BRICS BashThe annual meeting of the BRICS founders took place in S Africa this year and was a celebration of sorts. More than 20 countries have asked to join the consortium, and six of them were accepted. No new BRICS currency has been issued, and trade between member countries will remain in their respective fiat. Primarily, they will not be trading amongst themselves with US dollars or Euros. BRICS is noted for being Gold backed and having low interest loans. The IMF is known for a colonial attitude and debt slavery.
- Dmitry Trenin: The Founder Members of BRICS face a Historic Decision as they Attempt to Reshape the World Order
August 21, 2023
https://www.rt.com/news/581556-brics-face-historic-decision/ - About 20 countries are reportedly seeking admission to the five-member organization and the list of countries that will be represented at the meeting in South Africa is three times as long. However, the question is would such an expansion make a much more diversified BRICS immediately stronger or not? Calls have been made for the group to create a common currency, to break the dollar's monopoly in world finance. A more practical way would be to improve the currently growing practice of using national currencies in trade between BRICS countries. Russia accepts the rupee for the oil it ships to India; Brazil trades in yuan with China; and so on.
- BRICS to Focus on Curbing Dollar Reliance : South Africa
August 22, 2023
https://www.rt.com/business/581624-brics-dollar-dependence-expansion-africa/ - Members of the bloc have floated the idea of creating a common currency for intra-member trade. BRICS countries, which currently account for 40% of the world's population and almost a third of the global economy, are also expected to discuss the addition of new members to the group. The 15th BRICS summit is taking place in Johannesburg, South Africa between August 22 and 24. More than 20 countries have formally applied to join BRICS.
- China says African Countries want Industrialisation over Infrastructure
August 22, 2023
https://www.reuters.com/world/china-says-african-countries-want - African countries want China to shift its focus from building infrastructure on the continent to local industrialization. China will talk through its plans for African industrialisation with African leaders at a special roundtable on the sidelines of the Aug. 22-24 meeting of the BRICS bloc - Brazil, Russia, India, China and South Africa. Investments by Chinese companies in Africa, especially from small and medium-sized companies, would increase.
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