India trashes reports about it opposing BRICS expansion
Ministry of External Affairs (MEA) spokesperson Arindam Bagchi on Thursday refuted reports that India is against the BRICS expansion, calling them "baseless speculation." The upcoming BRICS Summit, scheduled to take place in Johannesburg, will likely witness discussions around admitting new members to the group. The United Arab Emirates (UAE), Saudi Arabia, Argentina, Iran, Indonesia, and Kazakhstan have reportedly shown interest in joining the BRICS.
Why does this story matter?
BRICS is a grouping of Brazil, Russia, India, China, and South Africa—the world's five largest emerging economies. Reportedly, China has been pushing to admit new members to the group. However, reports allege that the proposal is facing resistance from Brazil and India. The MEA's clarification came after Brazilian President Luiz Inacio Lula da Silva refuted the report.
BRICS members discussing process for expansion internally: Bagchi
Bagchi said, "We have talked about India's position on expansion and we have clarified our position in the past. As mandated by the leaders last year, BRICS members are internally discussing the guiding principles, standards, criteria and procedures for the BRICS expansion process."
Russia also voices support for BRICS's expansion
On Thursday, Russia also expressed support for the group's expansion. President Vladimir Putin's press secretary, Dmitry Peskov, said in Moscow, "We believe that...the expansion of BRICS will contribute to the further development and strengthening of this organization." Peskov's remark came after Brazilian President Lula said it was "extremely important" for Saudi Arabia to join BRICS along with Argentina and the UAE.
PM Modi confirms visit to Johannesburg
Meanwhile, Prime Minister Narendra Modi on Thursday confirmed his visit to the BRICS Summit after a telephonic conversation with South African President Cyril Ramaphosa, who expressed interest in attending the G20 Summit in India later this year. The BRICS Summit will be held in Johannesburg, South Africa, from August 22 to 24. Putin will not attend the summit in person but join it virtually.
BRICS plans to develop new currency to challenge US dollar
BRICS represents 41% of the world's population, 24% of global GDP, and 16% of global trade. It started as a grouping of four countries and later included South Africa. The group aims to develop a new currency to challenge the US dollar as the global reserve standard. Notably, India is also pushing for the inclusion of the African Union in the G20.
