Connecting the Dots: BRICS & Today's Tectonic Shift Towards Global South & East
South African sherpa to BRICS and a research associate with the Institute for Global Dialogue discuss BRICS development in the energy sphere and how the development of an alternative currency within BRICS could affect African countries.
Anil Sooklal, South Africa’s BRICS sherpa explains that the reason for the increasing number of countries willing to join BRICS is that “they see BRICS as being the forum that is most receptive and most aligned to their aspirations to create a more equitable, inclusive and fair global community.”
Economically, BRICS has shown better performance than G7.
“The BRICS account for 31.5% and G7 for 30%. But if you add the four new NDB members to the GDP of the BRICS, it then rises to 34.5%."
We also spoke to Ashraf Patel, Senior Research Associate with the Institute for Global Dialogue and Member of the South Africa BRICS Think Tank Network, about the proposed alternative currency within BRICS to shift away from the USD.
Many developing economies across the world “have moved towards a definite policy shift in terms of beginning to trade with alternative currencies,” Patel says.
“This trend is definitive, and it is also part of the economic reality, or geographic economic reality, where economic power has moved to the east and to the south in May, and also towards the Eurasian region.”
So it's part of a broader kind of tectonic shift towards East and towards South.
For more details, check out the entire episode of the AfroVerdict podcast, brought to you by Sputnik Africa.
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