Johannesburg Summit: Why consensus must be built within BRICS on expansion

The 15th BRICS summit in Johannesburg from 22 to 24 August is being held in the background of many international developments: The conflict in Ukraine, its impact on the Global South, the collapse of ties between the West and Russia, Western sanctions on Russia that have disrupted ties of third countries with it, the sharp deterioration of US ties with China, the global trading system under stress with the weakening of the WTO and de-globalisation trends that include exploring more reliable and trustworthy supply chains, and so on. The Summit will have major issues on its agenda, including expansion of membership, the criteria for doing so, increasing cooperation within the Global South and reshaping the global political and economic architecture to benefit developing countries, trading in national currencies amongst BRICS countries as a move towards de-dollarisation of trade exchanges, the potential for creating a BRICS reserve currency, reform of the global governance institutions, promoting a more multipolar world, attainment of the 2030 Agenda on Sustainable Development, and so on. As the second largest global economy, the biggest manufacturer and exporter, possessing huge financial resources, the founder of the Asian Infrastructure and Investment Bank to rival the Asian Development Bank, the biggest shareholder of the New Development Bank set up by BRICS, leveraging its Belt and Road Initiative to strategically expand its economic and political influence globally, aspiring BRICS members expect to benefit economically and financially from being part of this grouping, apart from geopolitical hedging against the West’s dominating role in global governance. Russia too would favour BRICS expansion as it would weaken the grip of the West on the international system, make it more difficult for the West to impose its will and decisions on other countries, provide alternative sources of funding for development, blunt the instrument of sanctions, promote greater dispersion of power at the global level, leading, in turn, to a more multipolar world.