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BRICS summit: Leaders eye expansion, common currency

Deutsche Welle

  24 Aug 2023, 11:52

The leaders of the BRICS countries have agreed on a roadmap for how to allow new states to join their group of up-and-coming economies, South African Foreign Minister Naledi Pandor told Ubuntu Radio — a station run by her own ministry.

"We have agreed on the matter of expansion," she said.

"We have a document that we've adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS...That's very positive," Pandor said.

She added that further details would be provided by the BRICS leaders by the end of the summit, currently taking place in Johannesburg.

Expansion of the bloc was one of the main topics on the agenda. More than 40 countries are interested in joining, with at least 22 — including Iran, Venezuela and Algeria — having already made formal requests to become members.

Brazil backs BRICS common currency

Brazilian President Luiz Inacio Lula da Silva spoke in favor of setting up a new common currency to be used between the BRICS members instead of the US dollar.

"The decarbonization of our economies needs to be accompanied by dignified jobs, industrialization and green infrastructure and services for all," he wrote on X, formerly known as Twitter.

He added that the BRICS New Development Bank in Shanghai, headed by former Brazilian president and ally of Lula, Dilma Rousseff, would be able to take on the challenge.

"The creation of a currency for transactions between the BRICS countries reduces our vulnerabilities," Lula said.

The Brazilian president didn't go into further detail on his proposal.

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