BRICS Summit Day 1 Highlights
Eight Highlights of The Much Anticipated BRICS Summit
1. South Africa, China, Russia Eager to Expand BRICS Bloc, While India and Brazil are ‘Relatively Skeptical’ of Expansion
FT reported in “South Africa and China Find Common Ground on BRICS Expansion”:
"South Africa’s Cyril Ramaphosa said that “South Africa and China have similar views on the expansion of Brics membership”
…Brazil’s president Luiz Inácio Lula da Silva and Indian prime minister Narendra Modi are also in attendance at the BRICS summit, with their governments relatively skeptical of expansion on terms that would dilute their influence in the bloc and embellish China’s claim to lead the developing world."
Reuters would also note that “..Russia is also keen to expand membership"
2. Argentina Was Favored by Brazil, ‘Main Hold Out’ For BRICS Expansion, Now in question Due to Javier Milei
Milei’s victory in the presidential primaries for Argentina has raised questions. SCMP reported:
…The results of Argentina’s presidential primaries... may have jeopardised the nation’s candidacy and renewed a sense of caution about admitting new members to Brics.
...The Rio Times reported yesterday, “Argentina Will Not Join the Brics Group; Alberto Fernandez Has Renounced Participation in the Summit”
3. SA President Declares Intent for Africa to Industrialize, Produce Finished Products Instead of “Rock and Sand”
“This continent is rich in the critical minerals that will drive business success in the 21st century...
The investors of choice are those who will come and invest in our continent but also process the resources here, close to source - so that African countries do not export rock and sand, but export finished products, as we would like to do." -
4. China Says African Countries Want Industrialisation over Infrastructure
Reuters reported:
"African countries want China to shift its focus from building infrastructure on the continent to local industrialisation, China's top Africa diplomat said on Tuesday ... Wu said the change was needed especially considering the Africa Continental Free Trade Agreement (AfCFTA), which was launched at the start of 2021 and is intended to enable African countries to trade tariff-free in future."
5. BRICS New Development Bank To Begin Lending in South African, Brazilian, Indian Currencies, Strives to Reduce Reliance on the Dollar
The NDE is going to being lending in the Brazilian, Indian and South African currencies.
FT reported:
“The development bank set up by the Brics nations plans to begin lending in the South African and Brazilian currencies...also in rupees."
6. Saudi FM Leaves for South Africa to Attend BRICS Summit
Saudi Gazette would report on the Saudi Foreign minister leaving Saudi Arabia for BRICS last minute on day one of the BRICS summit:
"On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Foreign Minister Prince Faisal bin Farhan is leading Saudi Arabia’s delegation attending the BRICS Plus Dialogue and BRICS-Africa Outreach conference. The foreign minister has left on Tuesday for South Africa.
The session, with the theme 'BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism,' will be held on Thursday, Aug. 24, in Johannesburg....
The theme of the 15th annual BRICS summit is “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution.
7. ‘India is the fastest-growing major economy in the world,’ says PM Modi, ‘India Will Soon Become a $5 Trillion Economy’
'No doubt that in coming years, India will be growth engine of the world', PM Modi, at Brics in Johannesburg
8. China’s Xi Attends BRICS Dinner But Skips Business Forum Where He was Scheduled to Speak:
Reuters reported: “It was not immediately clear why Xi, who had a meeting with host Ramaphosa earlier in the day, did not attend.”
Source: TheMcgWire
https://themcgwire.substack.com/p/brics-summit-day-1-highlights #BRICS #BRICSSummit #BRICS2023 #politics #AfricaBRICS Summit Day 1 Highlights
Eight Highlights of The Much Anticipated BRICS Summit
1. South Africa, China, Russia Eager to Expand BRICS Bloc, While India and Brazil are ‘Relatively Skeptical’ of Expansion
FT reported in “South Africa and China Find Common Ground on BRICS Expansion”:
"South Africa’s Cyril Ramaphosa said that “South Africa and China have similar views on the expansion of Brics membership”
…Brazil’s president Luiz Inácio Lula da Silva and Indian prime minister Narendra Modi are also in attendance at the BRICS summit, with their governments relatively skeptical of expansion on terms that would dilute their influence in the bloc and embellish China’s claim to lead the developing world."
Reuters would also note that “..Russia is also keen to expand membership"
2. Argentina Was Favored by Brazil, ‘Main Hold Out’ For BRICS Expansion, Now in question Due to Javier Milei
Milei’s victory in the presidential primaries for Argentina has raised questions. SCMP reported:
…The results of Argentina’s presidential primaries... may have jeopardised the nation’s candidacy and renewed a sense of caution about admitting new members to Brics.
...The Rio Times reported yesterday, “Argentina Will Not Join the Brics Group; Alberto Fernandez Has Renounced Participation in the Summit”
3. SA President Declares Intent for Africa to Industrialize, Produce Finished Products Instead of “Rock and Sand”
“This continent is rich in the critical minerals that will drive business success in the 21st century...
The investors of choice are those who will come and invest in our continent but also process the resources here, close to source - so that African countries do not export rock and sand, but export finished products, as we would like to do." -
4. China Says African Countries Want Industrialisation over Infrastructure
Reuters reported:
"African countries want China to shift its focus from building infrastructure on the continent to local industrialisation, China's top Africa diplomat said on Tuesday ... Wu said the change was needed especially considering the Africa Continental Free Trade Agreement (AfCFTA), which was launched at the start of 2021 and is intended to enable African countries to trade tariff-free in future."
5. BRICS New Development Bank To Begin Lending in South African, Brazilian, Indian Currencies, Strives to Reduce Reliance on the Dollar
The NDE is going to being lending in the Brazilian, Indian and South African currencies.
FT reported:
“The development bank set up by the Brics nations plans to begin lending in the South African and Brazilian currencies...also in rupees."
6. Saudi FM Leaves for South Africa to Attend BRICS Summit
Saudi Gazette would report on the Saudi Foreign minister leaving Saudi Arabia for BRICS last minute on day one of the BRICS summit:
"On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Foreign Minister Prince Faisal bin Farhan is leading Saudi Arabia’s delegation attending the BRICS Plus Dialogue and BRICS-Africa Outreach conference. The foreign minister has left on Tuesday for South Africa.
The session, with the theme 'BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism,' will be held on Thursday, Aug. 24, in Johannesburg....
The theme of the 15th annual BRICS summit is “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution.
7. ‘India is the fastest-growing major economy in the world,’ says PM Modi, ‘India Will Soon Become a $5 Trillion Economy’
'No doubt that in coming years, India will be growth engine of the world', PM Modi, at Brics in Johannesburg
8. China’s Xi Attends BRICS Dinner But Skips Business Forum Where He was Scheduled to Speak:
Reuters reported: “It was not immediately clear why Xi, who had a meeting with host Ramaphosa earlier in the day, did not attend.”
Source: TheMcgWire
https://themcgwire.substack.com/p/brics-summit-day-1-highlights #BRICS #BRICSSummit #BRICS2023 #politics #Africa 
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