JOHANNESBURG (Reuters) - The BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - will hold its 15th heads of ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSJOHANNESBURG - The BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - will hold its 15th heads of state and government summit in Johannesburg from Aug. 22-24.
Few details have emerged about what they plan to discuss, but here are some of the key issues expected to be on the agenda.The leaders are divided over the expansion of the bloc by adding new members, including the admission criteria. Russia, hoping to overcome its diplomatic isolation over the Ukraine war, is keen to bring in new members, as is South Africa. India is undecided.The group is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank , or so-called BRICS bank. Local currency use will help de-risk the impact of foreign exchange fluctuations, South Africa's Finance Minister Enoch Godongwana said.
The NDB is also expanding and the summit could become a key platform to attract more member countries. Bangladesh, the United Arab Emirates and Egypt have joined the bank since 2021. Uruguay is part way through the process of joining, while Algeria, Honduras, Zimbabwe and Saudi Arabia have expressed interest.The leaders are also likely to discuss how they can improve economic ties between their diverse economies.
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