Vladimir Putin said the 2024 Brics summit would be held in the Russian city of Kazan, as China’s Xi Jinping urged the leaders of the emerging-markets bloc meeting at this year’s event in Johannesburg to speed up the pace of expansion.
Russia’s president spoke to leaders in South Africa from the Kremlin via video link on Wednesday after skipping the meeting following the International Criminal Court’s war crimes charges against him in March.
Russia and Brazil, which was originally set to host next year’s Brics summit, agreed to swap places in the rotating chairmanship to avoid clashes with Brazil’s hosting of next year’s G20 meeting.
While Xi called for faster expansion, India’s prime minister Narendra Modi on Wednesday stressed the need for consensus among the five members of the Brics club on admitting new members.
“We should let more countries join the Brics family and pool wisdom to make global governance more fair and reasonable,” the Chinese leader said, as Beijing seeks to forge the bloc into a bigger rival to the G7.
Modi told the summit that India “fully supports the expansion of Brics membership” but also stressed that “we welcome moving forward on this based on consensus”, reflecting New Delhi’s counter-push for a more phased and gradual enlistment of members.
The Brics countries have received formal expressions of interest from Argentina, Saudi Arabia, Indonesia and 20 other countries to become the group’s first members since South Africa joined in 2010.
But officials have said the summit’s main outcome could be agreement on criteria for new Brics members, leaving actual additions to be approved at a future summit.
The summit is also set to announce further steps on the Brics economies using their own currencies to settle trade with each other instead of through the US dollar. “We will continue discussions on practical measures to facilitate trade and investment flows through the increased use of local currencies,” South African president Cyril Ramaphosa said.
Given China’s clout as the bloc’s main exporter and biggest economy, this effort was likely to focus on the renminbi, analysts said.
Brazilian President Luiz Inácio Lula da Silva has said that he favours Argentina’s entry into the Brics, but Brazil is seen alongside India as being relatively cautious about a rapid expansion of the Brics membership that might dilute their position as the bloc’s biggest democracies.
Source: Economy - ft.com
