At the summit in Johannesburg, BRICS » Brazil, Russia, India, China and South Africa » agreed to make Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates full members from January 1, growing the blocs role as a geopolitical alternative to Western-led world order.
Chinese leader Xi Jinping stated the world was undergoing major shifts and had entered a new period of “turbulence and transformation.” Ironically, Xi blamed countries that form “exclusive blocs” for the problems.
Can, will BRICS dethrone the US dollar? » The world’s reserve currency is facing increasing challenges from countries who want options beyond the greenback.
The leaders of Brazil, India, and China are all in South Africa — which is hosting the annual event this year — while Russian President Vladimir Putin is participating virtually to avoid arrest under an International Criminal Court (ICC) warrant over war crimes in Ukraine.
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