South African officials say more than 40 countries in the global south have shown interest in joining the BRICS bloc.
Johannesburg, South Africa – India “fully supports the expansion” of the BRICS group, Prime Minister Narendra Modi said as the leaders of the five major emerging economies met on the second day of the BRICS summit.
“We welcome reaching a consensus on this,” Modi said in his opening speech at the meeting in Johannesburg on Wednesday.
The comments were the clearest indication yet that India would support plans to expand the grouping beyond its five core members. Russia and China are committed to expansion, and South Africa also supports it, as President Cyril Ramaphosa confirmed on Sunday.
Analysts have previously pointed out that India and Brazil, countries that traditionally put non-alignment at the heart of their foreign policy, may not be as enthusiastic about the expansion.
According to South African officials, more than 40 countries in the Global South have shown interest in joining the BRICS, with more than 20 having made formal applications to join.
Long-term Departments As the Reuters news agency reported, the problem arose again on the first day of negotiations on Tuesday. Brazilian President Luiz Inacio Lula da Silva said the grouping should not try to compete with the economies of the United States and the G7.
Brazil was considered the most important country endure to expand as it was feared this would dilute the group’s influence.
But on Tuesday Lula said he wanted Brazil’s neighbor and largest trading partner Argentina to join the group. “It is very important for Argentina to be in the BRICS countries,” Lula said.
Argentina is struggling with historic inflation, a lack of foreign reserves and burdensome debt repayments under a $44 billion loan agreement with the International Monetary Fund (IMF).
Lula criticized the IMF’s loans as “oppressive” and suggested that the BRICS bank could increase lending to other countries with “different criteria” to stimulate their economies.
“We want BRICS to be a multilateral institution and not an exclusive club,” Lula said. All new members must meet certain conditions so that the group does not become the “Tower of Babel,” he said.
“Development is not a privilege”
Ramaphosa, Lula, Modi and Chinese President Xi Jinping attended the three-day summit in person, while Russian President Vladimir Putin attended virtually.
In the leaders’ remarks on Wednesday, they highlighted several priority areas for their respective countries.
Ramaphosa focused on partnerships with Africa and how BRICS could bring the continent’s interests to the agenda. He also said an announcement would be made regarding the proposed changes the group would like to implement related to the international financial system.
“We are concerned that global financial and payment systems are increasingly being used as instruments of geopolitical contestation. The recovery of the global economy depends on predictable global payment systems and the smooth functioning of banking, supply chains, trade, tourism and financial flows,” Ramaphosa said.
Putin criticized “ongoing neo-colonialism” and countries that propagate their own hegemony via video stream. He also said Russia was open to dialogue to find a solution to the war in Ukraine, which Russian forces invaded in February 2022.
Lula said that the BRICS countries are ready to work together for an immediate ceasefire in Ukraine. He also highlighted other conflicts that he said did not receive the attention they deserved. “Everyone deserves to live in peace,” he said.
He also emphasized “decolonizing our economies” and greater attention to the climate crisis.
In addition to endorsing expansion, Modi focused on the grouping’s achievements over the past 15 years, particularly the New Development Bank, a multilateral development bank that works with emerging economies, and the contingent reserve arrangement’s “financial safety net,” known as liquidity serves as a mechanism to support BRICS countries struggling with payments.
Xi said he was glad that so many countries were excited about potentially joining the BRICS. He also stressed the importance of stability and security and said it is necessary to deepen cooperation to build growth. He criticized a new “Cold War mentality” around the world and said countries should “respect whatever paths of modernization” individual nations choose for themselves.
“Development is not a privilege for a few,” Ramaphosa reiterated, saying the BRICS group should remain united and also play a key role in stabilizing the world.
