Summary:
- The BRICS Summit 2023 is about to take place in Johannesburg, with discussions on expansion, conflicts, and financial matters.
- Emerging markets Brazil, Russia, India, China, and South Africa form the BRICS group, and 23 countries are interested in joining.
- The war in Ukraine has posed diplomatic challenges, and Brazil stands out with its support for a UN resolution.
- BRICS aims to challenge the dollar's dominance, develop a common currency, and expand the role of the new development bank.
- Global food security discussions will address recent actions affecting rice and grain exports.
Emerging markets, Brazil, Russia, India, China and South Africa, also known as the BRICS, are about to gather in Johannesburg for their annual summit. It's a crucial meeting for the group and here are five things that will be on the agenda.
Expansion
23 countries have formally asked to join the group with even more expressing interest. If the bloc does admit more members, it could have major repercussions around the world, potentially giving new members and the group as a whole more power on the world stage.The war in Ukraine
Russia's invasion has put the rest of the BRICS countries in a tricky diplomatic position. They've all called for a peaceful resolution of the conflict but largely sided with Moscow.Brazil's stance
Brazil is the main outlier. It voted in favor of a UN resolution demanding an end to the conflict and Russia's withdrawal.BRICS common currency
Higher interest rates and rising tensions with the US have reignited the group's desire to challenge the dollar's dominance in the global financial system. They're considering developing their own shared currency or settling trade deals with local currencies.The new development bank
The BRICS main financial institution aims to expand its role, diversify funding, sidestep Western sanctions, and meet its original objectives.Food security
Recent actions like India banning rice exports and Russia affecting Ukrainian grain exports have raised concerns about global food security. Talks on agriculture at the summit could play a key role in ensuring food security worldwide.The BRICS Summit 2023 holds the promise of addressing these important issues and shaping the future trajectory of the member countries' cooperation.
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