With the participation of leaders from Brazil, Russia, India, China, and South Africa (BRICS), experts interviewed by Prensa Latina stated that the Summit could initiate a new economic and, to some extent, geopolitical restructuring of the world.

They anticipate that it could define the guidelines that a large part of world trade will follow in the coming decades under a completely different political sign, just as the Bretton Woods Conference, which established the US dollar as the world’s reference currency, did in 1944.

In June, the foreign ministers of the bloc’s five member countries stressed the importance of promoting local currencies in international trade and financial transactions among BRICS members and with their trading partners.

The Summit occurs amid a de-dollarization process in international trade, which may now coincide with the foreseeable expansion of BRICS membership.

However, South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, clarified that the fact that the BRICS bloc advocates for greater use of local currencies in its trade transactions does not mean it is seeking to replace the US dollar in that role.

After protocol activities and a closed-door retreat this Tuesday afternoon, BRICS leaders expect to deliver speeches on August 23, while the BRICS Plus Dialogue and the BRICS-Africa Outreach, events involving nations from the so-called Global South and the African continent, will take place on August 24. Pandor recalled that Brazil, Russia, India, China and South Africa account for about 42 percent of the world’s population, nearly 30 percent of its territory, and about 27 percent of the global Gross Domestic Product (GDP).

Ahead of the Summit, President Cyril Ramaphosa said, without naming nations, that more than 20 countries have formally requested to join the BRICS bloc while “several others” have expressed interest in joining.

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