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BIG NEWS: BRICS, known for representing big emerging economies, welcomes six new nations: Iran, Saudi Arabia, Egypt, Argentina, UAE, and Ethiopia. These additions come as a move to reshape the global order and offer an alternative to US influence. The announcement came during a summit in Johannesburg, where China’s president, Xi Jinping, championed the enlargement, aiming to give the global south a more influential voice in global matters. The expansion’s impact is still debated among analysts, considering the diverse mix of these countries. Despite this, the gesture is symbolic of the growing support for a recalibrated global order. Russian President Vladimir Putin, absent due to an arrest warrant for war crimes related to Ukraine, still sees this enlargement as a significant move against US-led efforts to isolate his country. Iran’s inclusion shows a clear win for Putin and Xi Jinping, hinting at a stronger non-western alignment. Argentina perceives this as an opportunity amidst its economic downturn, while Ethiopia, as the sole low-income member, sees it as a monumental step. Although several countries applied for membership, only consensus candidates got approved. The current enlargement is viewed as a strategic victory for China and Russia. Brazil and India might have reservations due to potential dilution of their influence. Immediate economic advantages aren’t evident, given pre-existing bilateral ties, especially with China. Yet, the symbolic weight of this move is undeniable, as BRICS now represents a larger segment of the global economy and population. #BRICS #china #BRICScurrency #worldorder
TOPICS AND TIMESTAMPS:
BRICS Expands 6 More Countries 0:00
80% of Global Oil Reserves 8:45
A Unified Currency? Not So Fast 10:15
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