India's endorsement of BRICS expansion at ongoing summit

author: FutureCar Staff    

Officials from South Africa have announced that more than 40 countries from the Global South have expressed interest in joining the BRICS bloc. This news comes as the leaders of the five major emerging economies gathered for the second day of the BRICS summit in Johannesburg. Indian Prime Minister Narendra Modi stated that India fully supports the expansion of the group and welcomes moving forward with consensus on this matter.

Previously, there were concerns about the enthusiasm of India and Brazil, countries known for their non-alignment foreign policies, regarding the expansion of BRICS. However, Modi's remarks indicate that India is in favor of expanding the group. Russia and China have been championing expansion, and South Africa has also expressed support. President Cyril Ramaphosa confirmed this support on Sunday.

According to South African officials, more than 40 countries from the Global South have shown interest in joining BRICS, with over 20 countries formally requesting to join. This demonstrates the growing appeal and influence of the bloc.

During the first day of talks, divisions re-emerged among the leaders. President Luiz Inacio Lula da Silva of Brazil, who was initially thought to be against expansion, stated that he wants to see Argentina, Brazil's neighbor and largest trade partner, join BRICS. Lula emphasized the importance of Argentina's inclusion, especially considering the country's economic struggles.

Lula also criticized the loans provided by the International Monetary Fund (IMF) as suffocating and suggested that the BRICS bank could increase lending to other countries with different criteria to stimulate their economies. He emphasized the need for BRICS to be a multilateral institution rather than an exclusive club, ensuring that any new members meet certain conditions.

The leaders of the BRICS countries highlighted different priority areas for their respective countries during the summit. President Ramaphosa focused on partnerships with Africa and the importance of addressing the continent's interests. He also expressed concerns about the use of global financial and payment systems as instruments of geopolitical contestation.

President Putin, attending virtually, criticized ongoing neocolonialism and countries that promote their own hegemony. He expressed Russia's openness to dialogue to find a resolution to the war in Ukraine, which Russian forces invaded in February 2022. Lula emphasized the readiness of BRICS countries to join efforts in seeking an immediate ceasefire in Ukraine and highlighted the need to pay more attention to other conflicts.

Modi, in addition to endorsing expansion, focused on the successes of the BRICS group over the past 15 years, particularly highlighting the New Development Bank and the contingent reserve arrangement as important mechanisms supporting emerging markets. Xi Jinping expressed his satisfaction with the enthusiasm shown by many countries in joining BRICS and emphasized the importance of stability, cooperation, and respecting each nation's chosen modernization path.

In conclusion, the leaders reiterated the importance of unity within the BRICS group and its role in stabilizing the world. They recognized that development should not be limited to a select few and emphasized the need for cooperation and attention to global issues such as the climate crisis.

FutureCar Staff