At a summit of the BRICS economical group of Brazil, Russia, India, China and South Africa, it was decided to invitation six fresh countries. The conference besides discussed the adoption of a fresh currency in global settlements alternatively of the US dollar.

Eleven BRICS associate States

The 15th yearly BRICS summit was held on 22-24 August in Johannesburg, South Africa. During the conference, South Africa's president Cyril Ramaphos announced the joining of six fresh states to the community: Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and the United arabian Emirates expanding the number of associate States to eleven. authoritative joining will take place on January 1, 2024. This will be the first expansion of the alliance since 2010, erstwhile South Africa joined.

These countries (except Ethiopia) are among the largest oil exporters in the world. If accession takes place, the BRICS countries will produce 34198,000 bbl of oil per day and establish a global monopoly on this natural material. Compared to United States production, it is 11186 bbl per day, more than 3 times less.

The summit besides addressed the issue of the waiver of the US dollar in trade between BRICS countries and replacing it with local currencies. The Group adopted a resolution on the future creation of a fresh currency.

The absence of Putin and Xi Jinping

The conference was attended by representatives of all the countries affiliated but Xi Jinping, who came to Johannesburg, but was the only 1 not to appear on the forum without any explanations from Beijing. The prepared speech alternatively of the president of the PRC was given by Minister of Commerce Wang Wentao. It included an appeal to avoid the Second Cold War and break the hegemony of the West.

Vladimir Putin gave his speech remotely for fear of an global arrest warrant, even though South Africa announced in May 2023 that he would grant Putin diplomatic immunity.

BRICS — Future economical Power?

BRICS is an economical organization of developing countries created in 2006 within the economical Forum as a counterweight to the G7 which brings together the world's most developed countries specified as the US, Japan and any European countries. BRICS is not a centralised alliance like the European Union with independent decision-making bodies, but a loose forum of countries that have common political and economical objectives. The main objectives of the group include, inter alia, the cessation of US dollar dominance, cooperation in the field of energy security, the creation of a fresh improvement Bank providing loans to public and private entities in associated countries, or a UN improvement to extend the composition of the safety Council.

According to 1 of the largest investment banks Goldman Sachs, BRICS states by 2050 have a chance to become the world's leading economy. The BRICS countries are already producing 1/4 of global production and are inhabited by 40 percent of humanity, so their GDP has leapt over the G7 group. On the basis of the global Monetary Fund data this year, there will be a full of 32.1 percent of global GDP per block of BRICS countries. This is an increase of 16.9 percent compared to 1995. At the same time, G7's share of global GDP fell from 44.9 percent of 1995 to 29.9 percent in 2023.

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It should be added that although the BRICS Group exceeds G7 in terms of full GDP, it is inactive lagging behind highly developed countries in terms of GDP per person. For example, China's GDP per capita is $23,382, while in the United States it's $80,035.

The Future of BRICS

BRICS as an alternate alliance for the US and the Union is very attractive to the countries of Africa, Asia and Latin America, which are mostly negative towards the west. This makes the number of BRICS members likely to increase by more countries in the future. In 2023 alone, 16 countries expressed their desire to join the alliance: Algeria, Bahrain Bangladesh, Belarus, Bolivia, Cuba, Honduras, Indonesia, Kazakhstan, Kuwait, Nigeria, Palestine, Senegal, Thailand, Venezuela and Vietnam.

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