BRICS expansion and common currency are the top of the agenda in 15th BRICS summit held in South Africa.
To know about the 15th BRICS Summit, click here
What is BRICS?
New Development Bank was launched in 2014 through Forteleza declaration.
19 countries are seeking for BRICS admission
The View of Major Countries on BRICS expansion |
|
China |
Counters USA at functional level |
Russia |
Wants to overcome international isolation due to Ukraine-Russia war |
India and Brazil |
They fear of China’s dominancy India favours the expansion through a consensus based approach |
South Africa |
Wants to discuss the criteria for admission of new members |
Saudi Arabia |
Sees this as an opportunity to expand its market |
‘The Cape of Good Hope’, the joint statement of BRICS, underscores the use of local currencies in international trade and financial transactions between BRICS and its trade partners.
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