India continues to “fully support” the expansion of BRICS

More than 40 countries from the Global South, according to South African officials, have expressed interest in joining the BRICS group.

South Africa’s Johannesburg As the leaders of the five largest emerging economies gathered for the second day of the BRICS summit, Prime Minister Narendra Modi stated that India “fully supports the expansion” of the BRICS organisation.

At the summit on Wednesday in Johannesburg, Modi stated, “We appreciate moving forward with unanimity on this.

However, on Tuesday, Lula declared that he wanted Argentina, Brazil’s greatest trading partner and neighbour, to join the club.Being a member of BRICS is crucial for Argentina, according to Lula.

As part of a $44 billion loan agreement with the International Monetary Fund (IMF), Argentina is grappling with unprecedented inflation, a dearth of foreign reserves, and onerous debt service obligations.

Lula called the loans from the IMF “suffocating” and suggested that the BRICS bank might increase financing to other nations with “different criteria” in order to boost their economies.

“We want BRICS to be a multilateral institution, not an exclusive club,” Lula declared. He added there will be requirements for any new members to meet in order to prevent the group from turning into a “Tower of Babel.”The presidents underlined various key areas for their respective countries in their speeches on Wednesday.

Ramaphosa concentrated on collaborations with Africa and how the BRICS could elevate the concerns of the continent. The suggested modifications to the worldwide financial system that the group seeks to put into effect will also be announced, he added.

“We are worried that the use of global finance and payment networks as tools for geopolitical contestation is growing. According to Ramaphosa, the resurgence of the world economy depends on stable international payment systems, efficient supply chains, banking, trade, and tourism, as well as financial flows.

Putin denounced “ongoing neocolonialism” and nations that uphold their own hegemony while speaking via live feed. A resolution to the conflict in Ukraine, which Russian military invaded in February 2022, can be reached through negotiation, he added.

According to Lula, the BRICS nations are prepared to contribute to efforts to secure a quick ceasefire in Ukraine. He also referred to other conflicts that, in his opinion, do not get enough attention. “All deserve to live in peace,” he declared.

He also stressed the importance of “decolonising our economies” and focusing more on the climate crisis.

In addition to supporting expansion, Modi emphasised the accomplishments of the association over the previous 15 years, particularly the New Development Bank, a multilateral development bank that works with emerging markets, and the contingent reserve arrangement, which serves as a liquidity mechanism to support BRICS countries that are having financial difficulties.

Xi expressed his happiness that so many nations are interested in potentially joining BRICS. He also emphasised the value of stability and certainty and argued that in order to foster prosperity, deeper cooperation was required. He blasted a widespread “Cold War mentality” and argued that nations should “respect all modernization paths” that different countries determine for themselves.

Ramaphosa said, “Development is not a privilege of the few,” and urged the BRICS nations to stay together and play a significant role in efforts to stabilise the world.

SOURCE: NEWS AGENCIES AND AL JAZEERA