Naledi Pandor (@DIRCO_ZA / Twitter)
the brixwhich is short for Brazil, Russia, India, China and South Africaare currently considering a bold idea: Create a new currency to not depend on the dollar. The announcement was made at a meeting of foreign ministers of the BRICS countries on June 1 South Africa. Naledi PandoraSouth Africa’s foreign minister revealed the proposal at a press conference after the meeting. According to her, the proposal aims to increase the role of the BRICS Bank. Such an initiative can not only shake up the global economy, but also boost cooperation between these emerging countries.
In addition, another important issue was raised during this meeting: the possible expansion of BRICS. Sergey Lavrov, Russia’s foreign minister, said the group was working on a joint approach to adding new members. Many countries, incl Argentina, Iran, Saudi Arabia, Egypt, Indonesia and Turkeyexpressed interest in joining the group.
However, Naledi Pandur emphasized that the group had not yet adopted the concept of expansion proposed by the Sherpas, although the Sherpas had done a lot of work on it. She hoped the document would be ready for the BRICS summit in August.
In addition to these two main points, other topics were discussed during the meeting, including cooperation with Africa to support its inclusive growth, increasing areas of cooperation between BRICS countries, and working with people with disabilities and small and medium-sized enterprises.
As a reminder, the BRICS countries now enjoy a large share in the global economy, surpassing that of the Group of Seven. contribution 31.5% of the global GDP Growth is still expected, the BRICS countries have shown their economic strength. In comparison, the G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, contributes 30.7% to the global GDP. This development highlights the growing importance of emerging economies in the global economy, as well as the growth potential these countries offer in the future.1.
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