BRICS Summit highlights. Johannesburg Aug. 22 - 24

BRICS Summit highlights. Johannesburg Aug. 22 - 24. Argentina🇦🇷, Egypt 🇪🇬, the UAE 🇦🇪, Saudi Arabia 🇸🇦, Iran 🇮🇷 and Ethiopia 🇪🇹 will become full-members on Jan. 1, 2024, (the first day of Russia’s presidency of BRICS). More than 20 countries have applied to join BRICS as Algeria 🇩🇿 and Indonesia 🇮🇩 are proposed to be the next future members. BRICS will develop a BRICS partner country model for even further expansion. Member states finance ministries & central banks to consider the possibility of launching national currencies-based payment instruments and platforms. BRICS Payment Task Force to begin study of members cross-border payments systems. Russia’s Ministry of Economic Development does not expect any “quick breakthroughs“ in the creation of a common currency of the BRICS 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 nations. There could be, agreements on a basket of local currencies and payment systems so BRICS nations can pay each other based on a set of solutions comparing currency rates. However, the Russian 🇷🇺 Finance Ministry is discussing the possibility of a unit of account for the BRICS member countries. Not a single currency like in the EU but an alternative to the dollar . The BRICS Summit declaration states they are in favor of UN 🇺🇳 reform and vow support for the expansion of the developing countries’ representation in the UN Security Council. It also cites reforming the WTO and Bretton Woods financial institutions, including the IMF. India 🇮🇳 offers BRICS countries to establish a space research consortium as they already work on work on a satellite group of BRICS states. Источник: The Paradigm Shift Channel ⏳