Leaders from bloc of developing economies will gather this week to debate expansion
China will push the Brics bloc of emerging markets to become a full-scale rival to the G7 this week, as leaders from across the developing world gather to debate the forum’s biggest expansion in more than a decade.
“If we expand Brics to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger,” said one Chinese official, who declined to be identified. President Vladimir Putin will not join other Brics leaders in Johannesburg. This will spare Pretoria from having to carry out its legal obligation to arrest the Russian leader after the International Criminal Court indicted him over war in Ukraine.
Brazil’s President Luiz Inácio Lula da Silva has recently spoken in favour of opening Brics membership to neighbours Argentina and Venezuela, as well as Saudi Arabia and the United Arab Emirates.
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