By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Cyril Ramaphosa seeks to avoid global powers ‘contest’ over Brics expansion
News

Cyril Ramaphosa seeks to avoid global powers ‘contest’ over Brics expansion

News Room
Last updated: 2023/08/21 at 6:00 AM
By News Room
Share
3 Min Read
SHARE

Receive free Emerging markets updates

We’ll send you a myFT Daily Digest email rounding up the latest Emerging markets news every morning.

President Cyril Ramaphosa said South Africa would “not be drawn into a contest between global powers”, ahead of this week’s Brics summit in Johannesburg that will consider the biggest expansion of the emerging-market bloc in more than a decade.

Africa’s most industrialised nation supports the expansion as a non-aligned country that wants to avoid a world that is “increasingly polarised into competing camps”, Ramaphosa said in a televised address as South Africa prepared to welcome the leaders of Brazil, Russia, India and China, as well as those from other developing-world nations.

China is pushing for the Brics to become a stronger political rival to the G7 bloc of advanced economies through an expanded membership that could include Argentina, Iran, Indonesia and 20 other governments that have formally applied, according to people briefed on Beijing’s position.

But in the run-up to the summit that begins on Tuesday, India and Brazil have been more sceptical about adding new members, representing tensions over whether the Brics should mostly stay as an economic forum for diverse developing nations. 

India is currently the only strongly performing Brics economy as China confronts a slowdown and the three other members have had lacklustre growth in the past decade.

South Africa, which was the first country to be added to the original Brics grouping in 2010, has signalled that it does not see further expansion in anti-western terms.

“An expanded Brics will represent a diverse group of nations with different political systems that share a common desire to have a more balanced global order,” said Ramaphosa, who hosts Xi Jinping for a state visit ahead of the summit, only the Chinese leader’s second trip abroad this year.

India’s Narendra Modi and Brazil’s Luiz Inácio Lula da Silva are also set to travel to the gathering in Johannesburg, but Russia’s Vladimir Putin will stay behind. The Russian leader will not attend after South Africa faced an obligation to arrest him over his indictment by the International Criminal Court for war crimes in the invasion of Ukraine.

South Africa has been trying to balance closer ties with Russia and China with mollifying the US and preserving threatened trade links over what has been seen in Washington DC as its equivocation in condemning the war.

“While some of our detractors prefer overt support for their political and ideological choices, we will not be drawn into a contest between global powers,” Ramaphosa said. “Multilateralism is being replaced by the actions of different power blocs, all of which we trade with, invest with, and whose technology we use.”

Read the full article here

News Room August 21, 2023 August 21, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Apple turns 50: Let’s Talk About It

Watch full video on YouTube

Inside The U.S. Navy’s $2.3 Billion Retail Business To Aid Military Servicemembers

Watch full video on YouTube

Trump addresses nation as Iran war rattles markets

Watch full video on YouTube

How Kodak’s CEO Plans To Keep The Business Alive After Over 100 Years

Watch full video on YouTube

BCX: Compound Your Income With Commodities Exposure (NYSE:BCX)

This article was written byFollowNow retired, I am an income-oriented investor seeking…

- Advertisement -
Ad imageAd image

You Might Also Like

News

BCX: Compound Your Income With Commodities Exposure (NYSE:BCX)

By News Room
News

Inside China’s plans to fight in space

By News Room
News

Equity Outlook Q2 2026: Global Growth Holds Firm As Geopolitical Risk Simmers

By News Room
News

Politics And The Markets 04/26/26

By News Room
News

America’s bid for energy supremacy is being forged in war

By News Room
News

Crude Oil Trades Above $95 Ahead Of Weekend Risk – WTI Technical Analysis

By News Room
News

PLS Group Limited (PILBF) Q3 2026 Sales/Trading Call Transcript

By News Room
News

Politics And The Markets 04/23/26

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?