All eyes are on the 2018 BRICS summit starts at Johannesburg in South Africa as the leaders of five BRICS nations – Brazil, Russia, China, India and South Africa meet up to form an “alpha soup” that could have the potential to transform global politics and diplomacy – or ever barter the mar of the States.
Leaders of emerging global economies, as the likes of Vladimir Putin, Xi Jinping and Narendra Modi have taken their places on the table for the 10th annual BRICS summit in Johannesburg today, 25th July 2018. The group of five diverse and disjoined countries, some even with serious bilateral issues (read India-China), come together at the BRICS and if they actually do, this little alpha soup group of new developing economies hold the potential to unravel global politics. In fact, the leaders of BRICS nations have agreed to “fight against trade protectionism together”.
In fact, a lot has been written about how BRICS could be a “threat to the West” and the OECD nations, especially with the formation of New Development Bank, the BRICS Contingent Reserve Arrangement seen as rivals to the International Monetary Fund. However, the main focus of BRICS, for now, remains on joining hands to fight key issues like climate change, trade, economics, regional security and terrorism. For India, the prime concern remains to be terrorism and territorial disagreements with its neighbouring countries.
While China is pushing the biggest developing economies to unite under BRICS and back it against the protectionism as US President Donald Trump threatens to impose tariffs on almost all Chinese imports. Known for using money muscle, China being the biggest trade partner of South Africa, signed up a deal to invest $14.7 billion in South Africa and grant loans to its state power utility and logistics company. Perhaps, there is more to come with 2018 BRICS summit, after all, it is an organisation that covers 41% of the world’s population.