ALBAWABA- The BRICS Business Forum has begun in Johannesburg, South Africa's capital, gathering leaders to deliberate on a wide array of economic and global matters.
During the event, Putin advocated for replacing the dollar as the global currency and emphasized the potential of the BRICS Bank as a solution to exploitation concerns. He addresses that abandoning the dollar as a "global" currency is an irreversible process.
Indian Prime Minister Narendra Modi underscored India's economic strides, citing increased investor confidence post the GST and Insolvency and Bankruptcy Code implementation.
The BRICS grouping, comprising Brazil, Russia, India, China, and South Africa, has piqued the interest of several countries pursuing membership. Algeria aspires to join BRICS, and four Gulf countries as well as Iran are on a trajectory towards inclusion in this emerging global alliance.
While the BRICS summit carries weight amidst Russia's Ukraine conflict and US-China geopolitical tensions, the United States displayed limited concern about BRICS emerging as a rival to its economic dominance. US officials stressed the diverse visions and agendas of BRICS member states, which hinders unified opposition to US economic influence.
The summit's theme, "BRICS and Africa," mirrors ongoing discussions about fostering a balanced and secure global framework. This year's summit agenda encompasses conversations on the potential expansion of BRICS membership, a topic the bloc has previously entertained.
