Building BRICS by bricks

Resistance to Western geo-political order: building brick by BRICS. And “China has 13 naval shipyards, each with more capacity than all seven US naval shipyards combined.”

Pearls And Irratations by John Queripel • August 29, 2023

Excerpts

The Summit’s most momentous decision was the admission of six new nations to BRICS. The Bloc added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE while leaving the door upon to further expansion.

BRICS adding Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE

‘We have consensus on the first phase of this expansion process and other phases will follow,’ Ramaphosa said at a media briefing.

The new members admitted include three of the world’s biggest oil producers: Saudi Arabia the UAE and Iran. This would appear to expand the influence of China and Russia in the Middle East. Recently China was able to bring to the table longstanding enemies, Iran and Saudi Arabia. Now they have both have been brought into BRICS.

BRICS adds Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and UAE

The new candidates will be formally admitted 1st January 2024. Together, the 11 countries have a population of some 3.7 billion, almost half the global populace.

The long list of other nations who have expressed interest in joining include:

Afghanistan, Algeria, Angola, Bahrain, Bangladesh, Belarus, Comoros, Cuba, Democratic Republic of the Congo, Gabon, Guinea-Bissau, Honduras, Indonesia, Kazakstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uganda, Uruguay, Venezuela and Zimbabwe.

That interest seems to arise from BRICS representing an alternative to the current Western led global order, something clearly these nations view as not being in their interest.

One day, BRICS+ will recast itself into a counter NATO Alliance, less so with G7

IMF figures show the US dollar still accounts for about 88 percent of all international transactions and 59 percent of global foreign exchange reserves.

The BRICS bank already lends in Chinese yuan, with this Summit extending that to South African and Brazilian currencies.

Change is rapid. BRICS is often compared to the G7. In 2002, the G7 countries accounted for 42 percent of global GDP, but 20 years later, they represent just 30 percent. During the same period, BRICS members’ share of global GDP increased from 19 percent to 31 percent.

BRICS+ and other BRICS aspirants

Russia will assume chairing the group next year, including hosting a summit in Kazan during October 2024.

~ by Joel on August 30, 2023.

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