At day three of the 15th BRICS Summit, the bloc’s expansion, welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, heralds a new phase of global collaboration and influence.



In a significant move that has captured global attention, the BRICS bloc is set to welcome new members for the first time since the adoption of South Africa in 2010, ushering in a chapter of expanded collaboration and shared markets. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) are poised to become full members of the BRICS family, amplifying the possible leverage the bloc is able to implement globally, as well as increasing the entity’s capability as a counterbalance to the West.



“The world is changing,” commented South African President Cyril Ramaphosa in his closing remarks at the three-day BRICS Summit in Johannesburg. “New economic, political, social, and technological realities call for greater cooperation between nations. These realities call for a fundamental reform of the institutions of global governance, so that they may be more representative and better able to respond to the challenges that confront humanity.”



The expansion announcement was made by Ramaphosa, who chaired the summit. It represents a carefully deliberated and agreed-upon step signifying consensus among the existing BRICS members – Brazil, Russia, India, China, and South Africa – to broaden the bloc&#8217;s scope and deepen its collaborative efforts.



The BRICS grouping, which collectively represents a significant portion of the global economy, trade, and population, has garnered attention not only for its economic significance but also for its potential to shape international discourse and policy. The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE extends this influence to regions that bring unique perspectives, resources, and challenges.



The invitations to join the bloc are particularly significant given the close relationship between Saudi Arabia, the UAE, and the West, for which BRICS has increasingly come to counterbalance. The expansion indicates a clear view for a multipolar world order characterized by equitable development, sustainable growth, and collective security. It is a testament to the bloc&#8217;s commitment to fostering cooperation in areas such as trade, investment, technology exchange, and cultural understanding. By embracing these new members, BRICS solidifies its role as a platform for dialogue and collaboration, even as the global geopolitical landscape continues to evolve.



This multipolar support was no clearer than in the addresses of China’s President Xi Jinping, noting the event&#8217;s historic significance; “The expansion is also a new starting point for BRICS cooperation. It will bring new vigor to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”



President Vladimir Putin too gave a closing address via video call.



Prime Minister Narendra Modi of India, a key player in the BRICS partnership, emphasized the expansion&#8217;s significance in his address; “India has always supported the expansion of BRICS. India has always believed that adding new members will strengthen BRICS as an organization.” Modi highlighted that the inclusion of these nations is a symbol of openness, inclusivity, and cooperation that extends beyond national boundaries. This sentiment resonates with the BRICS ethos of mutual respect and the pursuit of common goals for the betterment of all member nations.



The BRICS expansion holds the potential to foster economic growth, innovation, and the sharing of best practices among member nations. It is anticipated to enhance trade ties and investment opportunities. This enlargement positions the BRICS bloc as a resilient and collaborative force, capable of influencing economic outcomes and promoting stability.



Beyond the economic realm, the expansion offers an avenue for constructive dialogue on pressing global issues. By incorporating nations from different regions, the BRICS bloc can diversify its perspectives and responses to challenges such as climate change, cybersecurity, and geopolitical tensions. The inclusion of nations like Iran, Saudi Arabia, and the UAE brings a heightened focus on Middle East dynamics, allowing for enhanced dialogue and understanding.



Of note regarding the attempts at the bloc&#8217;s expansion are the inclusion of offerings of membership of the UAE and Saudi Arabia, which have long-established relationships with the West, with which the Russian Federation and China find themselves opposed with the war in Ukraine and trade conflicts, respectively.



As the world watches this expansion unfold, it&#8217;s worth noting that BRICS is not merely an economic or political grouping but a lever of global diplomatic influence.

Brics Summit in Johannesburg, South Africa August 22-24, 2023

New Name For BRICS? Summit In South Africa Unveils Newer Members In The Bloc

India&#8217;s Chandrayaan-3’s successful moon landing marks a historic achievement in global space exploration. The Indian Space Research Organisation&#8217;s (ISRO) triumph has garnered international attention and celebration.



India has achieved a historic milestone in space exploration, solidifying its position as a key player in global space exploration, successfully landing the Chandrayaan-3 probe on the moon&#8217;s Southern Pole. With this, the Indian Space Research Organisation (ISRO) has ushered in a new era of triumph for the nation&#8217;s space endeavors, one that was watched and celebrated around the globe.



The entire world turned its gaze skyward as the lander, a culmination of meticulous planning and cutting-edge technology, touched down on the lunar surface. The event was a global spectacle, as millions of people tuned in to the live stream on ISRO&#8217;s official YouTube channel. This achievement was marked by India&#8217;s Prime Minister Narendra Modi as not just one for India as a nation but for humanity as a whole, emphasizing that the feat transcends national borders and stands as a testament to human ingenuity and aspiration. &#8220;It belongs to all of humanity,&#8221; he remarked, underscoring the significance of such achievements in advancing our collective understanding of the cosmos.



Modi delivered his celebratory address while in attendance at the ongoing BRICS Summit in Sandton, Johannesburg, where other affiliated world leaders are sure to celebrate India&#8217;s achievement. Chandrayaan-3&#8217;s success belongs to &#8220;… all of humanity,&#8221; said Modi in a livestreamed statement, a sentiment reaffirmed by opposition party and Congress leader Mallikarjun Kharge, who tweeted that the landing was the success of &#8220;every Indian&#8221;.



In India itself, reports of jubilation were rife as people from all walks of life gathered around televisions, computer screens, and cafes to witness and celebrate this milestone. This achievement comes on the heels of a recent setback for space exploration – just two days prior to India&#8217;s triumphant landing, Russia&#8217;s Luna-25 module experienced a crash landing on the moon&#8217;s surface – an unfortunate turn of events for a nation that was once at the forefront of space exploration.



India’s previous efforts at lunar landings have proved unsuccessful, with the Chandrayaan-2 probe crashing spectacularly into the moon&#8217;s surface in 2019. However, the ISRO has made significant improvements in the latest probe, developing extensively both the capabilities of the probe as well as expanding the landing area, key elements in the landing&#8217;s success. Central to the Chandrayaan-3 mission is the prospect of uncovering water ice on the moon&#8217;s surface. This discovery could have profound implications for future lunar exploration, potentially paving the way for sustained human presence on the moon. The lander is equipped with state-of-the-art scientific instruments, including a spectrometer designed to analyze the composition of the lunar surface. Discoveries in this field could greatly support long-term lunar missions in the future, accounting for the key observation of the landing in the scientific communities. Beyond national pride, the landing serves to represent the spirit of collective endeavor and global commitment to space exploration, evidenced by the millions worldwide who waited with bated breath for the successful landing.



&#8220;I reached my destination and you too!&#8221; the ISRO tweeted on touchdown. At the time, at least 6 million viewers were tuned into the livestream.

Indian Students Remotely Observe ‘Chandrayaan-3’ Launch to Land Spacecraft on Moon

‘To All Of Humanity’, Says Modi At BRICS Summit In South Africa As India Celebrates Historic Landing On The Moon

The BRICS Summit currently underway in Johannesburg explores expansion and a shared currency, challenging the US dollar&#8217;s dominance.



The annual BRICS Summit kicked off in Sandton, Johannesburg, today to rapt viewers around the world, as the economic and political bloc touched on critical developments such as the expansion of its membership as well as the possibility of implementing a shared currency.



The summit is being attended by Brazil’s Lula da Silva, South Africa’s Cyril Ramaphosa, China’s Xi Jinping, India’s Narendra Modi, and notably Sergey Lavrov in place of Russian President Vladimir Putin. Clear in a number of speeches, including those of presidents Jinping and Ramaphosa, was a definite willingness for the expansion of the bloc, which is increasingly being seen as a counterweight to global Western influence and more representative of the interests of the Global South.



Critical to this shift is a move away from what is seen as the hegemony of the United States dollar in global exchanges, which has seen both China and Russia suffer due to ongoing trade disputes and the war in Ukraine respectively. Moves towards stronger ties with BRICS-aligned nations were previously noted by President Ramaphosa on Sunday.



“We have steadily strengthened trade and investment ties with other BRICS countries alongside collaboration in areas like development, skills, technology, security, and innovation…” said Ramaphosa in a press release. “South Africa has benefited from the New Development Bank, which was established by the BRICS countries in 2015.”



These increased economic ties are what South Africa, the BRICS bloc, and possible future member states stand to benefit from should a shared currency be implemented, with the African Continental Free Trade Area (AfCFTA) being highlighted as a stepping stone towards this.



“As we speak, there are 47 countries that have ratified the agreement establishing the AfCFTA… only one country is yet to sign. All of these countries that have ratified have accepted the legal obligations, commitments to significantly reduce barriers to intra-Africa trade… estimated at only 18%, which is very low,” said the AfCFTA’s Secretary-General, Wamkele Mene, during a plenary discussion at the BRICS Business Forum today.



Using the example of a Kenyan businessman trading in the Republic of Djibouti, Mene continued; “Why is the dollar involved? Two African countries trading using a third currency.”



Mene further highlighted the introduction of the Pan African Payments and Settlements System (PAPSS), a SWIFT competitor estimated to save $5 billion annually in fees on payments on the continent.



“We’ve introduced the Pan African Payments System… you will no longer have to rely on a third currency, you will no longer have to buy a third currency, to trade in Africa,” said Mene to applause from the room. “We want to move beyond the trade agreement but introduce tools that will enable the trade to happen.”



Much of the conversation around consolidation of the solidarity of existing BRICS member countries, the bloc’s willingness to accept new memberships, and its successes in establishing both ease of trade and cost-saving initiatives appeared to be a possible preparation of the ground for the introduction of a BRICS-wide currency, which, while previously posited, has not until recently offered the level of advantage it might to countries such as Russia and China.



Nations in the bloc have long discussed the possibility of BRICS Pay, aimed at allowing for seamless, decentralized digital payments between member countries. As recently as last month, Brazil’s President Lula also highlighted the impact of US dollar dependence. With Russia reeling from US-based sanctions due to the war in Ukraine, the country too has been vocal about lessening dollar-based dependence.



However, a realistic and technically viable plan as to how a multinational currency would work for the bloc has yet to have been posited, despite several speakers at the conference discussing it during the opening day.



In attendance were dozens of world leaders from across the African continent, either considering the possibility of joining the bloc or being courted for membership – and as talks proceed over the next few days of the summit, considerations around new membership and realistic postulations around the implementation of a BRICS currency will play a major focus, watched not just by the member countries themselves but also by many in the West.



As if to underline this point, said Ramaphosa: “BRICS has a vitally important role to play in the reform of global governance and in the promotion of multilateralism and cooperation throughout the world.”

Opening Day of The 15th BRICS Summit

BRICS Summit: Paving The Way For Shared Currency And Economic Expansion

Busi Mabuza has just been appointed Chair of the South African chapter of the BRICS Business Council. Also the chairperson of the Industrial Development Corporation, she speaks to FORBES AFRICA about her plans for trade and investment.&nbsp; 



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What is your first point of focus as the chair of the South African chapter of the BRICS Business Council? 



It is still early days. I am just lucky I was appointed to
the BRICS Council last year… In my few months, my sense was that the sister
countries in BRICS were much more organized in terms of what it is they are
looking for and in bringing a coordinated voice of business. We were still
trying to get there in terms of coordinating our efforts and channeling our
objectives and making sure we agree on the priorities.



I look forward to, first of all, picking up from where
others left off. This is a council that has been around not long after 2010,
and it has a long-enough track-record. 



I think where things have been done well, we just need to
make sure they are done better. Where there are gaps, I’d like for us to close
those gaps. On the administrative side, I have noticed our sister countries,
the business councils of the other countries, are much more coercively
organized, more streamlined, business has a very strong voice and business
facilitates all of it. 



I would like to see that engagement with all corners of
business, big and small. I think there is room for everybody there. If one
looks at the African continent, the majority of the population is young people.
If we sit in those meetings without understanding the voice of the youth, without
talking to and addressing the issues of the youth, we will be left behind. 



I think it is an opportunity to make sure business rolls up
its sleeves and we actually benefit from the linkages our political principles
have cemented. 



As a woman in leadership, how will you navigate this space? 



It is one that also challenges me ideologically. I never wanted to be labeled ‘the first black woman [in anything]’, and yet I have worked most of my life in environments where it has been lonely just by the mere fact that when the guys are talking rugby, I want to talk about something else. 



Rugby is great, I also enjoy that, but it is also good to talk about other things. One success factor when one is thrown into such environments is to [bring] others in deliberately. I’d love to demonstrate to the women out there that there are opportunities such as these and we need to be there and we need to show up at our best in terms of our game. 



We need to work diligently because when it comes to the results and output, the assessment won’t be based on whether you are a man or woman, it will be based on what you deliver tangibly. South Africa has an opportunity to make the other BRICS countries aware that women have to be at the table and we do it through our actions rather than just talk. 



What is on the 2019 agenda for business in South Africa?



With this being new days, I believe in consultation. I believe in making sure I understand the mandate I have been given. I understand what the Department of Trade and Industry is about, and their focus on creating export opportunities because that will grow our trade. 



I understand their focus on empowerment, because as a country we do need to see a better profile and reflection of society in the economic space. The focus will continue to be on trade and investment, as we move along, I would like for us to do this in an inclusive manner.



Which sector will South Africa prioritize? 



I would definitely take a cue from the president’s [Cyril Ramaphosa] focus on agriculture. Agriculture is fantastic for this continent because we have land, we have the people and if you look outside South Africa, there is water. The resources are there. 



The other side of the coin is that agriculture can be a great employment opportunity. Agriculture is getting more technical and technology-intensive and that excites me. If we had a trading bloc arrangement, we will be talking much bigger opportunities within the country.

Tag: BRICS Business Council

FORBES AFRICA SOCIAL MEDIA

New Name For BRICS? Summit In South Africa Unveils Newer Members In The Bloc

‘To All Of Humanity’, Says Modi At BRICS Summit In South Africa As India Celebrates Historic Landing On The Moon

BRICS Summit: Paving The Way For Shared Currency And Economic Expansion

‘Time For Business To Roll Up Its Sleeves’