The BRICS to add countries and aim for a single currency

Sergei Lavrov: Algeria is one of the leaders to join BRICS

During an interview Russian Foreign Minister, Sergei Lavrov, said that Algeria is one of Russia’s leading partners on the African continent. He also noted that Russia and Algeria have prospects for development in the fields of energy, agriculture and pharmaceuticals.

Lavrov stressed that initially the BRICS members need to agree on the criteria and conditions for accepting new members into the alliance.

“I am convinced that in the coming years we will see concrete results in the expansion of BRICS and the number of its partners that will promote the goals and objectives agreed among all participants”

Algeria has submitted a formal application to join BRICS in November.

Deputy Minister of Foreign Affairs of Russia, Mikhail Bogdanov, said Moscow welcomes Algeria’s intention to join the alliance.

In a recent phone conversation between Vladimir Putin and Abdelmadjid Tebboune, both sides noted that Russian-Algerian cooperation continues to develop steadily. Relations between the two countries have a long tradition of friendship and mutual respect, as reported Brasil247, a partner of TV BRICS.

Expert told how soon new countries will join BRICS

The BRICS states would account for around 40% of the world economy if the new members – Saudi Arabia, Turkey, Egypt and Algeria – were to join the alliance. This is shown by TASS calculations based on IMF data for 2022.

If GDP is counted at purchasing power parity for these states, the figure would exceed 38.2%. They also account for 45% of the world’s population and 37.5% of the landmass.

An exclusive commentary on the possible expansion of the association was given to TV BRICS by a representative of the Lomonosov Moscow State University in the International Thematic Group on BRICS Studies within the BRICS Network University Oleg Alekseenko. The expert described whether the objectives of the BRICS member states would change with the inclusion of new states in the alliance.

“I think there will be minor adjustments. But fundamentally, everything will remain in place, both in strategic and priority goals. The core message of BRICS will not change with the inclusion of new members”
Oleg Alekseenko Associate Professor, Department of Global Processes, Moscow State University
He pointed out that BRICS is valuable for its network diplomacy, as each state is a major regional player with its own organisations and linkages that can relay ideas to its partners.

According to the expert, the BRICS membership will be significantly expanded in the next five years. And if the bloc were to include a state representative of the Islamic world, “it would be a breakthrough in terms of civilisation”.

Oleg Alekseenko also stressed that the economic potential in the BRICS+ format would be substantial.

“BRICS+ will definitely herald the emergence of an alternative financial system backed by the NDB and the Foreign Exchange Reserve Pool,” he said.

As a reminder, Algeria has formally applied to join the BRICS group. Iran and Argentina have also applied for membership this year, while Cairo, Ankara and Riyadh have also announced plans to become part of the association.

Brazilian President believes BRICS single currency to simplify mutual settlements between members of the group

During a meeting with Argentine President Alberto Fernandez, Brazilian President Luiz Inacio Lula da Silva referred to the need to create common currencies between the BRICS alliance and the Southern Common Market (Mercosur). According to the head of state, such a solution would make it possible to eliminate the use of the dollar in mutual settlements between the member countries of the alliances.

“If it were up to me, we would always trade with other countries in national currencies so that we are not dependent on the dollar. Why not try to create a common currency for the Mercosur countries or for the BRICS countries?” said the Brazilian leader.

Lula da Silva added that this could happen in the near future. The politician noted that national central banks could enter into appropriate agreements to create such currencies for use in intra-bloc trade.

According to the Brazilian president, the creation of common currencies for the BRICS and Mercosur countries would allow for a “qualitative leap” in mutual trade.

In September 2022, the Russian Foreign Ministry said that work was underway to create a single currency of the BRICS member states.

Lula da Silva flew to Buenos Aires, Argentina on Monday 23 January. He held talks with President Alberto Fernandez. The meeting discussed issues of bilateral interest, including financial and trade facilitation: Brazil and Argentina plan to launch work on a single currency.

The two sides confirmed the beginning of a new phase in bilateral relations following the signing of cooperation agreements, as reported by Xinhua News Agency, a partner of TV BRICS.

Source : https://tvbrics.com/en/news/