of the grouping that is largely seen as a counterweight to Western powers. The decision to induct the six countries to join the bloc from January 1 next year was announced by South African President Cyril Ramaphosa on the final day of the annual summit of the BRICS that currently comprises Brazil, Russia, India, China and South Africa. "We have consensus on the first phase of this expansion process, and further phases will follow," Ramaphosa, flanked by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said at a media briefing at the end of the BRICS summit in Johannesburg. With the entry of the six countries, the total number of members in the grouping is reaching 11 from the current five. The decision to expand the bloc is seen as an effort to reshape global governance while putting the voices of the Global South as a key priority area to advance the overall development agenda. The South African president said an agreement was reached on the "guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while". "We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS," he added. Around 40 countries had shown interest in joining BRICS out of which 23 formally applied for the membership. In his media statement, Modi said the "expansion and modernisation" of BRICS is a message that all institutions in the world need to mould themselves according to changing times. "India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours," he said. The prime minister said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order. "The expansion and modernization of BRICS is a message that all the institutions of the world should adapt to the circumstances of the changing times," he said. "This is such an initiative that can become an example for the reform of other global institutions established in the 20th century," he added. Chinese President Xi described the expansion of BRICS as a "new starting point" for cooperation in the grouping. "It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development," he said at the press briefing. The grouping took shape in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010. At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. The BRICS member nations have been the main engines of global economic growth over the years. Speaking remotely, Russian leader Vladimir Putin hailed the expansion. In his remarks, Ramaphosa said the BRICS valued the interests of other countries in building partnership with the grouping. "We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit," he said. "Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous," he noted. In its Johannesburg declaration, the BRICS leaders said they appreciated the considerable interest shown by countries of the global South in becoming members of BRICS. Ramphosa said the BRICS is ready to explore opportunities for improving the "stability, reliability and fairness of the global financial architecture." He said the summit agreed to task the BRICS finance ministers and Central Bank governors to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit. "We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation," the South African president said. "We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the global South," he said. "We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems," he added. The South African leader said the BRICS reiterated its commitment to inclusive multilateralism and upholding international law. On the Ukraine conflict, the BRICS called for peaceful resolution of the crisis. "We recall our national positions concerning the conflict in and around Ukraine as expressed at the appropriate fora, including the UN Security Council and UN General Assembly," the declaration said. "We note with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy, including the African Leaders Peace Mission and the proposed path for peace," it said.

BRICS decides to admit 6 countries as new members of grouping; focuses on voices of Global South

The whole world seems to be headed to Brazil over the past few months. The country has been in the news for several reasons – an Internet summit, the glittering World Cup football and finally, the sixth <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> summit. 
 
In April, Brazil successfully hosted the Global Multistakeholder Meeting on the Future of Internet Governance (NETmundial) to discuss the Internet governance principles and the roadmap for the future evolution of the Internet governance ecosystem, despite the WikiLeaks issue. Interestingly, three BRICS countries, Brazil, India and South Africa, attended the NETmundial underlining the importance of the Internet and e-commerce. 
 
BRICS nations (Brazil, Russia, India, China and South Africa) are the emerging and growing economies of the world, with China and India leading the race. The five countries are home to nearly half of the world’s population and account for about 20% of global GDP. Studies indicate that BRICS could be wealthier in future than the developed nations of today and may emerge the leaders of the New World Order. 
 
BRICS is working to counteract the Western hegemony and ensure that the BRICS countries have a greater say in global issues, especially in the United Nations and the International Monetary Fund. 
 India is the second largest economy after China and <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>, the newly elected Prime Minister of India who is attending his first BRICS summit, has emphasised on peace, prosperity and economic growth. 
 
“India attaches high importance to the BRICS forum for promoting global economic growth, peace and stability,’’ said Modi. “The Summit theme of Inclusive Growth, Sustainable Development will enable us to shape the post-2015 Development Agenda being discussed in the United Nations,’’ he added. 
 
The Prime Minister has clearly stated that BRICS is also a political forum. “We cannot remain mute spectators,” he added. Modi has called for “zero tolerance” towards terrorism and stated, “I firmly believe that terrorism, in any shape or form, is against humanity. There should be zero tolerance towards terrorism. The choices we make now will shape the future of not just our countries but the world at large.” 
 
Modi has continued to underline India’s economic growth and commitment to the environment, and said that his government would invest heavily in infrastructure, affordable housing, healthcare, education and clean energy. “We will champion clean and frugal resource use to maintain sustainability of our development process, without constraining our growth,” he added. 
 He has also called for greater co-operation in the fields of Internet usage and security. On the economic front, he has advocated an open, rule-based international trading regime for global economic growth and food security. India is keen that the BRICS Financial Institutional Bodies and Currency Reserve Fund are set up to counter the <keyword id="6355408" type="ORGANIZATION" weightage="100" keywordseo="IMF">IMF</keyword> and the US dollar currency. According to BRICS nations, as the IMF is controlled by Western countries, most of its funds go to the West. 
 As of now, the real success of the summit is the approval of the <keyword id="989905" type="COMPANY" weightage="100" keywordseo="BRICS-Development-Bank">BRICS Development Bank</keyword>, with an initial capital of $100 billion for infrastructure investments. 
 
Narendra Modi’s first multilateral diplomacy seems to have been fruitful. It has been agreed that although the proposed BRICS Development Bank will have its headquarters in Shanghai (China), the first rotational presidency for five years will go to India. 
 
Russia, after being expelled from G8 over the Ukraine issue, was looking for and received support against the US threat of new economic sanctions. It will be surely pleased that there will be a counter to the IMF. 
 
The Trade Ministers’ meeting at the summit also decided to strengthen their economic relations. The document titled A BRICS Perspective on International Investment Agreements would serve as a voluntary reference to help countries with a more equitable approach to investment treaties. Intra-BRICS co-operation in e-commerce and in the MSME (Micro, Small and Medium Enterprises) are to be promoted through promotion of business contacts and information-sharing on regulations. 
 
The Indian Prime Minister’s bilateral meeting with the Chinese President, Xi Jinping, was keenly awaited and has been successful. The two leaders have agreed to amicable and negotiated solutions at an early date to deal with the recurrent border disputes between the countries. 
 
Modi has called for a rectification of India’s $34 billion trade deficit with China, which is the largest with any country. He has asked for increased infrastructure investments in India by China. 
 
Xi has said that China and India should join hands in setting up global rules and invited Modi to attend the 21-nation APEC group summit in the later part of this year. Xi has confirmed that he will be visiting India in September. Both countries will work on improving interactions in all other sectors including tourism. 
 
India has been keen to join APEC to boost its economic growth and this is the first time the country has been invited to attend the meet. 
 
The BRICS summit has underlined India’s growing international power and Narendra Modi has established his leadership credentials.

India Pulls Off A Diplomatic Coup, To Preside Over BRICS Development Bank Initially

<ul class="summary-list"><li>De-dollarization was a closely watched topic amid the BRICS summit last week.</li><li>But BRICS nations appear divided on the issue, as statements from the bloc's leaders indicated.</li></ul>A group of major emerging economies wrapped up a summit in South Africa last Thursday by <a href="https://www.reuters.com/world/brics-poised-invite-new-members-join-bloc-sources-2023-08-24/" target="_blank" rel="noopener">welcoming six new members</a> — but without a <a href="https://www.businessinsider.com/dedollarization-usd-greenback-gold-yuan-euro-bitcoin-brics-alternate-2023-5" target="_blank" rel="noopener">new dollar-challenging</a> currency.The summit of Brazil, Russia, India, China, and South Africa or BRICS nations added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to its fold. It is the bloc's first expansion in 13 years as it seeks to be an <a href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">alternative to Western-led groupings.</a>While there was talk about the bloc's possible <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dominance-yuan-china-brics-alternative-currency-sanction-russia-2023-4" target="_blank" rel="noopener">creation of a common currency</a> to rival the US dollar, that didn't happen – in fact, chatter from the BRICS nations on the issue was divided, pointing to different opinions that may delay any such development.As this dollar alternative was being discussed, data from <a href="https://www.swift.com/swift-resource/252087/download" target="_blank" rel="noopener">SWIFT</a> showed the greenback was used for a <a href="https://markets.businessinsider.com/news/currencies/dedollarization-suffers-blow-swift-usd-share-global-payments-hits-record-2023-8" target="_blank" rel="noopener">record 46%</a> of foreign exchange payments via the communications system in July.Here's what the leaders of five BRICS members said about de-dollarization:<h2>Brazil's President called for a common BRICS currency</h2>"The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities," Brazil's President Luiz Inacio Lula da Silva said at the <a href="https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/" target="_blank" rel="noopener">summit's opening plenary session on Wednesday.</a>The Brazilian leader has been one of the most vocal proponents of alternative trade settlement currencies."Why can't we do trade based on our own currencies?" he said in an April state visit to China, per <a href="https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143" target="_blank" rel="noopener nofollow">The Financial Times</a>. "Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"<h2>Putin renewed his call to increase the use of local currencies for trade</h2>"We are working to fine-tune effective mechanisms for mutual settlements and monetary and financial control," said <a href="http://en.kremlin.ru/events/president/news/72085" target="_blank" rel="noopener">Russian President Vladimir Putin</a> <a href="https://www.businessinsider.com/dedollarization-brics-summit-russia-putin-dollar-local-currency-trade-sanctions-2023-8">on Tuesday.</a> He added that de-dedollarization within the BRICS bloc is "irreversible" and gaining pace.Putin has been <a href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7">pushing for more trade in local currencies</a> following sweeping sanctions against Russia that have expelled the country from the US dollar-dominated global financial system.<a href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7" target="_blank" rel="noopener">He said</a> at a previous international meeting in July that it was important to establish an "independent financial system" based on local currency trade.<h2>India's oil minister said it's difficult to overturn longstanding payment arrangements</h2>"I wish the Indian rupee should be the lead currency in the world. But I'm also a realist," <a href="https://www.cnbc.com/2023/08/25/de-dollarization-a-long-way-off-india-oil-minister-hardeep-singh-puri.html" target="_blank" rel="noopener"></a><a href="https://www.cnbc.com/2023/08/25/de-dollarization-a-long-way-off-india-oil-minister-hardeep-singh-puri.html" target="_blank" rel="noopener">Hardeep Singh Puri</a><a href="https://www.cnbc.com/2023/08/25/de-dollarization-a-long-way-off-india-oil-minister-hardeep-singh-puri.html" target="_blank" rel="noopener">, India's oil and gas minister, told CNBC</a> on the sidelines of the Business 20 meeting in New Delhi on Friday.Long-standing payment arrangements are difficult to overturn even if there are arrangements for trade in non-dollar currencies, he added.But "does that mean that an alternate global currency has come?" Puri asked CNBC. "We heard about decoupling. But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time."<a href="https://markets.businessinsider.com/news/currencies/dedollarization-india-pushes-rupee-trade-china-yuan-currencies-russia-sanctions-2023-7">India has also been pushing</a> the de-dollarization narrative by touting the use of the rupee for trade.<h2>China's President Xi promoted reform of the world's financial systems</h2>China did not comment on the idea of a BRICS common currency, but President Xi Jinping promoted "the reform of the international financial and monetary system" in a <a href="https://www.fmprc.gov.cn/eng/zxxx_662805/202308/t20230823_11130928.html" target="_blank" rel="noopener">speech at the summit</a>.<a href="https://markets.businessinsider.com/news/currencies/dedollarization-china-yuan-renminbi-globalization-dollar-currency-brics-sanctions-xi-2023-7#:~:text=China%20wants%20the%20yuan%20to,%22in%20an%20orderly%20manner.%22" target="_blank" rel="noopener">China has indicated</a> it wants the Chinese yuan to play an outsized global role but hasn't called for it to replace the dollar.<h2>South Africa's finance minister dismissed the notion of a BRICS currency</h2>"No one has tabled the issue of a BRICS currency, not even in informal meetings," <a href="https://www.bloomberg.com/news/articles/2023-08-24/brics-currency-was-never-on-table-south-african-finance-chief-says" target="_blank" rel="noopener">Enoch Godongwana told Bloomberg</a> on the sidelines of the bloc's annual summit in Johannesburg on Thursday."Setting up a common currency presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don't think any country is ready for that," he added to the media outlet.Instead, South Africa appears to veer toward increasing the <a href="https://www.bloomberg.com/news/articles/2023-08-14/brics-isn-t-competing-with-any-bloc-south-africa-s-sooklal-says" target="_blank" rel="noopener noreferrer">bloc's trade in local currencies</a>.Back in April, <a href="https://www.bloomberg.com/news/articles/2023-08-22/brics-to-focus-on-reducing-dollar-reliance-south-african-says" target="_blank" rel="noopener">South Africa's</a> deputy president Paul Mashatile had said the BRICS bloc was looking to reduce its reliance on the US dollar.<h2>The economist who coined the term BRICS slammed the idea altogether</h2>Jim O'Neill, a former Goldman Sachs economist who first gave the BRICS bloc its name, has <a href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8">slapped down the idea of a common BRICS currency.</a>"It's just ridiculous," <a href="https://www.ft.com/content/d8347bd0-cc4f-4c3b-9225-0ccd272330a6" target="_blank" rel="noopener nofollow">he told the Financial Times</a> in an August interview. "They're going to create a BRICS central bank? How would you do that? It's embarrassing almost."O'Neill pointed to the political gulf between rivals <a href="https://www.jstor.org/stable/j.ctv75db2z" target="_blank" rel="noopener">China and India</a> as a key stumbling block to de-dollarization."It's a good job for the west that China and India never agree on anything, because if they did, the dominance of the dollar would be a lot more vulnerable," O'Neill told the FT.

The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization

<ul class="summary-list"><li>A BRICS currency would be a serious threat to the dollar, a former White House adviser said.</li><li>As members are geographically diverse and large, others would be willing to use the currency.</li></ul>De-dollarization could become a reality as a BRICS alternative to the dollar could enjoy high prospects for success, a former White House adviser said.Joseph Sullivan, who served as a staff economist at the White House Council of Economic Advisers during the Trump administration, wrote in <a href="https://foreignpolicy.com/2023/04/24/brics-currency-end-dollar-dominance-united-states-russia-china/" target="_blank" rel="noopener">Foreign Policy</a> that a currency issued by Brazil, Russia, India, China and South Africa would pose a unique threat to the dollar's dominance."It'd be like a new union of up-and-coming discontents who, on the scale of GDP, now collectively outweigh not only the reigning hegemon, the United States, but the entire G-7 weight class put together," he said in a column published on Monday.In recent months, discourse about de-dollarization has flourished. That's as <a href="https://www.businessinsider.com/repo-global-task-force-freeze-330-billion-russia-oligarch-assets-2022-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*iaiggs*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4MjQzMjY0My4xODYuMS4xNjgyNDM4NzU1LjU4LjAuMA..">sanctions against Russia</a> have exposed the danger of <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-central-bank-reserves-gold-price-china-russia-sanctions-2023-4?_gl=1*5c27d7*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4MjQzMjY0My4xODYuMS4xNjgyNDM0NjkyLjYwLjAuMA..">overdependence on the dollar</a>, paired with growing efforts to bolster other currencies, especially the Chinese yuan.And <a href="https://markets.businessinsider.com/news/currencies/brazil-president-de-dollarization-lula-brics-nations-currency-china-yuan-2023-4?_gl=1*1276v2y*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4MTQ5ODkxMC4xNTIuMS4xNjgxNDk4OTIxLjQ5LjAuMA..">Brazil's president</a> recently reminded the world about <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1#russia-china-propose-a-new-reserve-currency-7">plans for a BRICS currency</a> based on a basket of member currencies.A notional BRICS currency would carry key advantages over existing alternatives like bilateral deals that still result in proceeds being parked in dollar assets and have limited use with other countries, Sullivan said."The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world's other currency unions," he said. "Because a BRICS currency union—unlike any before it—would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union."Non-member countries would also have reason to use a BRICS currency because each member's economy is large enough in their respective regions to make them sought-after partners, Sullivan said.In addition to eroding dollar dominance in trade, a BRICS currency could weaken the greenback's status as a reserve currency.BRICS governments could induce their own households and companies to buy assets in the new currency with their savings and "effectively coerce and subsidize the market into existence," he added.Sullivan also noted that it would not spell the end to the dollar's reign — which still accounts for 84.3% of cross-border transactions — but possibly contribute to a multi-polar regime.In fact, some decline in the dollar's strength could be a good thing, he writes. At the moment, the greenback's high price costs the US jobs and lowers exports."Either way, the dollar's reign isn't likely to end overnight—but a [BRICS currency] would begin the slow erosion of its dominance," he said.

The dollar's dominance would face a threat unlike any other from a BRICS currency, former White House economist says

<ul class="summary-list"><li>China, Russia, and other BRICS countries aren't developing a dollar alternative, according to a top official.</li><li>"There is no idea of a BRICS currency," India's foreign minister S. Jaishankar said.</li></ul>China, Russia, and other members of the so-called BRICS group of nations aren't working on a <a href="https://markets.businessinsider.com/index/us-dollar-index">US dollar</a> alternative, a top Indian official said this week.Foreign minister S. Jaishankar said that the five-member BRICS group – consisting of Brazil, Russia, India, China, and South Africa – isn't currently planning to develop a greenback substitute for trade and investments."On what we will discuss at the BRICS meeting, we'll have to see because there are many other issues – but there is no idea of a BRICS currency," he said, as shown by footage from <a href="https://www.youtube.com/watch?v=ajbb6qaPIqA" target="_blank" rel="noopener">the Hindustan Times</a>."Currencies will remain a national issue for a long time to come," Jaishankar added.Since Russia invaded Ukraine in February 2022, both Beijing and Moscow have ramped up their efforts to promote <a href="https://markets.businessinsider.com/news/currencies/what-is-dedollarization-rival-countries-bid-to-dethrone-greenback-explained-2023-4">de-dollarization</a>, the movement to reduce other countries' reliance on the greenback.That's because the dollar's dominance of trade is a huge source of economic strength for the US – for example, it enabled Washington to <a href="https://www.businessinsider.com/russia-fm-freezing-currency-reserves-was-thievery-unexpected-2022-3?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*kxvrl1*_ga*MTg1NTcwOTk2MS4xNjg1NzE2MDQ0*_ga_E21CV80ZCZ*MTY4ODU0NTcwOC41NS4xLjE2ODg1NTAxNjMuNjAuMC4w">freeze half of Russia's foreign currency reserves</a> and <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1p2yfuy*_ga*MTg1NTcwOTk2MS4xNjg1NzE2MDQ0*_ga_E21CV80ZCZ*MTY4ODU0NTcwOC41NS4xLjE2ODg1NTAzOTUuMjAuMC4w">ban its biggest banks from the SWIFT international payments system</a> after war broke out.China has repeatedly asked its trading partners to settle commodities contracts using <a href="https://markets.businessinsider.com/currencies/usd-cny">the renminbi</a> rather than the greenback, while Putin said last year that Russia was ready to "<a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-rouble-yuan-brics-reserve-currency-imf-2022-6">work with all fair partners</a>" to create a new reserve based on a basket of currencies including the <a href="https://markets.businessinsider.com/currencies/usd-brl">Brazilian real</a>, <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a>, Chinese yuan, <a href="https://markets.businessinsider.com/currencies/usd-rub">Russian ruble</a>, and <a href="https://markets.businessinsider.com/currencies/usd-zar">South African rand</a>.The leaders of both Brazil and South Africa both also questioned the dollar's dominance last month, with South African President Cyril Ramaphosa saying that currencies would be "<a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-janet-yellen-treasury-secretary-brazil-south-africa-trade-2023-6">on the agenda</a>" when the BRICS group next meets in Johannesburg in August.Read more: <a href="https://markets.businessinsider.com/news/currencies/what-is-dedollarization-rival-countries-bid-to-dethrone-greenback-explained-2023-4">What is de-dollarization? Here's everything you need to know about rival countries' efforts to dethrone the greenback</a>

China, Russia and India aren't developing a dollar rival, top official says: 'There's no idea of a BRICS currency'

Most famous tourist spots in BRICS nations

<ul class="summary-list"><li>Putin is meeting leaders of the <keyword id="11929845" type="UNKNOWN" weightage="60" keywordseo="brazil" source="Orion">Brazil</keyword>, <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, and <keyword id="11992087" type="UNKNOWN" weightage="60" keywordseo="south-africa" source="Orion">South Africa</keyword> (<keyword id="12088951" type="UNKNOWN" weightage="60" keywordseo="brics" source="Orion">BRICS</keyword>) alliance this week.</li><li>Putin said Russian trade with BRICS nations rose 38% between January and March despite Western sanctions.</li></ul>President Vladimir Putin is meeting this week with a group of prominent world leaders, a reminder that Russia still has powerful allies despite the backlash to <a href="https://www.businessinsider.com/former-us-general-knockout-blow-coming-ukraine-russia-war-2022-6">its invasion of Ukraine</a>.Putin is attending a virtual meeting of the BRICS alliance on Thursday, a group made up of Russia, India, China, Brazil, and South Africa founded in 2009.The leaders released pre-recorded speeches on Wednesday, all which went without criticism of Russia's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.Neither Brazil, <a href="https://www.thepresidency.gov.za/speeches/pre-recorded-message-president-cyril-ramaphosa-occasion-brics-business-forum-2022">South Africa</a>, nor <a href="https://www.narendramodi.in/english-translation-of-the-address-by-prime-minister-shri-narendra-modi-at-the-opening-ceremony-of-brics-business-forum-2022-562688">India</a> mentioned Ukraine by name. Chinese President Xi Jinping said: "The Ukraine crisis has again sounded the alarm for humanity. Countries will surely end up in security hardships if they place blind faith in their positions of strength, expand military alliances, and seek their own safety at the expense of others," in a veiled reference to the US and NATO.Putin also announced that the nations had deepened ties at a time when Russia's economy has been damaged by Western sanctions.Following Russia's invasion of Ukraine on February 24, the US, UK, EU, and several other nations sanctioned Russian businesses and entities, with the US and EU <a href="https://www.businessinsider.com/us-imposes-new-sanctions-russia-ukraine-full-list-2022-5">banning</a> <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">imports</a> of Russian oil.Putin said Russia was therefore "redirecting" its trade flows to BRICS nations and other "reliable international partners," <a href="https://tass.com/economy/1470027?utm_source=google.com&amp;utm_medium=organic&amp;utm_campaign=google.com&amp;utm_referrer=google.com">according to the state-run Tass news agency.</a> As a result, Putin said trade with China, India, Brazil, and South Africa <a href="https://markets.businessinsider.com/news/commodities/russia-trade-vladimir-putin-china-india-brazil-south-africa-exports-2022-6">jumped 38% in the first three months of the year</a>.China and India had been <a href="https://markets.businessinsider.com/russia-china-oil-energy-import-export-supplier-putin-war-sanction-2022-6">rushing to snap up Russian oil</a> at low prices as Western importers pulled out, with Russia's oil export revenues <a href="https://markets.businessinsider.com/news/commodities/russian-oil-export-revenues-surge-may-iea-energy-prices-ukraine-2022-6?utm_medium=ingest&amp;utm_source=markets">jumping by 11% in May</a>."Western partners neglect the basic principles of market economy, free trade, and inviolability of private property," Putin said of Western sanctions. He also called them "politically motivated."The BRICS meeting is a stark reminder that Russia still has extremely powerful friends in China, India, Brazil, and South Africa, despite being ostracized and financially punished by the West.The BRICS have turned a blind eye to Russia's invasion of Ukraine, and look unlikely to ever condemn Putin.In his speech before the BRICS meeting on Thursday, Xi reiterated his long-held view that the West was "weaponizing" the global economy by using sanctions to punish nations, including Russia.Multiple Chinese <a href="https://www.businessinsider.com/china-protection-overseas-assets-us-sanctions-russia-2022-5">entities are themselves</a> subject to US sanctions. Western powers hoped that sanctions would dissuade Russia from continuing its invasion of Ukraine, but that has not happened and experts say <a href="https://www.businessinsider.com/putin-could-soon-conquer-east-ukraine-but-not-kyiv-expert-2022-6">Putin is prepared for a years-long battle for eastern Ukraine.</a>

Putin is meeting leaders of China, Brazil, and India, showing Russia still has powerful allies despite the Ukraine invasion

<ul class="summary-list"><li>Russian President Vladimir Putin is eyeing a bigger global role for the BRICS bloc.</li><li>Putin recently raised the possibility of a BRICS parliament, which would formalize the group.</li></ul>Russian President Vladimir Putin has set his sights on a bigger role for a group of emerging nations as he seeks to topple the West-led world order.The group is known as BRICS for original members Brazil, Russia, India, China, and South Africa, which collectively form the bloc's acronym. New members include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates.BRICS was formed in <a target="_blank" rel="noopener nofollow" href="https://www.reuters.com/article/us-brazil-russia-idUSTRE4AP5H220081126">2009 with its first summit.</a> The group founded the Shanghai-headquartered New Development Bank in 2015 and was largely an informal grouping until recently. It's now positioning itself as a counterweight to the G7 and the West amid increasing geopolitical tensions globally.Putin recently weighed in on the structure of the group."BRICS does not have its own official parliamentary organization at this stage, but I believe that this idea will definitely be materialized somewhere down the road," Putin said last Thursday at the BRICS Parliamentary Forum in St Petersburg, according to an official transcript from the <a target="_blank" class="" href="http://en.kremlin.ru/events/president/news/74528">Kremlin.</a>Putin did not elaborate on how this structure would work, but his comments illustrate how Russia is using its position as BRICS chair this year to <a target="_blank" class="" href="https://www.henleyglobal.com/publications/brics-wealth-report/russia-brics-and-future-global-order">bolster the group. </a>A parliamentary structure would formalize the group even further.His comments come amid increasing interest in the bloc from the Global South.Just last month, the Southeast Asian nations of <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/thailand-eyes-brics-membership-october-summit-begins-oecd-application-2024-06-20/">Thailand</a> and <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/malaysia-preparing-join-brics-economic-group-media-report-says-2024-06-18/">Malaysia</a> said they were interested in joining the bloc. Thailand has submitted a formal request for membership, while Malaysia's prime minister said it was preparing to start its application process.<a target="_blank" class="" href="https://www.businessinsider.com/xi-putin-seek-brics-expansion-challenge-us-power-and-dollar-2023-8">A larger and more structured BRICS bloc</a> could have more bargaining power and create an alternative to the West-led global order.As Rich Lesser, the global chair of the Boston Consulting Group, wrote in a May note, the expanded BRICS bloc — which includes major oil producers Saudi Arabia and UAE — now controls over 40% of the world's oil production, "making it an important international actor."It could also help Russia's sanctions-hit economy.Last month, Russian Foreign Minister Sergey Lavrov said BRICS countries are developing a <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">payments platform</a> that will allow them to bypass the US dollar.Not everybody is convinced about whether BRICS could be an effective counterweight to the West. After all, the BRICS countries' interests <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">do not always align</a> within the group.<a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">India,</a> for one, is balancing interests among the US, China, and Russia. Indian Prime Minister Narendra Modi visited Russia recently, even though New Delhi is in a strategic partnership with the US. This is in part because Modi needs Russia as a buffer against China — a BRICS member with whom India has a border dispute.But the BRICS group should not be counted out, wrote as Ian Bremmer, the president of the <a target="_blank" class="" href="https://www.gzeromedia.com/by-ian-bremmer/elections-in-europe-bidens-choice-who-im-voting-for-and-more-your-questions-answered">Eurasia Group,</a> in a report earlier this month."BRICS is a low-stakes forum for these countries to meet and talk about common grievances that the US and the West should pay at least slightly more attention to," he wrote.

Putin wants to strengthen a big challenger to Western dominance 

<ul class="summary-list"><li>Russia is hosting a BRICS summit this week, showing the limits of attempts to isolate it.</li><li>The grouping is buoyant after ballooning from five members to nine.</li></ul>Russia is flexing its muscles at the center of the BRICS economic bloc which seeks to rival the West.The nation is hosting a meeting of the grouping this week, the first since the group almost doubled its membership.The larger grouping gives them more weight — and is a rebuke to Western-led attempts to isolate Russia economically.It also complicates the grouping, introducing new competing interests and rivalries.Geopolitical analysts say it could dilute the group's ability to take action, and reduce it to a talking shop.Iran, Egypt, Ethiopia, and the United Arab Emirates are the new BRICs entrants, joining earlier members Russia, India, China, Brazil, and South Africa. Saudi Arabia has been invited to join but has not formally done so yet.Russian President Vladimir Putin <a target="_blank" class="" href="https://brics-russia2024.ru/en/">touted</a> the expansion as proof of the group's "growing authority" and role in international affairs.Yet geopolitical tensions and competing interests among the group are dragging down Russia's efforts to use it to chip away at the dominance of the West, particularly the US dollar."BRICS expansion is no easy task," said Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto."It risks creating rival camps within the group," he told Business Insider.<h2 id="a422f5a1-a2fa-40bb-898f-89b58f30e598">A 'raw' grouping</h2>Since its founding in 2006 — with Brazil, Russia, India, and China as members, before South Africa joined in 2010 — the bloc has tried to challenge Western economic dominance.Over the past two decades, its members experienced significant economic growth. After the recent expansion, its member states represent almost 46% of the world's population and about 25% of global exports.Last year, more than 40 countries <a target="_blank" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">expressed interest</a> in joining the bloc.But Anton Barbashin, cofounder and editorial director at Riddle Russia, an online journal on Russian affairs, described the group as a "raw collection" of countries.They have "no chance" of political unity due to competing interests and starkly differing attitudes, he said.Members have grappled with <a target="_blank" class="" href=" https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expanding">internal disagreements</a> over relations with the West, territorial claims, and Russia's invasion of Ukraine.Others are engaged in internal standoffs. India and China have clashed over disputed territory along their border, though they <a target="_blank" class="" href="https://www.youtube.com/live/QiqK0eIJn8E">announced a deal</a> on patrolling arrangements this week.Some countries — notably India and South Africa — also have a tricky balancing act to do, engaging with the group without alienating their partners in the West.<h2 id="1875563d-1228-4de5-a7cc-5b63106239c1">Talking shop</h2>Barbashin told BI that the BRICS Summit is important for Russia because it has been cut out from other international platforms.It's a way to communicate and possibly strike "some deals in the future that we don't necessarily foresee," he said.In total, representatives of 32 countries are set to attend the summit this week, according to Moscow.Barbashin said that the group's size masks its relative impotence."It's just a nice facade," he said, "and it falls within the idea that economic growth should translate into a greater political setting."Leaders are expected to discuss how far members are willing to commit to the group.Una Aleksandra Berzina-Cerenkova, director at Riga Stradins University's China Studies Center, told Politico that "China uses BRICS to give it a mandate to push global visions and post-Western vision."During a press briefing held by the Center for European Policy Analysis on Monday, one analyst foresaw major hurdles for the group to move past its status as a "debating club."Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, said the group would need to choose how to distribute power between its members should more join."Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," he said, noting that Russia could lose its leverage and decision-making among a large group of notionally equal members.<h2 id="ab0780f6-acfd-427a-bc7c-109fb06111f1">Taking on the dollar</h2>Another challenge BRIC members like Russia and China face is trying to change the fundamentals of global <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/russia-economy-commodities-trading-centers-brics-us-dominated-global-finance-2024-10">financial trading systems</a> that rely overwhelmingly on the US dollar.During a <a target="_blank" rel="noopener noreferrer" class="c-link" href="http://en.kremlin.ru/events/president/news/75349">BRICS Business Forum</a> in Moscow last week, Putin said group members were working on alternative payment systems, as a rival to SWIFT.The alternative systems would aid cross-border payments between members, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.yakovpartners.com/publications/imfs/">report</a> by Russia's finance ministry, its central bank, and consultancy Yakov &amp; Partners.It envisioned a network of payments using local currencies rather than a default reserve currency like the dollar.Russia already has a model it can look to for transactions among central banks: the mBridge system under the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a>.BRICS members are also toying with alternative currencies, spanning Chin'a digital yuan and Moscow's interest in crypto.The greenback, though, will be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">hard to dethrone</a> — even without competing priorities and rivalry among BRICS members."Russia wants to create an alternative to Western financial infrastructures," Barbashin said.But "there's no chance of making anything like a union or an alliance," he said.BRICS members are united in that they want to see change, he said "but there's no real strategy within BRICS aside from fancy phrases to make it work."

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