South Africa is preparing to host the 15th BRICS Summit in the country’s richest square mile – Sandton, Johannesburg, between 22 – 24 August.
South Africa is chair of the emerging nations and is playing host for the third time since being invited
to join in 2010.
It also marks the countries leaders’ first in-person meeting since the 2020 Covid-19 pandemic.
This year’s summit will be hosted under the theme of “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism.”
In other words: BRICS leaders want to be in the driving seat when it comes to representing the needs of the global majority.
BRICS nations comprise 42% of the world’s population, almost 30% of the world’s territory, around 27% of global GDP and around 20% of international trade.
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What the 2023 BRICS Summit will bring
BRICS Business Council
In the weekend leading up to the Summit, BRICS Business Council (BBC) members are expected to gather to discuss key economic priorities affecting emerging economies. They are:
- Energy cooperation
- Accelerating infrastructure development through government business/private
- partnerships
- Embracing the digital economy for transformation and advancement
- BRICS dialogue on airlift strategy
- Importance of skills for emerging and future jobs
- Development finance institutions funding instruments
- The BRICS manufacturing forum, and
- Oceans economy high-level dialogue
On the first evening of the summit, BBC members will present the weekend’s key outcomes and expand on the block’s economic relations to BRICS leaders.
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BRICS leaders retreat
Once armed with information from the BBC, BRICS nation’s presidents will move to a quieter, undisclosed venue for the “BRICS leader’s retreat”.
Host nations and BRICS chair South Africa described the retreat as “a signature event” in which presidents can have an unscripted discussion on developments, expansion and reforming global governance, including moving away from the US dollar as a standard trading currency to the use of local currencies.
New Development Bank
The New Development Bank (NDB), or BRICS Bank, was established in 2015 as an alternative to the International Monetary Fund and World Bank.
The NDB is the main financier for developmental projects in emerging markets and developing countries.
The NDB has to date approved twelve projects in South Africa, valued at around US $5.4 billion, to improve service delivery in critical areas.
In late 2021, the NDB welcomed Bangladesh, Egypt, the United Arab Emirates and Uruguay as new members, firmly positioning the bank as a preferred global financing mechanism for emerging markets and developing countries.
In March this year, former Brazilian president Dilma Rousseff was elected NDB president. Rousseff has a unique perspective in her capacity as former BRICS Chair in 2014 when leaders signed the agreement to establish the Bank in Fortaleza, Brazil. Rousseff will also deliver her maiden speech to BRICS leaders at this year’s summit.
Rouseff’s address comes amid the global South’s intention to move emerging nations away from the current Western-aligned financial systems and de-risk their economies and institutions from over-dependence on a single currency.
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BRICS Women’s Business Alliance
The 2023 summit will also mark the first in-person engagement between leaders and the BRICS Women’s Business Alliance (WBA).
Established in 2020 under the Chairship of Russia during the height of the pandemic, the women’s wing aims to empower and advance female entrepreneurs and create a vibrant network and partnership with others that facilitate knowledge-sharing, skill development, and business opportunities for women across diverse sectors and industries.
Their flagship meeting is the BRICS-Africa WBA Trade Conference, to be held in Durban from 20 to 21 August. It brings together over 500 women-owned businesses from BRICS and Africa, including micro, small, and medium-sized enterprises.
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e-Goli Declaration
Following the reports from the NDB, BBC and WBA the Summit is expected to adopt the eGoli Declaration
as the main outcome of the 2023 BRICS Leaders Summit.
The eGoli Declaration will express BRICS views on contemporary regional and global political, financial and economic issues, reflect on the outcomes of mutually beneficial areas of cooperation during the year and discuss the key outcomes of South Africa’s Chairship.
BRICS Youth
Future leaders are looking to establish a BRICS Youth Council that will add to the voices being heard by BRICS leaders at future summits. There are also plans to host the first meeting of BRICS disability experts as a concrete step forward in addressing the needs of vulnerable groups.
