BRICS expansion on the cards
More and more emerging countries are considering joining the BRICS group, which is seen as the major emerging countries' counterweight to the US-led West and the G7. Especially in times like these, this is also a clear signal to Washington.
Published: July 17, 2022, 9:31 am
The BRICS group of states, consisting of Brazil, Russia, India, China and South Africa, are working ever more closely together on an economic and political level. Together they represent 3,26 billion people and a gross domestic product of US$27,54 trillion. According to estimates, the economic output of these five countries will account for 50 percent of total global value added by 2030.
In view of the fact that “rules-based” Western countries are experiencing serious economic problems, this prognosis does not even seem that far-fetched.
In contrast to the G7 group, the representatives of the US-led collective West, the BRICS group sees itself as an open organization that does not interfere in the internal affairs of other countries. It is therefore not surprising that membership in this group of states also arouses the interest of diverse nations.
In particular, those states that have their own problems and conflicts with the United States seem to be most interested. Argentina and Iran, for example, announced their intention to become part of the group of states. And Indonesia and the United Arab Emirates have recently expressed interest in becoming members.
The list does not end there as Saudi Arabia, Egypt and Turkey also plan to join BRICS , the President of the International BRICS Forum Purnima Anand confirmed to Russian outlet Izvestia, adding that a discussion and a possible decision on some countries will be held at the next summit of the association, which will take place in 2023, the Russian news agency TASS reported.
These countries could participate in increased resource sharing and open up air, trade and financial routes “to the new global realities”.
Notably, BRICS countries are working on establishing a new common reserve currency, similar to the IMF’s Special Drawing Rights. This would enable economic cooperation without having to resort to the US dollar or the euro – and without being threatened with having their funds confiscated by Western financial institutions.
A major Western bank, ING, has meanwhile brought up the discussion of a basket of BRICS currencies, noting that “the increasing weaponization of the dollar” could see a move into gold.
Former Russian President and Prime Minister and current Deputy Chairman of the Russian Security Council Dmitry Medvedev commented on the expansion. “The best protection against the rotting euro will be the transition to new means of payment in trade with our reliable partners, including through the use of national currencies – the Russian ruble, Chinese yuan, Indian rupee, etc,” he wrote on Telegram. “The dollar, the euro and the pound sterling are clearly not enough for the modern world.”
BRICS nations have since opted for a payment system that would be an alternative to the US-dominated SWIFT system. The main benefits highlighted were redundancy in case there were disruptions to the SWIFT system.
China has initiated the development of their own payment system called CIPS: the Cross-Border Inter-Bank Payments System (CIPS), which provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, and standardized system. India also has its alternative Structured Financial Messaging System (SFMS), as does Russia with its System for Transfer of Financial Messages (SPFS).
As more countries join BRICS and indirectly related organizations like the Shanghai Cooperation Organization (SOC), the Belt and Road Initiative (BRI) and so on, it becomes more difficult for the United States to exert influence economically and to put financial pressure on nations to bend to its will.
The financial war declared on countries outside the realm of the dollar, showed many countries how vulnerable they actually are as a result of a close connection to the western financial systems. Over-reliance on China may also pose dangers for many, but what other options remain?
All rights reserved. You have permission to quote freely from the articles provided that the source (www.freewestmedia.com) is given. Photos may not be used without our consent.
Consider donating to support our work
Help us to produce more articles like this. FreeWestMedia is depending on donations from our readers to keep going. With your help, we expose the mainstream fake news agenda.
Keep your language polite. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in, for example, Germany. Illegal content will be deleted.
If you have been approved to post comments without preview from FWM, you are responsible for violations of any law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.
If your comments are subject to preview by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.
We reserve the right to delete comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.
South Africa’s infrastructure 30 years after the end of Apartheid
LondonHating South Africa was part of growing up in North London in the 1980s. Pelle Taylor and Patrick Remington from Two Raven Films, recently interviewed South Africans about the decline of the country after Apartheid ended.
Nigerian President: More weapons for Ukraine end up in Africa
LagosSome time ago, FWM reported on arms deliveries to Ukraine, which shortly afterwards were resold on the Internet. Nigerian President Muhammadu Buhari has warned that "weapons used in the war in Ukraine are gradually leaking into the region" and called for strengthened border security.
Namibia sees opportunity to attract German energy refugees
Windhoek"The former German colony, Namibia wants to help Germany in its energy crisis". This is how an article in the online edition of a German newspaper recently began about Namibia's new "Digital Nomad" visa. The six-month visa is ideal for long-term holidaymakers. And for professionals who have their office on their laptop and can work from anywhere.
Uneven global population growth reaches 8 billion
According to the United Nations Population Fund (UNFPA), we celebrated the 8 billionth day* on November 15. The planet's population is still increasing dramatically, albeit at a decreasing pace.
French fuel debacle spills over to Senegal
DakarThe recent events at the French embassy in Burkina Faso were yet another demonstration against France on the African continent after France was ousted from Mali. All it took was a rumour to attract the sympathy of the population and demonstrators to head to the French Embassy.
New South African drone to compete with Turkey’s Bayraktar
PretoriaThe South African defense company Milkor unveiled its Milkor 380 reconnaissance and attack unmanned aerial vehicle (UAV). It is expected to become a competitor to Turkey's Bayraktar and Anka drones.
Bucking the trend: Uganda bans work by LGBT group
KampalaThe Ugandan government has banned the activities of a local non-governmental organization that campaigns for the rights of sexual minorities. According to a senior official, the organization worked illegally in the African country.
South Africa: 82 suspects arrested after a mass rape
KrugersdorpDozens of black men ambushed a film crew at an abandoned mine near Johannesburg on Friday. They raped eight models between the ages of 19 and 35. As they fled, the police shot dead two suspects and 82 other people were arrested.
Poland opens border after South Africa complains about their treatment of blacks
PretoriaThere is a very diverse crowd on the German-Polish border currently trying to take advantage of the war situation. Do they really all come from Ukraine?
Cameroon celebrates herbal medicine miracle against Covid-19
JaundeThe western African country of Cameroon is one of the nations with the fewest victims in the pandemic: Only 100 000 infected and 1 600 deaths were counted among its 27 million inhabitants. That means that the incidence rate is 50 times lower than in European countries.