In my mind I can hear Pink Floyd but that is not what this post is about…..
BRICs stands for Brazil, Russia, India, China and later South Africa, a group that was formed because some nations were tired of the US trying to control the economies of the world.
In the recent summit in South Africa the world is about to change….
The BRICS international summit in South Africa this week is drawing interest from countries that are sick and tired of the Western-led blocs.
More than 40 countries have expressed interest in joining Brazil, Russia, India, China, and South Africa in the BRICS bloc as an alternative to Western-led international groupings, Reuters reported on Tuesday, citing South African officials.
South Africa is hosting the 15th summit of the BRICS bloc in Johannesburg from Tuesday to Thursday. The group is considering adding members to its alliance at the meeting.
Of those who have expressed interest, nearly two dozen have formally asked to join the group that represents a quarter of the world’s GDP, per Reuters.
South Africa hasn’t published a list of new candidates to the bloc, but some of the interested countries include heavily sanctioned Iran and Venezuela, Southeast Asia’s largest economy of Indonesia, Saudi Arabia, and the United Arab Emirates.
New members have been announced….
Iran and Saudi Arabia are among six countries that will join the BRICS bloc of developing economies as new members from 2024, South Africa’s president said Thursday. United Arab Emirates, Argentina, Egypt, and Ethiopia are also set to join the bloc that is currently made up of Brazil, Russia, India, China, and South Africa. South African President Cyril Ramaphosa, whose country presently chairs BRICS, made the announcement at a bloc summit in Johannesburg, the AP reports. The five current members agreed at this week’s summit to expand the bloc after two days of talks, although Ramaphosa said the idea of expansion had been worked on for over a year.
This is the second time that BRICS has decided to expand. The bloc was formed in 2009 by Brazil, Russia, India, and China. South Africa was added in 2010. The BRICS bloc currently represents around 40% of the world’s population and contributes more than a quarter of global GDP. Three of the group’s other leaders, Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, and Chinese President Xi Jinping, are attending the summit and were present alongside Ramaphosa for the announcement. Russian President Vladimir Putin did not travel to the summit after the International Criminal Court issued an arrest warrant for him in March for the abduction of children from Ukraine.
The inclusion of Iran, Saudi Arabia, and the United Arab Emirates together in the same economic or political organization would have been unthinkable in recent years amid escalating tensions following the collapse of Tehran’s 2015 nuclear deal and a series of attacks attributed to the country since. But the UAE was first to reengage diplomatically with Iran as it emerged from the coronavirus pandemic and following missile attacks on Abu Dhabi claimed by the Iranian-backed Houthi rebels of Yemen. In March, Saudi Arabia and Iran announced they reached a separate détente with Chinese mediation
International economics is about to get a lot more interesting.
The G7 and the G20 will be floundering to explain why countries are not so thrilled with the US control of world economies.
This bears attention for it could effect trade and your prices.
Any thoughts on this situation?
I Read, I Write, You Know
“lego ergo scribo”
Immediately withdraw all support from all the rogue nations who embrace this crap and let them fend for themselves …America is fully capable of providing for itself without these penis breathed idiots.
Yes were are capable but the almighty dollar will keep us from doing so….along those same lines that is the way I feel about NATO….we are capable protecting ourselves and fuck the rest of them. chujq
It had to happen eventually. Many of the countries involved have a history of foreign exploitation of oil, and/or other resources. Resentment has never gone away, and the sanctions on some countries involved have only increased that. I think it will take a long time to have any profound effect on Western economies, but meanwhile it could benefit piss-poor countries like Ethiopia, and others experiencing rocketing inflation and currency collapse, like Argentina.
Best wishes, Pete.
So true and no one cares right now….but when things start going to Hell they will bitch and moan about being blind-sided…..look who joined…..Saudis and UAE and that could mean their oil as well. Like I said interesting enough for me to watch. chuq