- 23 nations, including Argentina, Egypt, and Saudi Arabia, have officially applied for BRICS membership.
- Think tank insights suggest the U.S. dollar’s supremacy might be waning, with BRICS positioning as a formidable economic bloc.
BRICS Beckons a Broader Membership
South Africa, in its role as host for the imminent BRICS summit, divulges that 23 countries are keen to integrate with this influential economic bloc. Among the aspirants, Algeria, Argentina, and Bahrain are notable mentions. The BRICS leaders, including heavyweights like China’s President Xi Jinping and India’s Prime Minister Narendra Modi, are expected to discuss this anticipated expansion during the August 22-24 summit in Johannesburg.
The Minister of International Relations and Cooperation of South Africa, Naledi Pandor, illuminated on the matter:
“BRICS leaders will discuss the expansion of the organization at the summit. It is the leaders who will make the final decision on this issue.”
Notably, South Africa’s own ascension to BRICS is recalled, having been the inaugural nation to join the group post its inception.
A Global Confluence at Johannesburg
Beyond the primary BRICS leaders, President Cyril Ramaphosa, with endorsement from his peers, has extended invites to 67 heads of state from diverse continents such as Asia, Latin America, and Africa. Furthermore, 20 dignitaries from esteemed international bodies, like the United Nations and the African Union Commission, are expected to grace the summit. It’s of interest that French President Emmanuel Macron, despite his earlier interest, hasn’t been enlisted among the invitees.
Challenging the Dollar: An Analyst’s Perspective
In a poignant piece by Michael Roach from the Lowy Institute titled “De-dollarization: shifting power between the US and BRICS,” the potential downfall of the U.S. dollar’s dominance is explored. Roach postulates:
“The dollar dominance may be coming to an end.”
Such insights gained traction when Saudi Arabia, a long-standing ally of the U.S., hinted at trading in currencies other than the U.S. dollar – a strategy not pursued for nearly half a century. Furthermore, the recent BRICS assertion to possibly institute an “international reserve currency” adds fuel to this speculation.
Roach elucidates on a recurring historical trend: the cyclical rise and fall of dominant currencies. The once-mighty Dutch guilder and British pound sterling serve as testament. Roach theorizes:
“There will inevitably be a shift in the world order, and it may well be the BRICS’ time.”
