2
[…] The group said that Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia had been invited to join, and that their membership would begin in January.
During the summit, Mr. Lula has championed the creation of an alternative trading unit that would ease emerging nations’ dependence on the strong U.S. dollar. Argentina has already begun repaying some of its loans in the Chinese currency, analysts said, though it is unclear how much relief it will gain.nd Saudi Arabia had been invited to join, and that their membership would begin in January. The BRICS group, which encompasses Brazil, Russia, India, China and South Africa, announced the expansion at a summit in South Africa that attracted a level of global interest rarely seen in recent years. The group represents a quarter of the world’s economy and about 40 percent of the world’s population and has increasingly sought to be a counterweight to the dominance of Western-led forums like the Group of 7 and the World Bank.
[…] There has been growing interest in de-dollarization in recent years, as some countries have become concerned about the US government’s ability to impose sanctions on them. China and Brazil recently agreed to manage their trade relationship in their own currencies.
[…] The expansion could also pave the way for dozens more countries to seek admission to the grouping, which has pledged to address their grievances over a world order many feel is rigged against them.
https://www.nytimes.com/2023/08/24/w...n-xi-lula.html
https://www.arabnews.com/node/2359831/world
https://www.france24.com/en/africa/2...n-global-south
Bookmarks