SA Sherpa on BRICS Expansion & Its Future - 24.08.2023, Sputnik Africa

BRICS is taking the lead on the way towards an inclusive, diverse, and multipolar financial architecture, Anil Sooklal, South Africa's BRICS sherpa, told Sputnik Africa on the last day of the group's summit.

"It's important to look at the declaration where the leaders have formally tasked the finance ministers, reserve bank governors to study the issue of BRICS currency payment platform and other alternative systems of payment, and to come back to the summit in Russia next year and make a determination and report to the leaders. [...] I think this is a very important development in terms of looking at BRICS playing a leadership role, in having a more inclusive and a more diverse, multipolar financial architecture," he stressed.

Speaking about the group’s expansion, the sherpa stated that the new BRICS membership strengthens the presence of different regions, such as Africa and Latin America, within the grouping, BRICS representatives are glad about its expansion.

"I think the [BRICS] expansion strengthens the presence of Latin America. Argentina and Brazil being in the BRICS, the two major economies of that region. [...] Egypt is one of the largest economies, one of the largest populations of the continent. You have Ethiopia. Ethiopia is the seat of the African Union. […] So having Ethiopia, they are also one of the largest populations on the continent. I think that strengthens Africa's presence, representation both from the north of Africa and from the south of Africa, Ethiopia being the seat of the African Union. We're very pleased that there's such a strong presence," he said.

During his recent speech on the last day of the 15th BRICS Summit, South Africa's President Cyril Ramaphosa announced that six nations – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE – have been invited to join the group.

"The membership will take effect from the first of January 2024," Ramaphosa noted.

2023 BRICS Summit in Johannesburg

Interest in BRICS Membership Based on Bloc's Visible Achievements, S. African Border Official Says

24 August 2023, 14:13

Apart from that, the sherpa stated that the bloc intends to create an alternative to a unipolar world, and the new member-states are to encompass this very intention, as well as to accept the principles shared within the group.

"BRICS is saying that we don't want a unipolar world. We want an alternative, and that alternative must be a multipolar world. And this is amongst the issues that we have put in criteria that you support the values and the principles that BRICS has been espousing. So the new members would have to look at all of these issues and embrace them, because part of the criteria is that they accept all the values and principles that we stand for. And the mere fact that they already asked to be part of the BRICS family. They understand that, becoming part of the BRICS family, they also identify all the issues that we have been championing," Sooklal pointed out.

During his recent speech, Cyril Ramaphosa also stated that the BRICS expansion announced by him was just the first phase of the bloc's enlargement.

In his turn, Anil Sooklal shared details on how the second phase of the expansion process will be carried out.

"As you know, we took in six countries. There were 22 countries that applied. And that is why the leaders have tasked the ministers of foreign affairs to look at modalities for partner countries and to finalize that by next year, because we would still like to have the relationship with the other countries. And they have indicated also that they wanted a formal association. So that will be the next phase of how we bring in partner countries," the sherpa said.