(Kitco News) - The world and the markets continued to digest the implications of the latest BRICS summit in Johannesburg, South Africa, which concluded on Thursday with the announcement that it had accepted six new members into the fold, while Russia wasted no time pushing its allies and priorities to the top of the bloc’s agenda on Friday morning.
Brazilian President Luiz Inacio Lula da Silva lauded the expansion, noting that the addition of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates will see BRICS gross domestic product rise to 36% of global GDP at purchasing power parity and 46% of the world’s population.
Brazil’s Lula, who was the most plain-spoken and forthcoming of the BRICS leaders throughout the summit, shed light on the admissions criteria the bloc used in selecting its new members. “What matters is not the person who governs but the importance of the country,” Lula told reporters before leaving South Africa. “We can't deny the geopolitical importance of Iran and other countries that will join BRICS.
“No one has tabled the issue of a BRICS currency, not even in informal meetings,” South African finance minister Enoch Godongwana said in an interview on Thursday. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don’t think any country is ready for that.”
“The currency is being discussed but let me correct: It’s not about a BRICS currency. It is too early to talk about a BRICS currency,” he told reporters on Wednesday. “What we are talking about is creating more financial inclusion in terms of global financial transactions, global financial trade and how we conduct our payments.”
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