Africa Daily
What can Africa get out of the BRICS summit?
Aug 22, 2023
World leaders including Xi Jinping, Lula da Silva, and Narendra Modi gather in South Africa for the BRICS summit. They discuss an alternative currency to the US dollar, expanding the BRICS bloc, and challenging the dominance of the United States. The summit also explores the admission of new member states, de-dollarization of currencies, and benefits for Africa. African countries are interested in trade opportunities, geopolitical implications, and the possibility of an alternative global structure.
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Quick takeaways
- The BRICS Summit aims to challenge the dominance of the US dollar by promoting an alternative global currency.
- The expansion of the BRICS block presents significant opportunities for Africa and other countries to enhance economic cooperation and trade.
Deep dives
Overview of the BRICS Summit in Johannesburg
The podcast episode discusses the upcoming BRICS Summit in Johannesburg, South Africa, where 70 heads of state, including leaders from China, India, Brazil, and Russia, will gather. BRICS, an acronym for Brazil, Russia, India, China, and South Africa, was founded in 2009 and aims to promote economic cooperation and increase multilateral trade. The countries involved represent 40% of the global population and a quarter of the world's economy. The summit will cover diverse topics, including the expansion of the BRICS block and the de-dollarization of emerging economies' currencies. It also highlights the potential benefits for Africa and the African continent's interest in joining the BRICS partnership.
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