Brics adds 6: new ‘heavyweights’ boast oil and deep pockets, while others help ‘future-proof’ the bl

Full title:
Brics adds 6: new ‘heavyweights’ boast oil and deep pockets, while others help ‘future-proof’ the bloc, analysts say

Brics members have agreed to admit six more members to the bloc, adding “heavyweights” with deep pockets, key oil exporters, and countries with booming populations and strategic locations, observers said.

At the Brics summit in Johannesburg on Thursday, South African President Cyril Ramaphosa, the current chair of the group, said Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates would become full members from January 1, 2024.

He said the five Brics countries – Brazil, Russia, India, China and South Africa – had reached an agreement on the guiding principles, standards, criteria and procedures of the expansion process, which had been under discussion for a while.

Ramaphosa said more countries had expressed interest in joining the bloc, and Brics leaders had given their foreign ministers the task of developing criteria for admitting new members and a list of prospective partner countries.

https://www.google.com/amp/s/amp.sc...acy/article/3232153/brics-admit-6-new-members

Well, no announcement of a new reserve currency, but a very productive meeting, nevertheless. 6 new BRICS countries, among them the world's biggest oil and gas producers, 2 of which are among the richest countries on the planet. Plus Argentina is a big food exporter. To have these countries grouping together is a very big deal.

BRICS+ must be seen alongside China's BRI project as part of the shift towards a multipolar world. The new additions of Saudi Arabia and UAE especially offer new possibilities. China no longer will have to do all the financial heavy lifting alone in global developement projects. And Iran and Saudi Arabia now in a common bloc? Who would have thought that could be possible just a few years ago? And what of the petrodollar? This "local currency" trading is taking off big time.

Lots of possibilities and the current rise of BRICS+ can, IMO, be largely attributed to the US's freezing of that $300 billion in Russian assets. The whole world took notice and now a great many countries are looking for alternatives to the Western financial system.

 

" No announcement of reserve currency....but productive meeting nonetheless "???

Yep....the buffet was great, stuffed their faces, burped and farted for 2 hrs after wards.



Yup....and in the end Woogsie.....all use $US for all their transactions. Case dismissed.

 

You need to up your game. That reply is really weak sauce. Doesn't even rise to the level of sophomoric. Not to mention factually wrong about $US dollar use.

 

China and Iran are our enemies. Biden DID that.
Biden is sucking up to our enemies. THAT is what Biden "DID".

 

yes, seeing America elect Trump once was enough, to see us foolish enough to try again, not looking very good to the rest of the world

 

Thanks for showing everybody, just how much you know about politics: until Biden, Iran was not our enemy-- oh really? You are one f'ing genius, AARguy! As for China: we do not call it our "enemy," but rather, our "competitor"-- but one's view would need an ounce of sophistication, to make that differentiation, so I'm sure no one expects it, of you. Yet, whatever you want to call the relationship, it is fundamentally the same as it has been, for a good while, now: the recent chilling hasn't changed that-- so, once again, you prove just what nonsense are both your geopolitical understanding, and your domestic political opinion.

 

And, there was zero mention of Russia.......that was the icing......

 

I tried to figure out what it spells now... too many vowels.

 

OK, so yet one more ineffectual talking shop adds a few more participants. I doubt this will get past the level of cohesion or effectiveness of something like APEC, which is basically a chance for national leaders to wear silly shirts every so often.

A new 'non-aligned' bloc this is not. Fascinating that some see it as the basis for some great international body or a prestige blow to the US. I guess having your conclusion worked out before things actually happen saves all that tedious thinking.

 

Been hearing since high school all about the dollar collapsing any minute now and being replaced very soon, lol.

In other news, foreign money and buying has been flooding the U.S. for the last two decades, and from many of those BRICS countries, causing a big inflationary effect on U.S. stock prices and real estate. BRICS is just another Find The Greater Fool' game of who is going to swindle the other members the most. All of the core founders are hopelessly corrupt economies who go nowhere without U.S. and European markets. Shorting foreign currencies is a lucrative gamble; just ask Soros.

 

Like I said....see my above statement.

A handful of swindlers gathering on how to screw the other one over....while using $US to do so.

It's like a "Franco-phone" Summit where all the attendees end up speaking English....LOL.

OK.....next.

 

Why is that? Are they afraid the US might start seeing to it's own interests?

 

With the exception of Brazil, BRIC+ reflects the latest tactic of China selling the idea of "freedom is anarchy" and if you don't fight back, you will cease to be a dictatorship that has lasted hundreds of years, and your future will end with a rope around your neck.
The Saudi's need China since Trump scared them by breaking their power to set oil prices.
Biden rightly, but inartfully and ham handedly protested them killing a journalist for criticizing the king. Don't publicly tell a dictator it was wrong to kill someone he doesn't like.
What will eventually break BRIC+ will be what dictators always do: cook the books, rob the treasury, and treat financial transparency as the devil itself.
China needs sales. It can read the writing on the wall. They have a looming recession, and lots of bad press.
It's like the five crime families of New York, except the Saudi's and Brazilians have no guns. Good luck with that.

 

Good thing the OP put quotes around the term "heavy weights"

 

So what? It is literally just a photo op and nothing more.

 

It would be hard for them to have a reserve currency since the Yaun is underpinned by the US dollar. Anyway, more power to them. The vast majority of forex exchanges are still dollar denominated. Though I am not sure if they appreciate how taking away the ability to have economic sanctions imposed upon them increases the odds they will have military strikes directed at them.

 

lol good one, and true.

 

It's a big show hoping the U.S. will race around bribing them to be good lil bois. Call their bluff, then watch them schedule more 'meetings' later on.

 

And Brazil and Russia both rely on Red China's economy, now contracting, and Red China relies on Brazilian raw materials exports, than in turn rely on exports to the U.S., where they get paid in dollars. lol

 

You have to have a lot of trade with a country to not need to go through the currency exchanges, especially if you are buying or selling oil. China-Russia may have that sort of parity but not most of the BRICS members.

 

you mean, a narcissist President like Trump that only looks after himself? the me me me President

 

That wasn't who he was at all. He was the US President and he did what a US President is supposed to do and looked to our needs first. It was what he promised and why so many of us voted for him and still will.

 

sadly he did not, wish he did though

 

Out-sourcing is already shifting to India and other countries. Red Chinese arrogance and sabre-rattling, along with its looming bank failures and and Cadre corruption, is in for a big decline soon. They're also stuck with a lot of U.S. bonds paying net negative interest rates they can't unload. lol

 

It will be like trading the paper Reichmarks of 1923 or so for Confederate dollars or Rubles.