Browsing: BRICS Summit

• The BRICS-owned New Development Bank (NDB) was established in 2015 by Brazil, Russia, India, China, and South Africa.
• The multilateral lender plans to disburse about $5 billion in loans this year.
• The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.

Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.

As China, one of Africa’s closest trade partners, experiences …

• Heads of State from China, Brazil, and India, except Russia will attend the 15th BRICS summit in Johannesburg South Africa, starting August 22.
• President Vladimir Putin will participate in the summit virtually but will be represented in Johannesburg by Foreign Minister Sergei Lavrov.
• The bloc is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank.

The five nations, Brazil, Russia, India, China and South Africa (BRICS) are now a band of economies showcasing their ambition to maximize their emerging economies potential, across geopolitics axis. In one day time, heads of state from China, Brazil, and India, (except Russia) will attend the 15th BRICS summit in Johannesburg South Africa from August 22-24.

South African President Cyril Ramaphosa, Chinese President Xi Jinping, Brazil’s President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi are expected to discuss a number of items as …

The global financial landscape has undergone a remarkable transformation in recent times. Remarkably, the issue of the de-dollarization of international trade is slowly but steadily gathering momentum. A rising trend toward de-dollarization is challenging the longstanding supremacy of the United States in the international financial system. As the dominant global reserve currency, the US dollar remains pivotal in international trade, investment, and financial transactions.…

• The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.
• The Shanghai Cooperation Organization (SCO) is working towards trading in their own national currencies.
• Roughly 40 percent of international trade transactions in goods are invoiced in dollars

The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.

Should the common currency be formed, it will be based on a basket of the currencies of the BRICS countries; the Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real, and the South African Rand.

Russian Foreign Minister Sergey Lavrov has on several occasions announced plans by the BRICS countries to unify their currencies and untangle themselves from dollar dependency.

At a media conference during his Africa tour at the start of …

• As a signatory to the ICC, South Africa is under a legal obligation to heed the warrant and arrest the leader of Russia.  
• The European Union, as well as the United States, have all sent diplomatic envoys to South Africa urging the administration in Pretoria to broker some kind of peace talks.
• South Africa’s Minister of International Relations and Cooperation Naledi Pandor raised the issue of double standards in the ICC. 

South Africa has extended an invitation to Russia’s President Vladimir Putin to attend the BRICS Summit later this year in South Africa amidst an arrest warrant issued by the International Criminal Court (ICC) on Putin for the invasion of Ukraine.

BRICS is made up of the world’s largest emerging economies of Brazil, Russia, India, China, and South Africa. The five countries will be holding their 15th annual summit in Durban South Africa later this year.

Following the issuance of …