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BRICS Expansion 'Rebalances Trade and Geopolitics', Says Pan-African Activist
BRICS Expansion 'Rebalances Trade and Geopolitics', Says Pan-African Activist
Sputnik Africa
BRICS, a group that is seen as a counterweight to Western economic domination, derives its name from Brazil, Russia, India, China, and South Africa. During the... 25.08.2023, Sputnik Africa
2023-08-25T19:09+0200
2023-08-25T19:09+0200
2023-08-25T19:51+0200
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The BRICS have struck a blow by welcoming new members, especially Africans, which shows the importance of the continent in building a multipolar model, Pan-African activist Nathalie Yamb explained to Sputnik Africa.By opening their door to six candidates, BRICS have strengthened their position internationally and signed the end of the Western unipolar model, Nathalie Yamb said.This extension gives hope to emerging countries that want a geopolitical rebalancing, while disappointed candidates will undoubtedly redouble their efforts to integrate the group during a second phase of opening, said the activist.Africa also takes the lion's share of newcomers, since Egypt and Ethiopia have seen their membership accepted, a sign that the continent can influence international debate. This is especially the case as BRICS operates on the "one country, one vote" model, unlike the UN, where only the votes of a few countries count, in particular those permanently sitting on the Security Council, Nathalie Yamb pointed out.Common currency or local currencies?Nathalie Yamb insists on the importance that BRICS attaches to the de-dollarization process. The prospect of creating a common currency is still remote and must be approached with patience, but exchanges in local currencies provide another alternative, already put into practice within the group.The New Development Bank (NBD), the financial arm of BRICS, already offers loans in national currencies. The institution notably launched its first bonds in South African rand in mid-August.Several observers have already condemned the extraterritoriality of US law, which often passes through the dollar. This principle allows the United States to sue entities in other countries, by virtue of the sole use of the greenback, something that scandalizes even the traditional allies of Washington. French President Emmanuel Macron railed against this type of interference in April, after a visit to China.
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BRICS Expansion 'Rebalances Trade and Geopolitics', Says Pan-African Activist
19:09 25.08.2023 (Updated: 19:51 25.08.2023) BRICS, a group that is seen as a counterweight to Western economic domination, derives its name from Brazil, Russia, India, China, and South Africa. During the 15th summit of the BRICS group held in Johannesburg on August 22-24, an official invitation for six new members to join the bloc was announced.
The BRICS have struck a blow by welcoming new members, especially Africans, which shows the importance of the continent in building a multipolar model, Pan-African activist Nathalie Yamb explained to Sputnik Africa.
By
opening their door to six candidates, BRICS have strengthened their position internationally and signed the end of the Western unipolar model, Nathalie Yamb said.
This extension gives hope to emerging countries that want a
geopolitical rebalancing, while disappointed candidates will undoubtedly redouble their efforts to integrate the group during a second phase of opening, said the activist.
"It is the launch of a truly multipolar world, which will put an end to the hegemonic model practiced by a minority of Western countries. Enlargement will give hope to many other countries, to see international relations change in methodology, change in tone in the months and years to come," she explained.
Africa also takes the lion's share of newcomers, since Egypt and Ethiopia have seen their membership accepted, a sign that the continent can influence international debate. This is especially the case as BRICS operates on the "one country, one vote" model, unlike the UN, where only the votes of a few countries count, in particular those permanently sitting on the Security Council, Nathalie Yamb pointed out.
"It is very encouraging for Africa to see that, in the first phase of enlargement, countries of the continent are entering directly. It is a very good signal to engage others to make a move. President Ramaphosa has said: ‘This is a first phase.’ There will be a second, there will be a third. It also allows us to see that Africa is starting to weigh in this kind of forum", she said.
Common currency or local currencies?
Nathalie Yamb insists on the importance that BRICS attaches to the de-dollarization process. The prospect of creating a common currency is still
remote and must be approached with patience, but exchanges in local currencies provide another alternative, already put into practice within the group.
"A common currency would allow the de-dollarization of the economy. But it must not be done hastily or sloppily. The leaders must discuss, in order to come when the time comes with a single currency. Meanwhile, that does not prevent exchanges in local currencies. This already allows us to loosen the grip of the extraterritoriality of the dollar, which sanctions the whole world," the activist explained.
The
New Development Bank (NBD), the financial arm of BRICS, already offers loans in national currencies. The institution notably launched its first bonds in South African rand in mid-August.
Several observers have already condemned the extraterritoriality of US law, which often passes through the dollar. This principle allows the United States to sue entities in other countries, by virtue of the sole use of the greenback, something that scandalizes even the traditional allies of Washington.
French President Emmanuel Macron railed against this type of interference in April, after a visit to China.
