Saudi Arabia, UAE and Iran joining Brics is seen as a significant step toward a new world economic order, challenging Western dominance.
Ethiopia was admitted for it being the seat of the African Union located at its capital Addis Ababa and for its close economic ties with China.
Brics, founded in 2010 with its Shanghai head-quartered New Development Bank established in 2015, aimed for 50% global GDP. Brics’ potential growth economically was confirmed by the World Bank and the International Monetary Fund in their various reports.read the Johannesburg II declaration. It praised the use of local currencies in international trade and financial transactions between Brics and their trading partners.
On a Brics single currency for trading, Ramaphosa said finance ministers and central bank governors of the member states were tasked “to consider the issue of local currencies, payment instruments and platforms and report back by the next summit”., including to increase membership of the UN Security Council for developing countries.
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