BRICS Expansion Warning: Democracies Diluted, Rogues’ Gallery Silenced by 800-Pound Gorilla - Dr. Christopher Sabatini

Loading player...
The BRICS group of economies — Brazil, Russia, India, China, and South Africa — is convening for its 15th heads of state and government summit in Sandton this week. What could have potentially turned into a nightmare for South Africa had President Vladimir Putin attended, has now become an occasion for President Cyril Ramaphosa to shine on the international stage. The agenda includes discussions on the potential expansion of BRICS, with 40 countries expressing interest, including Iran, Saudi Arabia, Indonesia, and Egypt. On the eve of the summit, President Ramaphosa expressed support for the expansion, stating that it will represent a group of nations with a common desire for a more balanced world order. However, Dr. Christopher Sabatini, a Senior Research Fellow at Chatham House, has warned that there is a real risk that the weight of democracies in BRICS could be further diluted if it is expanded. He said that citizens of India, Brazil, and South Africa should ask themselves if they want to align with what is essentially a rogue's gallery of countries. In an interview with Biznews, Dr. Sabatini questioned the viability of a common BRICS currency, asking how a common currency can be created among countries that have shown little currency stability. He also said there is a need for trade protections for certain industries in peripheral BRIC economies to prevent them from being locked in providing raw materials to China, the 800-pound gorilla in BRICS. Learn more about your ad choices. Visit megaphone.fm/adchoices
22 Aug 2023 7AM English South Africa Investing · Business News

Other recent episodes

BN Briefing: US Ambassador Bozell's BNC#8 warning; Yardeni's $6,000 Gold call; Sean Peche's wealth-building wisdom

Tonight’s BizNews Briefing opens with new US Ambassador Brent Bozell’s candid message from BNC#8, urging reciprocity and warning that policy uncertainty and geopolitical alignment choices shape investor confidence. We then run through a results-heavy market update led by Harmony, Rainbow Chicken and OUTsurance. Bloomberg follows with Ed Yardeni’s bullish gold…
11 Mar 7AM 10 min