Leaders of some of the developing world's most important economies turned Wednesday to the main business of their summit in South Africa, a day after a...
Leaders of some of the developing world’s most important economies turned Wednesday to the main business of their summit in South Africa, a day after a speech by Russian President Vladimir Putin gave the gathering an anti-Western tinge that officials had been hoping to avoid.
Four of the bloc’s leaders are in Johannesburg for the group’s first in-person meeting since the COVID-19 pandemic, including Chinese President Xi Jinping. He said a critical deal allowing Ukraine to move grain out of its Black Sea ports that Russia halted last month would not be reinstated unless Russian conditions are met.
Xi, Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa began talks over dinner at a luxury estate in suburban Johannesburg on Tuesday night, officials said, ahead of the summit’s main day of discussions on Wednesday. Foreign Minister Sergey Lavrov represented Russia in person, while Putin also participated in those dinner discussions virtually.
The bloc has sometimes failed to put into action any coherent policy, largely because of the disparate economic and political priorities of its members and the increasing rivalry between China and India – the globe’s most populous countries and the developing world’s economic powerhouses. According to calculations by Federal Reserve researchers, 96% of trade in the Americas from 1999 to 2019 was invoiced in dollars, and 74% of trade in Asia. Everywhere else outside Europe, 79% of trade was done in dollars, underlining its status as the world’s de facto currency. Still, the dominant dollar is one of a growing number of gripes in the developing world.
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