News

Timely, comprehensive, professional and accurate information and data to understand the latest information about blockchain, cryptocurrency and Bitcoin

FameEX Hot Topics | BRICS Summit Extends Invitations to 69 Leaders, Excludes Western Nations

2023-07-26 16:15:20

The BRICS economic bloc is gearing up for its largest summit to date, extending invitations to 69 leaders, including all 54 African heads of state and leaders of major Global South bodies. Scheduled to take place in Johannesburg, South Africa, from August 22 to 24, the summit has garnered significant interest, with over 40 countries expressing their desire to join BRICS, and 22 already having submitted official applications. However, the summit has omitted invitations to Western countries like the U.S., U.K., and France, while aiming to deepen the use of local currencies to reduce reliance on the U.S. dollar. The upcoming BRICS summit is breaking records in terms of outreach, highlighting growing trust and interest in the initiatives of the BRICS bloc. Comprising Brazil, Russia, China, India, and South Africa, the BRICS nations are steadily solidifying their position as a powerful economic alliance, attracting global attention.


Anil Sooklal, the South African diplomat in charge of BRICS relations, emphasized the unprecedented scale of the summit's outreach. Inviting all 54 African heads of state underscores the bloc's commitment to involving the African continent in its initiatives. Furthermore, the inclusion of leaders from major Global South bodies further enhances the summit's scope and significance. The decision to invite all African leaders to the BRICS summit reflects the bloc's growing involvement in Africa's development. As the host country, South Africa recognizes its role in fostering progress on the continent. The summit's goals include advancing the continental free trade agreement and strengthening economic ties within Africa and beyond. This inclusive approach emphasizes engagement with the Global South, reflecting BRICS' commitment to addressing common challenges faced by emerging economies.


Western nations, such as the U.S., U.K., and France, have been left out of the summit's invitation list. While French President Emmanuel Macron expressed interest in attending, his invitation faced opposition from Russia. However, the exclusion of Western countries should not be construed as isolationism. BRICS remains actively engaged with the global community to address shared concerns and promote collaboration on international issues.


Sooklal highlighted the tremendous interest from countries seeking to join the BRICS group, with over 40 expressing their desire and 22 having already submitted formal applications. The allure of BRICS lies in its growing influence and potential to foster greater flexibility in international trade, particularly by reducing dependence on the U.S. dollar. As a result, summit discussions will explore ways to deepen interactions in trading local currencies, thereby enhancing economic stability and independence for member nations. The BRICS summit is anticipated to be a momentous event, with its largest-ever attendance and a diverse representation of leaders from around the world. The strategic collaborations and discussions during the summit hold the potential to shape the future of global economics and foster increased cooperation among emerging economies. As BRICS continues to expand its horizons, it serves as a testament to the evolving dynamics in the global economic landscape.


Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

Copyright © 2022-2023 FAMEEX.COM All Rights Reserved
FameEX APPMobile trading, anytime, anywhere