By John Ikani
The foreign ministers of Brazil, Russia, India, China, and South Africa met in Cape Town on Thursday to discuss ways to strengthen the BRICS bloc and protect its members from the impact of Western sanctions.
One of the key topics of discussion was the creation of a new shared currency. The BRICS nations are concerned about the potential for Western sanctions to have a spillover effect on countries that have not been directly targeted.
“We want to ensure that we are not victims of sanctions that have secondary effects on countries that have no involvement in the issues that led to those unilateral sanctions,” said South Africa’s Foreign Minister Naledi Pandor.
The BRICS nations are currently considering proposals from the New Development Bank, a Shanghai-based lender created by the bloc, on how a new currency could be implemented.
The BRICS ministers also discussed the bloc’s expansion plans. More than 20 countries have expressed interest in joining the group, which currently represents more than 42% of the world’s population and accounts for 23% of global GDP and 18% of global trade.
In addition, they discussed cooperation on trade and investment. They agreed to work together to promote trade and investment between the BRICS nations.
The BRICS summit is scheduled to be held in Johannesburg in August. South Africa is considering moving the summit to another country, possibly to avoid having to host Russian President Vladimir Putin, who is wanted by the International Criminal Court for war crimes in Ukraine.
Analysis
The BRICS nations are clearly concerned about the impact of Western sanctions on their economies. The creation of a new shared currency, the expansion of the BRICS bloc, and cooperation on trade and investment are three ways that they are trying to reduce their reliance on the West and to increase their own economic and political independence.
The success of these initiatives will depend on a number of factors, including the willingness of the BRICS nations to cooperate and the reaction of the West. However, the BRICS nations are clearly determined to take steps to reduce their vulnerability to Western sanctions.
In addition to the above, the BRICS nations are also seeking to increase their cooperation on other issues, such as climate change, terrorism, and cybersecurity. They believe that by working together, they can play a more significant role in shaping the global agenda.
