Brics summit 2023: Brics meaning and why 40 countries wan join dem

21 August 2023

Leaders of di Brics group of nations - Brazil, Russia, India, China and South Africa - go meet on 22 August for Johannesburg and key issue go be whether to admit new members or not.

Di host nation for di summit, South Africa, don tok say 40 or more kontris wan join di group.

Brics meaning and how dem create di group

For 2021, one economist for di investment bank Goldman Sachs, Jim O'Neil, bin create di acronym "Bric" for Brazil, Russia, India and China.

Dem be large, middle-income kontris wey get fast-growing economies for dat time. Im predict say dem fit become di world leading economies by 2050.

For 2006, di four kontris decide to join togeda as di Bric group. South Africa join for 2010 to make am di Brics group.

How important di Brics group dey?

Togeda, di Brics kontris get population of 3.24 billion and dia combined national income na $26trn. Dat na 26% of di global economy.

However, according to di Atlantic Council, one US tink tank, di Brics nations get only 15% of di voting rights at for di UN main financial institution, di International Monetary Fund (IMF).

Wetin be di aims of di Brics group?

Dem create Brics to find ways to reform international financial institutions like di IMF and di World Bank, to create "greater voice and representation" for emerging economies.

For 2014, di Brics nations set up di New Development Bank (NBD), wit funds of $250bn, to borrow emerging nations money for development.

Non-Brics kontris like Egypt and di United Arab Emirates don join di NBD.

Shey Brics fit create one common currency?

Leading politicians for Brazil and Russia don recently suggest say dem wan create one currency for di Brics bloc, to challenge di dominance of di US dollar for international trade and finance.

However, South Africa ambassador to Brics and Asia, Anil Sooklal, don tok say e no dey on di agenda for di Johannesburg summit.

Jim O'Neill of Goldman Sachs, wey first get di idea of "Bric" kontris, tell di UK Financial Times newspaper say di idea of one common currency dey "ridiculous".

Wetin di Brics get in common and wetin divide dem?

Every Brics nation na major kontri for dia respective region, Professor Padraig Carmody tok. Na development geographer for Trinity College Dublin.

"However, China don become di big dog," e tok. "Through Brics, dem dey make diasef seen as di leading voice of di Global South, and dem dey call for di reform or overthrow of di existing international order."

However, India na China rival for di Asia-Pacific region. Dem get long-running border disputes wit China, and dem don dey work wit di US and odas to check di expansion of dia influence for di region.

Brics nations also dey divided ova how dem treat Western nations.

"Russia see Brics as part of dia fight against di West, helping dem to overcome di sanctions dem impose on di kontri sake of say dem invade Ukraine," Creon Butler tok. Im be Director of di Global Economy and Finance Programme for di London-based tink tank, Chatham House.

Afta sanctions by Western nations on imports of Russian oil, India and China don become di biggest customers for am.

Russia also hold joint naval exercises wit China and South Africa for February 2023.

However, other Brics members no wan make e become anti-Western pact.

"South Africa, Brazil and India don't no want divided world," Oga Butler tok. "Opposing di West would go dey bad for dia security and prosperity."

Which kontris wan join Brics?

South Africa ambassador to Brics and Asia, Anil Sooklal, recently tok say 22 kontris don formally say dem wan join di group, and di same number don express interest to join.

Dis include Iran, Argentina, Cuba, Kazakhstan, Ethiopia, Saudi Arabia, di United Arab Emirates and Venezuela.

"Perception dey ground say di balance of power dey shift away from di West, and more developing kontris dey find rising powers like di Brics kontris," Professor Carmody tok.

"But Brics na very exclusive group," e tok. "Shey to admit new members go dilute im influence?

"My guess be say dem go allow a few kontris to enta," Butler tok. "But dem go be nations like Argentina, rather dan complex ones like Iran."

Tins dem go discuss for Brics summit 2023?

Di 2023 summit of Brics leaders go take place for Johannesburg from 22-24 August.

Deciding di rules for who fit join di group go likely be major topic of debate.

Other issues on di agenda include: tackling climate change; expanding trade, investment opportunities and innovation for developing kontris; and di reform of global governance systems to give developing kontris bigger say.

South Africa don invite leaders from ova 60 kontris across Africa, Latin America, Asia and di Caribbean to di summit.

However, Russia President Vladimir Putin no go go. Di International Criminal Court bin issue warrant for im arrest for war crimes, wey im deny.

South Africa, as signatory to di court, go dey formally obliged to carri am out if im enta dia territory.

President Putin don tok say im go attend di summit virtually while Russia Foreign Minister, Sergei Lavrov, go dey present in pesin.

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