The Sandton Convention Centre is ready to host the XV BRICS Summit. [Picture: BusinessLIVE]
OR Tambo International Airport, near Johannesburg, is a hive of activity as delegates from more than 40 countries arrive for the XV BRICS Summit, starting Tuesday. The world’s attention will be on the Sandton Convention Centre as the alliance mulls a number of issues, including expansion and a possible new currency.
China’s President Xi Jinping arrived in the country late Monday night. Before him, the Cameroon delegation, led by Prime Minister Dr Joseph Dion Ngute, and then Brazil’s President Lula da Silva. Many more will stream in as the Summit kicks off Tuesday.
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Hot topics at the XV BRICS Summit
In the build-up to the group’s most important conference to date, there has been widespread speculation of expansion and a new ‘BRICS currency’.
At a gala dinner hosted by the African National Congress’s (ANC) on Monday evening, an elated international relations minister Dr Naledi Pandor said BRICS was not competing with other power blocs such as the G7.
“You are all aware of a steady erosion of trust and competition between states, which is weakening the ability of the international community to work together to address shared challenges. The obstacles we are facing include growing unilateral geopolitical rivalries, inconsistent compliance with and, at times, blatant violations of international law, and the application of double standards,” she added.
There was also much frenzy around a new currency for the group’s member states. An expert on Foreign Policy went as far as to suggest “A BRICS Currency Could Shake the Dollar’s Dominance”.
“At least based on the economics, a BRICS-issued currency’s prospects for success are new,” argued Joseph W. Sullivan, a senior advisor at the Lindsey Group and a former special advisor and staff economist at the White House Council of Economic Advisers during the Trump administration.
“However early plans for it are, and however many practical questions remain unanswered, such a currency really could dislodge the U.S. dollar as the reserve currency of BRICS members,” he continued.
The leaders of BRICS states will engage in a retreat in the leafy Johannesburg suburb of Hyde Park on Tuesday. They will arrive at the Sandton Convention Centre on Wednesday morning, with the Summit expected to conclude Thursday evening.
Keep up with the latest from the XV BRICS Summit with Salaamedia’s live coverage on social media and on our live blog.
Xi touches down, Pandor says Brics not competing with G7 – The Mail & Guardian (mg.co.za)
BRICS Currency Could End Dollar Dominance (foreignpolicy.com)
