BRICS Foreign Ministers Meeting 2023 Commences In Cape Town

Rest Of The World | South Africa June 1, 2023

BRICS Foreign Minister Meeting 2023 that is scheduled for June 1- 2, 2023, has commenced in Cape Town, South Africa.

The meeting brings together foreign ministers from the BRICS bloc, namely Brazil, Russia, India, China, and South Africa.

Reportedly, the foreign ministers will discuss, among others, the following:

1. Possible expansion of BRICS to include some countries that have submitted formal requests for joining the bloc. The countries include Saudi Arabia, Argentina, Iran, and United Arab Emirates. Tens of other countries are also said to have expressed interest to join the bloc

2. Trading with local currencies

3. Minimizing use of US dollar

The foreign ministers meeting is a forerunner of the forthcoming 15th BRICS Summit on August 22 – 24, 2023, in Johannesburg, South Africa, that will bring together the bloc’s heads of state.

Economically, BRICS is a force to reckon with. The bloc has combined population of 3.24 billion as of 2021 by Statista.com, about 41% of the world population, hence a huge market base. Also, BRICS contribution to the global GDP is 31.5%, larger than that of its rival G7’s 30.7%. Projections suggest that BRICS contribution to the global GDP will swell to over 50% by 2030.

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