BRICS 2023 Summit to Challenge Western Dominance, US Dollar
TEHRAN (Tasnim) – The 15th BRICS summit, which is going to be held in South Africa this month, is expected to make the global governance system fairer and counterbalance the dominance of Western countries, the executive director of the South Centre told.
The event’s agenda will be topped by efforts toward de-dollarization (reducing the US dollar’s hegemony) and the expansion of the bloc, Carlos Maria Correa said.
The BRICS group of major emerging economies — Brazil, Russia, India, China and South Africa — will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24. The summit will be the first in-person BRICS gathering since the COVID-19 pandemic.
Altogether, the BRICS nations account for more than 40% of the world population and about 26% of the global economy.
“One key issue for the BRICS to consider is global governance. There is a need to change the current system, which is unfair and asymmetric. In particular, the architecture of the financial system needs a major reform,” Correa maintained, Xinhua reported.
Leaders are also expected to discuss the group’s expansion by adding new members, including the admission criteria and the guiding principles.
“Among my hopes is that the current BRICS group considers the incorporation of other countries,” Correa stated.
“This will be very important because it will give volume to the BRICS group.”
“Of course, major economies, such those of India, Brazil and China, are there, but if other countries can also be incorporated, the political dimension of the BRICS will be improved significantly.”
