China urging the BRICS coalition to evolve into a geopolitical challenger to G7

TL;DR Breakdown

  • China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7.
  • There have been disagreements on the BRICS membership and the criteria for adopting new members.

Description

China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7. Leaders from various developing nations will convene to discuss the most extensive expansion the forum has witnessed in over ten years.  President Cyril Ramaphosa of South Africa has extended invitations to over 60 heads of state and … Read more

China is looking to propel the BRICS coalition of emerging economies into a substantial contender against the G7. Leaders from various developing nations will convene to discuss the most extensive expansion the forum has witnessed in over ten years. 

President Cyril Ramaphosa of South Africa has extended invitations to over 60 heads of state and government for a summit starting Wednesday in Johannesburg. Several countries might receive invitations during this event to join the coalition, which currently comprises Brazil, Russia, India, China, and South Africa, according to officials acquainted with the discussions.

China and India’s clash on BRICS’ alliance

As the summit approaches, there has been a clash between New Delhi and Beijing regarding expanding the BRICS coalition. The disagreement stems from differing viewpoints on whether BRICS should function as an impartial alliance aimed at the economic interests of developing nations or as a political entity openly challenging Western powers. Individuals familiar with India and China’s stances have noted increasing tensions. South African officials have disclosed that 23 nations are interested in joining the coalition.

A Chinese official, opting to remain anonymous, remarked that if they expand BRICS to encompass a comparable share of the global GDP as the G7, the collective influence on the international stage will strengthen. In contrast, Naledi Pandor, South Africa’s foreign minister, emphasized that perceiving a potential BRICS expansion as an anti-Western move is “extremely wrong.” Nonetheless, Western capitals are likely to interpret the potential inclusion of countries like Iran, Belarus, and Venezuela as a gesture to align with associates of Russia and China.

In the race to become the coalition’s first new members since South Africa’s induction in 2010, Argentina, Saudi Arabia, and Indonesia are actively competing for the position.

Brazil’s President Luiz Inácio Lula da Silva has recently advocated for extending BRICS membership to neighboring countries such as Argentina and Venezuela, Saudi Arabia and the United Arab Emirates. In Brasília, a senior diplomat wants to establish transparent criteria for any expansion. One potential requirement could be for new members to join the New Development Bank, headquartered in Shanghai and established by the BRICS. Notably, Saudi Arabia is discussing becoming the ninth member of this multilateral financial institution.

According to the diplomat, the likelihood of all 23 countries joining simultaneously seems remote; however, they must comprehend the rationale behind the decision. This understanding would apply to the current expansion and set a precedent for future enlargements.

Those overseeing the preliminary discussions before the summit have underlined that BRICS leaders must reach a consensus on the criteria for admitting new members. Contrary to a broader agenda of advocating for a common currency, which could counteract the dominance of the US dollar, such a topic is not on the table.

BRICS members attending the upcoming summit 

Meanwhile, President Vladimir Putin will not physically join other BRICS leaders in Johannesburg. This decision will relieve Pretoria from the obligation to execute the legal mandate of arresting the Russian leader, who faces indictment by the International Criminal Court due to the conflict in Ukraine. Putin is expected to participate through a video link. Notably, as reported by the Kremlin, he engaged in a conversation with Iran’s President Ebrahim Raisi on August 17 regarding Tehran’s bid to join the BRICS.

On Monday, Xi Jinping, the President of China, is set to journey to Johannesburg for the summit and engagements with African leaders, as confirmed by China’s foreign ministry. The visit marks a rare instance of international travel for the Chinese president in 2023, with his prior overseas trip to Russia in March.

Meanwhile, rather than pushing for widespread de-dollarization, the summit may pursue an accord among BRICS members to trade using their local currencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

文章来源于互联网:China urging the BRICS coalition to evolve into a geopolitical challenger to G7

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月21日 11:04
Next 2023年8月21日 17:56

Related articles

  • Coinbase gives loan holders a four-month window to repay loans as it winds down Borrow service

    TL;DR Breakdown Coinbase is winding down its lending service, Coinbase Borrow, and has notified users to settle any outstanding loan balances by November 20, 2023. The decision to close the program was made to focus resources on the products and services that customers use most. Coinbase is providing a four-month repayment period and prioritized customer support to ensure a smooth transition for affected users. Description Coinbase announced the gradual wind-down of its lending service, Coinbase Borrow, in May. In a new development, the platform notified its users on Thursday that they have until November 20, 2023, to repay any outstanding loan balances. Failure to do so will result in default, leading Coinbase to sell its Bitcoin collateral to settle the … Read more Coinbase announced the gradual wind-down of its lending service, Coinbase Borrow, in May. In a new development, the platform notified its users on Thursday that they have until November 20, 2023, to repay any outstanding loan balances. Failure to do so will result in default, leading Coinbase to sell its Bitcoin collateral to settle the loans. Coinbase…

    Article 2023年7月22日
  • Arbitrum price analysis: Uptrend remains preserved as price safely rejoins $1.16

    TL;DR Breakdown The Arbitrum price analysis validates bullish dominance. The bulls have taken price above $1.16. Support is sufficient at $1.04 level. The Arbitrum price analysis reveals that the uptrend has been intact as the bulls have been trying to maintain their lead despite a very low price oscillation. The bullish momentum lacks spark, but at least the trend has been saved from reversing until now, which is why the price has been slightly uplifted to the $1.16 level. This counts as an accomplishment for the buyers, as previously the chances of progression were quite limited. ARB/USD 1-day price chart: Bullish momentum continues as the price recovers slowly The 1-day price chart for Arbitrum price analysis shows the cryptocurrency price has been advancing at a slow pace for the past two weeks, which is a moment of encouragement for the buyers. The price has been elevated up to $1.16 in the last 24 hours, as the bulls have been maintaining their upper position proficiently. The price has been able to reach near the moving average (MA) value as well, which…

    Article 2023年5月22日
  • SEC Chair Gary Gensler to Share Views on Crypto Draft Bill with US House Committee

    TL;DR Breakdown SEC Chair Gary Gensler will appear before the US House Committee to discuss a draft crypto regulation bill, addressing concerns about the Commission’s authority and its mission to protect investors and maintain fair markets. Treasury Secretary Janet Yellen will submit a written response to the same proposal. Meanwhile, the outcome of the SEC’s lawsuit against Ripple, which could set a legal precedent. Description In a move to gain insights into the legislative proposal to revise the market structure related to digital assets, US Representative Maxine Waters has requested Securities and Exchanges Commission Chair Gary Gensler and Treasury Secretary Janet Yellen to provide their views. The proposal, introduced by leaders of the House Financial Services Commission and Agriculture Committee, … Read more In a move to gain insights into the legislative proposal to revise the market structure related to digital assets, US Representative Maxine Waters has requested Securities and Exchanges Commission Chair Gary Gensler and Treasury Secretary Janet Yellen to provide their views. The proposal, introduced by leaders of the House Financial Services Commission and Agriculture Committee, aims to…

    Article 2023年6月29日
  • Nearly $16M in crypto lost to hacks in August

    TL;DR Breakdown In the month of August, a total of $15.8 million in cryptocurrencies fell victim to various hacks and exploits, marking a notable reduction from the previous month’s losses.  The attacks primarily targeted decentralized finance (DeFi) protocols, with no reported incidents affecting centralized financial entities. Prominent among the losses is the Exact protocol hack that transpired on August 18 which saw malicious actors pilfering 4,323.6 Ether, equivalent to around $7.2 million, from users’ deposits using a malicious deposit contract. Description In the month of August, a total of $15.8 million in cryptocurrencies fell victim to various hacks and exploits, marking a notable reduction from the previous month’s losses. According to a report published on August 31 by Immunefi, a prominent blockchain security firm, the combined tally of losses from hacks and fraudulent activities amounted to … Read more In the month of August, a total of $15.8 million in cryptocurrencies fell victim to various hacks and exploits, marking a notable reduction from the previous month’s losses. According to a report published on August 31 by Immunefi, a prominent blockchain…

    Article 2023年9月1日
  • BRICS to invite Saudi Arabia and Egypt to join despite caution from some members

    TL;DR Breakdown BRICS members have invited Saudi Arabia and other nations to join their coalition for global impact. BRICS believes a larger group could counter the Group of Seven’s global dominance, with China and Russia supporting the expansion. Description BRICS members are making arrangements to extend invitations to prominent oil exporter Saudi Arabia and several other nations to join their coalition to enhance their worldwide impact. At a summit taking place this week in Johannesburg, the heads of state from Brazil, Russia, India, China, and South Africa have reached a consensus to broaden the … Read more BRICS members are making arrangements to extend invitations to prominent oil exporter Saudi Arabia and several other nations to join their coalition to enhance their worldwide impact. At a summit taking place this week in Johannesburg, the heads of state from Brazil, Russia, India, China, and South Africa have reached a consensus to broaden the scope of their alliance, which marks the initial expansion of the group since 2010. BRICS’s plans to expand membership BRICS members have said a bigger group could help…

    Article 2023年8月24日
TOP