Headline Roundup • August 22nd, 2023
Will Russia and China Expand BRICS to Challenge Western Economies?
Foreign Policy,BRICS,China,Russia,India,South Africa,Brazil,Economy And Jobs,Trade,Banking And Finance,G7,World
Summary from the AllSides News Team
A group including Russia and China is considering adding new members in a bid to compete with Western groups like the G7.
The Details: Leaders from BRICS — Brazil, Russia, India, China, and South Africa — are meeting in South Africa on Tuesday for a widely anticipated summit.
Expanding the Club: The group is considering adding new members to rival the G7 and other Western economic groups. BRICS countries already represent 43% of the global population, and 19 other countries are reportedly interested in joining, including Saudi Arabia, Iran, Argentina, and Indonesia. Not all group members appear to be on the same page, however; on Tuesday, Brazilian President Luiz Inácio Lula da Silva said BRICS was not meant to rival the G7, only to organize economies in the Global South.
Pushing Back on Dollar Dominance: BRICS’ New Development Bank is planning to lend in South African and Brazilian currencies to challenge the global dominance of the U.S. dollar. Some analysts expect the group to eventually push for a gold-backed unified currency.
How the Media Covered It: News coverage appeared primarily in mainstream international and business outlets, most of which are rated Center or Lean Left by AllSides. Commentary appeared to vary more than news coverage; a Fox News (Right bias) op-ed accused Russia and China of plotting to “upend” the “world order,” and a Financial Times (Center bias) op-ed said it was “unlikely” that BRICS would seriously challenge the U.S. dollar.
Featured Coverage of this Story
Xinhua
Chinese President Xi Jinping called Brics a “constructive force” that contributes to global economic growth while lauding Beijing’s ties with Johannesburg, ahead of the bloc’s annual summit that begins on Tuesday.
Xi made the remarks after arriving in Johannesburg on Monday night for the meeting of emerging economies – Brazil, Russia, India, China and South Africa. He said China’s relations with South Africa would inject greater stability into a “turbulent world”.
“As an important cooperation platform for emerging market countries and major developing countries, the Brics cooperation mechanism has become a constructive force for promoting world...
Marco Longari/Agence France-Presse — Getty Images
The leaders from the five-member group of nations known as BRICS — Brazil, Russia, India, China and South Africa — are beginning a three-day summit in Johannesburg on Tuesday, where they are discussing expanding the club that harbors ambitions of becoming a geopolitical alternative to Western-led forums like the Group of 7.
The latest gathering of leaders has garnered a level of international interest rarely seen since the group was first formed 14 years ago.
Russia’s invasion of Ukraine along with a trade war between Beijing and Washington have reinvigorated...
RODGER BOSCH / AFP
The possible establishment of a currency to rival the U.S. dollar won't be discussed at the 15th summit of the BRICS countries that begins in Johannesburg on Aug. 22, South African government officials have told The Epoch Times.
However, this week’s meeting will herald the first step toward the establishment of a gold-backed BRICS currency designed to end what the bloc terms “U.S. dominance of global finance structures,” according to some analysts.
BRICS members are Brazil, Russia, India, China, and South Africa. The bloc was set up in 2009 to...
