BRICS+ finance ministers, central bank chiefs to meet at Brazil's G20
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The upcoming meeting in Brazil will be the first to include countries that newly became BRICS members.
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Ambassador Mauricio Lyrio, Secretary of Economic and Financial Affairs of the Ministry of Foreign Affairs and Sherpa of the G20 of Brazil, giving an address in Rio de Janeiro, Brazil, February 20, 2024. (G20 Brazil)
Finance Ministers and Central Bank Governors of BRICS countries are set to hold a meeting on Tuesday in Brazil's Sao Paulo at the sidelines of the G20 ministerial summit.
The meeting will also see the first participation participation of new BRICS members who officially joined the organization at the start of this year.
A wide range of topics and issues will be on the agenda, including economic projects, prospects for the developing world financial system and economy, and instruments for mixed financing of infrastructure projects.
The convening top officials will also discuss the launching of the BRICS Think Tank Network for Finance.
Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have all confirmed that they will be joining BRICS after receiving invitations from the transnational group last year. Argentina was also approved to join but later revoked its application after far-right President Javier Milei took office last December.
Read more: Iran, UAE can be global economic hubs with BRICS membership: Ghalibaf
The five countries were extended invitations at the Johannesburg summit in August 2023, to join founding members, Brazil, Russia, India, China, and South Africa - prompting the new name BRICS+.
Recently, the aforementioned nations have made bilateral attempts to opt for the use of national currencies in bilateral trade, rather than the US dollar (USD).
Supporters expect the organization to play a differential role in establishing the Global South's position on the regional stage. China's role is crucial, as the country's growing and leading economic standing will allow for the proliferation of monetary independence, while other regional players are expected to play supplementary roles, considering their exceptional standing in various fields.
The organization now includes six of the world's top 10 oil-producing countries, namely, Saudi Arabia, Russia, China, Iran, and the UAE. Additionally, the group will now encompass around 3.6 billion individuals of the world's population, corresponding to 44% of the global population.
As new members joined, the group’s share in global GDP in terms of PPP rose from 31% to 35% at the end of 2023.
