BRICS Latest: Reducing Dollar Reliance Tops Summit Agenda

Leaders of the BRICS nations will focus on ways to reduce dependence on the US dollar when they meet starting Tuesday, South African Deputy President Paul Mashatile said.

(Bloomberg) — Leaders of the BRICS nations will focus on ways to reduce dependence on the US dollar when they meet starting Tuesday, South African Deputy President Paul Mashatile said.

Major emerging market powers are meeting in Johannesburg Aug. 22-24 for the BRICS leaders summit. Brazil, Russia, India, China and South Africa will discuss enlarging the group and increasing local currency trade. While the dollar’s demise has been mooted many times in recent years, so far other pretenders have been competing among themselves and there’s no conclusive evidence for a structural dollar decline.

Russian President Vladimir Putin isn’t attending, avoiding an international arrest warrant over Moscow’s invasion of Ukraine. China, backed by Russia and South Africa, has been pushing for new members to be admitted to the alliance, an expansion that has stoked concerns the bloc is trying to position itself as a counterweight to the Group of Seven.

Brazil’s Lula Meets With African National Congress (8:00 a.m.)

Brazilian President Luiz Inácio Lula da Silva is meeting representatives from South Africa’s governing African National Congress before the BRICS summit kicks off later on Tuesday. He’s pushing for BRICS expansion, wants the bloc to eventually form its own joint currency and has suggested the bloc be involved in Russia-Ukraine diplomacy.

China’s Xi Arrives For State Visit, Summit (3:50 a.m.)

Chinese President Xi Jinping arrived in Johannesburg, Chinese state TV reported. He’s first heading to talks with his South African counterpart Cyril Ramaphosa before the summit. BRICS leaders are due to deliver speeches, with Russian President Vladimir Putin to address the gathering remotely. A BRICS business forum and a briefing by the Chinese delegation are also on the agenda.

UN, Developing World Officials to Attend BRICS (2:00 a.m.)

Various officials will be attending the gathering as observers, according to South Africa. They include UN Secretary-General Antonio Guterres, Indonesian President Joko Widodo and Iranian President Ebrahim Raisi. More than 30 African heads of state and government are also expected to participate.

–With assistance from Simone Iglesias and S’thembile Cele.

(Adds Brazil’s Lula)

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