Published: 8th Jun, 2023
Context
In a discussion of BRICS nations’ Foreign Ministers (FM) at Cape Town, South Africa, a geopolitical consolidation of the grouping has been proposed to expand the membership of BRICS, and a common currency.
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About BRICS:
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Highlights of the meet:
- The foreign ministers’ meeting will finalise the agenda for the 15th BRICS summit scheduled to be held in South Africa in August, 2023.
- Two items on the agenda are attracting notice;
- A plan to expand the membership of BRICS, and a common currency.
- South Africa is going to conduct the BRICS summit for the year 2023 and also hosting a Friends of BRICS meeting, with 15 foreign ministers from Africa and the Global South.
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The theme of upcoming BRICS summit 2023 is: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism”. |
Significance of the meet:
- Talks on a Common Currency:
- The idea of a common currency was proposed by Russia’s President Vladimir Putin at the Beijing BRICS summit 2022.
- A committee will be formed to study the viability of the idea.
- The last year of Russia-Ukraine war has seen economies around the world feel the impact of the sanctions, the resultant spike in energy prices, combined with the rising value of the dollar.
- Thus, the idea of common currency can boost the trade relations between the member countries also in a situation of conflict.
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