BRICS: Why Saudi Arabia and others are vying for membership
21 August 2023 |
3:31 pm
Some see the 5-member club as a counterweight to traditional Western-led forums and institutions. But what exactly is BRICS and why does it matter?
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15 Jul
Ethiopia recently applied to join BRICS — an economic group comprising Brazil, Russia, India, China and South Africa. The body is seen as an alternative to the Bretton Woods institutions and the West's dominance in geopolitics. But can a country like Ethiopia, whose economy is ranked 59th in the world, sit as an equal partner with a country like China, whose economy is ranked second globally?
17 Jul
The 33-year-old had been accused of going to Syria in 2016 along with her children and joining the terrorist group.
21 Jul
More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa's top diplomat in charge of relations with the bloc said on Thursday.
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Global South versus Global North? The BRICS summit in South Africa is set to be all about the group's plans to expand and how to deal with sanctions.
21 Aug
Some see the 5-member club as a counterweight to traditional Western-led forums and institutions. But what exactly is BRICS and why does it matter?
23 Aug
Leaders of the BRICS group of emerging economies meet in Johannesburg as divisions between the founding members about the bloc's future appear to emerge. Thirty-eight Senegalese nationals are repatriated after a migrant boat drifts off Cape Verde. And Zimbabwe gears up for presidential elections amid economic hardship.
23 Aug
After Human Rights Watch reported the killing of hundreds of Ethiopians at the Saudi-Yemeni border, the Ethiopian government decided to launch a joint investigation with Saudi Arabia.
24 Aug
As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.
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Saudi Arabia is playing down the alleged killing of thousands of Ethiopians, but similar accusations have been made before.
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During this week's BRICS summit, China is leading calls for expansion of the grouping's membership and influence. However, a major rift remains between Beijing and New Delhi.
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Strengthening the New Development Bank (NDB) — or the so-called BRICS Development Bank — is top agenda of the BRICS summit agenda. Could the NDB, backed by the five emerging world economies: Brazil, Russia, China, India and South Africa, replace existing financial institutions, such as the IMF, in lending funds to developing nations?
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