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Thursday, July 18, 2024

BRICS with the capacity to change the world

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Johannesburg, South Africa, (Agencies) In 25 pages, the countries of the BRICS group addressed practically all the claims of the nations of the Global South, in particular with a call to promote inclusive multilateralism.

Meeting in Johannesburg from August 22 to 24, the five members of that group (Brazil, Russia, India, China and South Africa) were seconded by more than 60 leaders from various countries and international organizations invited to the XV BRICS Summit, together to the BRICS Plus Dialogue and the BRICS Africa Outreach.

In their final declaration, they reiterated their commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the United Nations (UN) Charter, as well as the central role of the UN in an international system in that sovereign states cooperate to maintain peace and security.

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Also, to promote sustainable development, guarantee the promotion and protection of democracy, human rights and fundamental freedoms for all and cooperation based on the spirit of solidarity, mutual respect, justice and equality.

They also called for greater representation of emerging and developing markets in international organizations and multilateral forums in which they play an important role.

In the text, the five nations called for a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient.

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Furthermore, to increase the representation of developing countries among the members of the Council so that it can adequately respond to prevailing global challenges and support the legitimate aspirations of emerging and developing countries in Africa, Asia and Latin America.

An important call was, among others, to promote, protect and fulfill human rights in a non-selective, non-politicized, constructive manner and without double standards.

But, without a doubt, one of the results of the Summit with possible short-term effects of a magnitude that is difficult to predict at the moment, was the fact that as of January 1, 2024, its membership officially increases with the incorporation of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.

This represents an element to take into account, especially since of the more than 20 countries that had officially requested their incorporation into the BRICS (list that was not made public), most of those chosen are large hydrocarbon producers.

Added to this is the call to encourage the use of local currencies in international trade and financial transactions between the BRICS countries, as well as in their trade with partners, namely developing nations.

We believe this will further enhance cooperation between the BRICS, reflects the Declaration, as well as encourage further dialogue on payment instruments to facilitate trade and investment flows.

As a consequence, if that purpose materializes, a considerable part of the volume of hydrocarbons in the world will cease to be traded in US dollars, to do so in local currencies.

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