The BRICS countries have the power to change the world

In 25 pages, the BRICS countries have addressed practically all the claims of the countries of the global south, in particular the call for the promotion of inclusive multilateralism.

The five members of that group have been gathered in Johannesburg since the 22nd (Brazil, Russia, India, China and South Africa) by more than 60 leaders from different countries and international organizations invited to attend the 15th BRICS Summit, along with BRICS Plus. Dialogue and the so-called BRICS continuity in Africa.

In their closing declaration, they reaffirmed their commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the UN Charter, as well as the central role of the United Nations in the international system in which sovereign states cooperate. To maintain peace and security.

As well as promoting sustainable development, ensuring the promotion and protection of democracy, human rights and fundamental freedoms for all, and cooperation based on the spirit of solidarity, mutual respect, justice and equality.

They also called for greater representation of emerging and developing markets in international organizations and multilateral forums in which they play an important role.

In the text, the five countries called for a comprehensive reform of the United Nations, including its Security Council, with the aim of making it more democratic, representative, effective and efficient.

Moreover, increasing the representation of developing countries among the members of the Council so that it can respond appropriately to prevailing global challenges and support the legitimate aspirations of emerging and developing countries in Africa, Asia and Latin America.

Among the important calls is the promotion, protection and fulfillment of human rights in a constructive, non-selective, non-politicized manner and without double standards.

Undoubtedly, however, one outcome of the summit with potential short-term effects of a magnitude that is difficult to predict at the moment is the fact that, as of January 1, 2024, its membership will officially increase with the accession of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

This is an element to bear in mind, especially since among the more than 20 countries that have formally applied to be included in the BRICS group (the list of which has not been made public), most of the countries selected are major producers of hydrocarbons.

Added to this is the call to encourage the use of local currencies in international trade and financial transactions between the BRICS countries, as well as in their trade with partners, particularly developing countries.

We believe that this will further strengthen cooperation between BRICS countries, reflect the declaration, as well as encourage more dialogue on payment instruments to facilitate trade and investment flows.

As a result, if this objective is achieved, a large part of the volume of hydrocarbons in the world will cease to be traded in US dollars, but will be done in local currencies.

Source: B.L.