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BRICS leaders in S.Africa seek to end USD hegemony over global economy

By Al Mayadeen English
Source: Agencies
22 Aug 2023 21:39
2 Shares

The leaders of the BRICS 2023 summit in South Africa affirm their rejection of unipolarity and the hegemony of the US dollar.

South African Minister of Trade and Industry of South Africa Ebrahim Patel, President of Brazil Luiz Inacio Lula da Silva, South African President Cyril Ramaphosa, and Prime Minister of India Narendra Modi listen as Russian President Vladimir Putin delivers his remarks virtually during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 22, 2023 (AFP)

BRICS leaders discussed on Tuesday during the bloc's summit in the South African capital, Johannesburg, a set of mechanisms and measures that seek attempts to end Western hegemony in the international arena.

South African President Cyril Ramaphosa has called for fundamental reform of the global financial system. During his speech at the 15th BRICS summit, Ramaphosa said the bloc's countries represent a quarter of the global economy, a fifth of trade exchanges, and 40% of the world's population.

Ramaphosa noted that trade between the BRICS member states reached $762 billion in 2022, with foreign investment playing a major role in the growth of the bloc's economies.

"Foreign investment has played an important role in the growth of BRICS economies. Total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago," he highlighted during the bloc's annual top-level summit, which is taking place from Tuesday to Thursday in Johannesburg.

The economic growth of BRICS countries "must be underpinned by transparency" and "compatible with a multilateral trading system that supports a developmental agenda," the South African President, which chairs the bloc in 2023, stressed.

"We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing the developing economies," Ramaphosa underscored.

He expressed the bloc's New Development Bank's readiness to help various countries, calling on businessmen to extend a helping hand in order to set a development agenda that would get everyone out of the grip of poverty.

#SouthAfrica's President, Cyril #Ramaphosa, in the #BRICS summit: "BRICS countries account for a quarter of the world's economy, fifth of trade exchanges, and 40% of the world's population." https://t.co/2sxrOFCOHC
— Al Mayadeen English (@MayadeenEnglish) August 22, 2023

BRICS' New Development Bank is leading the way in this area as it has demonstrated the ability to mobilize resources for infrastructure and sustainable development in emerging economies ever since its establishment in 2015, he added.

Ramaphosa welcomed foreign investors in African countries on the condition that they carry out their work in Africa, noting that South Africa enjoys huge mineral wealth that attracts investors and industrialists.

The South African leader said those meeting at the BRICS summit will discuss the issue of expanding the group's membership.

Lula: BRICS has unique chance of shaping global development trajectory

On his part, Brazilian President Luiz Inacio Lula da Silva said BRICS countries seek to improve infrastructure, generate clean energy, and increase investments in airports and railways.

"BRICS has a unique chance of shaping the trajectory of global development. You, business people, are a part of this effort. Our countries united represent one third of the global economy," Lula said.

"This relevance will grow with the entry of new members and partners. The work between the private and public sectors is vital to make the most of this potential and reach lasting results."

Lula noted that the bloc's New Development Bank will allow several issues to be addressed, stressing that BRICS countries plan to use national currencies in trade exchanges between them.

"The decision of establishing the New Development Bank represented a mark in the collaboration between emerging economies. This common bank must be a global leader to finance the most urgent projects of our time," he stressed.

The Brazilian leader pointed out that trade exchange between Brazil and Africa does not exceed 3.5%, which is a very low figure, adding that Brazil seeks to strengthen exchange and increase investment in the African continent.

Lula indicated that 60% of Africa's land is cultivable and is capable of securing global food security.

#Brazil's President, Luiz Inacio #Lula da Silva, during the #BRICS summit: “Trade exchange between Brazil and #Africa does not exceed 3.5%, which is very low, and we seek to strengthen it and increase investment in the continent.” https://t.co/l9BLCFIOWw
— Al Mayadeen English (@MayadeenEnglish) August 22, 2023

"There’s a lot of room for growth. Beyond a past that unites us, we [Brazil and Africa] also share a common vision for the future," he said.

"In my first two mandates, the African continent had been a priority. I went 12 times to Africa to 21 countries. Brazil is back on the continent it should never have left. Africa gathers many opportunities and a huge potential for growth," the Brazilian President added.

Putin: De-dollarization among BRICS members irreversible

Russian President Vladimir Putin highlighted that the total investment of BRICS doubled over the past decade and amounted to 20% of global investments.

Putin, who is the target of an international arrest warrant over alleged war crimes in Ukraine, did not attend in person and addressed the summit via pre-recorded video.

In his video address to the BRICS Business Forum, Putin noted that the de-dollarization process among BRICS members is irreversible and the share of the US dollar in trade is decreasing.

Vladimir Putin, the president of #Russia, stated in remarks that were recorded at the #BRICS summit on Tuesday in #SouthAfrica that the bloc was on track to fulfill the goals that would meet the aspirations of the majority of the global population.

"We cooperate on the… pic.twitter.com/dfVfsHIYgt
— Al Mayadeen English (@MayadeenEnglish) August 22, 2023

The Russian leader made it clear that the BRICS Development Bank is now an alternative to Western institutions. He called on the bloc's countries for more cooperation to deliver energy sources to all parts of the world.

He stressed that cooperation among BRICS members is based on equality and support among partners, adding that the country’s trade with other BRICS members has exceeded $230 billion.

The Russian President said negotiations between Russia and its partners from Africa regarding the supply of grain free of charge are almost over, stressing that his country is and "will remain a reliable supplier" of food to the African continent.

Elsewhere, Putin indicated that Russia is ready to return to the Black Sea Grain Initiative if all obligations toward Moscow are fulfilled.

Modi: BRICS plays a role in creating a global balance

In the same context, Indian Prime Minister Narendra Modi said the BRICS group plays an important role in creating a balance in light of global fluctuations.

He pointed out that the economic growth in India amounted to 5 trillion dollars, highlighting that India has a third of the technology companies in the world, especially in semiconductor technology.

Xi: BRICS Business Council plays pivotal role in strengthening partnerships

In a speech delivered by Chinese Minister of Commerce Wang Wentao on behalf of Chinese President Xi Jinping, he said the BRICS Business Council plays a pivotal role in strengthening partnerships between member states.

Xi made it clear that China will continue strengthening partnerships within the BRICS group, promoting the democratization of international affairs and a multipolar world.

"We will continue to deepen the BRICS strategic partnership, expand the BRICS plus model, actively promote the supply of goods, deepen solidarity and cooperation with other emerging market and developing countries, promote the multipolar world and the democratization of international relations," the statement read.

The leader hailed the BRICS Plus model, which aims to make the global system more just and equitable, revealing that more than 20 countries have requested to join BRICS.

The Chinese President rejected attempts to establish military alliances, stating that they would seek to destabilize global peace and stability. He also affirmed that Beijing did not seek any conflict with major powers.

Xi said that "human society is coming to a critical juncture and has to decide whether to maintain peace and stability or slide into the abyss of a new Cold War," as cited by the Chinese news agency CGTN.