• About
  • Advertise
  • Contact
Friday, May 30, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

BRICS Nations Agree To Expand Developing World Bloc

Vital News by Vital News
August 23, 2023
in Economy, Foreign
0
BRICS Nations Agree To Expand Developing World Bloc

L-R : President of Brazil Luiz Inacio Lula da Silva, President of China Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia's Foreign Minister Sergei Acquire Licensing Rights

Share on FacebookShare on Twitter

 

By Carien du Plessis/ Krishn Kaushik

*Bloc leaders agree mechanisms for considering new members

*Dozens of nations have expressed interest in joining

*Expansion could lend added clout to grouping

RelatedStories

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

JOHANNESBURG, Aug 23 (Reuters) – Leaders of the BRICS bloc of leading developing countries have agreed mechanisms for considering new members, South Africa said on Wednesday, paving the way for dozens of interested nations to join the group which has pledged to champion the “Global South”.

Agreement on expansion could help lend global clout to BRICS – Brazil, Russia, India, China and South Africa – at a time when geopolitical polarisation is spurring efforts by Beijing and Moscow to forge it into a viable counterweight to the West.

“We have agreed on the matter of expansion,” South Africa’s foreign minister Naledi Pandor said on Ubuntu Radio, a station run by her ministry, following a meeting by BRICS leaders at a three-day summit in South Africa.

“We have a document that we’ve adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS…That’s very positive.”

Enlarging BRICS has topped the agenda at the summit taking place in Johannesburg.

While all BRICS members had publicly expressed support for growing the bloc, there had been divisions among the leaders over how much and how quickly.

Its member countries also have economies that are vastly different in scale and governments that often seem to have few foreign policy goals in common, complicating its consensus-driven decision-making.

China’s economy for example, is more than 40 times larger than South Africa’s, Africa’s most developed country.

L-R : President of Brazil Luiz Inacio Lula da Silva, President of China Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia’s Foreign Minister Sergei Acquire Licensing Rights

Pandor did not give details of the framework of criteria for considering candidates, simply saying that the bloc’s leaders would make an announcement on expansion before the summit concludes on Thursday.

CHAMPION OF THE DEVELOPING WORLD

More than 40 countries have expressed interest in joining BRICS, say South African officials, and 22 have formally asked to be admitted.

They represent a disparate pool of potential candidates – from Iran to Argentina – motivated largely by a desire to level a global playing field many consider rigged against them and attracted by BRICS’ promise to rebalance the global order.

“The world is undergoing major shifts, division and regrouping … it has entered a new period of turbulence and transformation,” said China’s President Xi Jinping, who has long pushed for the expansion of the BRICS group.

“Development is an inalienable right of all countries. It is not a privilege reserved for a few,” he told the summit earlier on Wednesday.

Though home to about 40% of the world’s population and a quarter of global GDP, the bloc’s ambitions of becoming a global political and economic player have long been thwarted by internal divisions and a lack of coherent vision.

Russia, isolated by the United States and Europe over its invasion of Ukraine, is keen to show Western powers it still has friends.

Brazil and India, in contrast, have both forged closer ties with the West.

Brazil’s President Luiz Inacio Lula da Silva on Tuesday rejected the idea the bloc should seek to rival the United States and Group of Seven wealthy economies.

Moves to expand the bloc and push its New Development Bank as an alternative to established multilateral lenders are, however, raising some concern in the West.

Werner Hoyer, the head of European Investment Bank, warned the West on Wednesday it was in danger of losing confidence of the “Global South”, unless it urgently intensified its own support efforts for poorer countries.
( Reuters)

Tags: blocBRICSRussiaWest
Previous Post

Wagner Boss Dies In Plane Crash Amid Niger Coup Crisis

Next Post

KOGI AT 32 AND IT’S CHALLENGES OF DEVELOPMENT by Idris Miliki Abdul

Vital News

Vital News

RelatedStories

Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
President Tinubu Arrives Rome For Inauguration Of Pope Leo XIV
Foreign

President Tinubu Arrives Rome For Inauguration Of Pope Leo XIV

May 17, 2025
Next Post
KOGI AT 32 AND IT’S CHALLENGES OF DEVELOPMENT by Idris Miliki Abdul

KOGI AT 32 AND IT’S CHALLENGES OF DEVELOPMENT by Idris Miliki Abdul

Dangote Emerges Most Valuable Brand In Nigeria For 6th Consecutive Years, Beat MTN, Glo, Banks

Dangote Emerges Most Valuable Brand In Nigeria For 6th Consecutive Years, Beat MTN, Glo, Banks

UK pledges Enhanced Synergy With Nigerian Army

UK pledges Enhanced Synergy With Nigerian Army

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Lions International District Presents Charter Certificate To Ogun Sapphire Lions Club,  Lion Idowu Omolabake Becomes Charter President

Lions International District Presents Charter Certificate To Ogun Sapphire Lions Club, Lion Idowu Omolabake Becomes Charter President

1 year ago

Woman Lynched In Kaduna For Housing 7 Bandits

3 years ago
Cover Prices Of Newspapers To Increase January 2  – NPAN

Cover Prices Of Newspapers To Increase January 2 – NPAN

1 year ago
FG Lauds U.S., Partners Over $900mln Investment In Malaria, Others

FG Lauds U.S., Partners Over $900mln Investment In Malaria, Others

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

Trending

21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

by Vital News
May 29, 2025
0

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 21 persons in massive floods...

Sidi Ould Tah Elected New President Of AfDB

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 21 Die, 10 Missing In Niger Flood Disaster May 29, 2025
  • Sidi Ould Tah Elected New President Of AfDB May 29, 2025
  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In