Expansion, economy tops BRICS Summit agenda
- August 21, 2023
- Posted by: Quatro Strategies
- Categories: Africa, Business & Politics
The 15th summit of the BRICS group, which includes Brazil, Russia, India, China, and South Africa, is scheduled to be held in Johannesburg from August 22 to 24. Key leaders from member nations, including South African President Cyril Ramaphosa, Chinese President Xi Jinping, Brazil’s President Luiz Inacio Lula da Silva, and Indian Prime Minister Narendra Modi, are expected to attend.
Russian President Vladimir Putin will not attend the summit in person due to an International Criminal Court arrest warrant related to alleged war crimes in Ukraine. He will participate virtually and will be represented by Foreign Minister Sergei Lavrov.
The summit is expected to address several significant issues:
BRICS Expansion: The possibility of adding new members to the group is a topic of discussion. More than 40 countries, including Saudi Arabia, Iran, UAE, Argentina, Indonesia, Egypt, and Ethiopia, have expressed interest in joining BRICS. While China supports expansion to enhance its global influence, Brazil is more cautious. Russia and South Africa are interested in bringing in new members, but India’s stance remains undecided.
BRICS Bank (NDB): The leaders are likely to discuss strategies to enhance local currency fundraising and lending within the New Development Bank (NDB), also known as the BRICS bank. Using local currencies can help mitigate the impact of foreign exchange fluctuations. The NDB, established in 2015, is expanding, and the summit may serve as a platform to attract more member countries.
Economic Cooperation: Expectations include discussions on ways to strengthen economic ties among the diverse BRICS economies. Opportunities for trade and investment in sectors such as energy, infrastructure, the digital economy, and the job market are likely to be explored.
‘Friends of BRICS’: The final day of the summit will involve talks with leaders from other countries. Invitations have been extended to 67 leaders from Africa, Latin America, Asia, and the Caribbean. The relationship between BRICS and African countries will be a focal point, aligning with the summit’s theme of “BRICS and Africa.”
Overall, the upcoming BRICS summit provides an important platform for member nations to collaborate on economic cooperation, discuss potential expansion, and engage with leaders from various countries to strengthen diplomatic ties and explore areas of mutual benefit.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Between rival giants, India tries to forge its own industrial pole
India now finds itself navigating one of the most delicate strategic and economic balancing acts in its modern history, caught between two rival superpowers on which its own growth prospects depend, yet which are increasingly at odds with each other. The United States has slapped tariffs of 50% on most Indian exports, delivering a shock to New Delhi’s trade apparatus.
At the same time, India remains structurally reliant on China in crucial supply chains despite a bitter political relationship in recent years, and is now tentatively seeking to thaw ties with Beijing as a way to shore up its industrial base. How India manages this dual challenge will shape not just its own development trajectory, but the wider geopolitical balance across the Indo-Pacific.
Vietnam unveils $48 billion project push to power growth
Vietnam’s announcement of nearly $48 billion worth of new projects underscores both the scale of its growth ambitions and the geopolitical pressures shaping its economic trajectory. With about 250 ventures underway, split between state-funded infrastructure and private or foreign-backed developments, the country is signaling that it will not allow global headwinds, or Washington’s newly imposed tariffs, to derail its bid for rapid expansion.
The government is spearheading 129 projects worth about $18 billion, focused heavily on transport and urban infrastructure. Flagship developments include the Rach Mieu 2 Bridge in the Mekong Delta, which will ease critical congestion in one of Vietnam’s most important agricultural and industrial corridors, and the Saigon Marina International Financial Center, designed to cement Ho Chi Minh City’s role as a regional financial hub.
Nickel jumps as Indonesia turns RKAB permits into a price-control lever
Indonesia is now treating nickel the way classic commodity powers treat oil: as a market to be managed, not merely a resource to be maximized. The latest signal is unusually aggressive. PT Weda Bay Nickel, the giant Halmahera mining complex widely described as the world’s largest, has been told its 2026 ore quota will be just 12 million wet tonnes, down from the 42 million wet tonnes it was ultimately allowed to mine in 2025.
The immediate market reaction was predictable: nickel futures in London jumped, because the marginal supplier is openly throttling production in a market that had been drowning in Indonesian material.