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.
The BRICS group of emerging economies made up of Brazil, Russia, India, China and South Africa are debating whether to expand their bloc and allow in new members more than a decade after it came into existence.
The Russian leader used a 17-minute pre-recorded speech aired on the opening day of the summit on Tuesday to lambast the West over the war in Ukraine and the financial sanctions placed on Russia as punishment for its invasion. Xi added to that in a speech that was read out by a Chinese government minister and alluded to the U.S.-China economic friction and warned of the “abyss of a new Cold War.”
BRICS is a consensus-based organization and all five member countries must agree before any expansion. The group’s stated intention to move away from the world’s dominant currency won’t take down the dollar overnight - and it’s yet to see any concrete agreements to implement the idea.
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