BRICS Update: Reducing Dollar Reliance Tops Summit Agenda

When the BRICS leaders meet on Tuesday, they will focus on methods to lessen reliance on the US dollar, according to South African Deputy President Paul Mashatile.

The BRICS leaders conference will take place in Johannesburg from August 22 to 24. Brazil, Russia, India, China, and South Africa will talk about expanding the group and promoting trade in local currencies. While the dollar’s collapse has been discussed numerous times in recent years, other pretenders have competed among themselves, and there is no solid proof of a structural dollar decline.

Russian President Vladimir Putin will not be present in order to avoid an international arrest warrant for Moscow’s invasion of Ukraine. China, with the support of Russia and South Africa, has been pressing for more members to be admitted to the alliance, raising fears that the bloc is attempting to establish itself as a counterweight to the Group of Seven.

Lula da Silva of Brazil meets with the African National Congress (8:00 a.m.)

Before the BRICS summit begins later Tuesday, Brazilian President Luiz Inácio Lula da Silva is meeting with leaders from South Africa’s ruling African National Congress. He advocates for BRICS growth, the formation of a common currency, and the inclusion of the group in Russia-Ukraine relations.

China’s Xi arrives for a state visit and summit (3:50 a.m.)

According to Chinese state television, Chinese President Xi Jinping has arrived in Johannesburg. Before the summit, he’ll meet with his South African colleague, Cyril Ramaphosa. The BRICS leaders will give addresses, and Russian President Vladimir Putin will address the audience virtually. There will also be a BRICS business event and a briefing by the Chinese delegation.

Officials from the United Nations and the Developing World to Attend BRICS (2:00 a.m.)

According to South Africa, various authorities will attend the event as observers. UN Secretary-General Antonio Guterres, Indonesian President Joko Widodo, and Iranian President Ebrahim Raisi are among them. Over 30 African heads of state and government are anticipated to attend.