Cetoex News – In one of the most interesting developments to come from the economic bloc, the BRICS alliance could be set to build a space station. Russia’s head of space agency has reportedly “extended an offer” to the BRICS bloc to aid in the development of a “joint module for its planned orbital space station,” CNN reported. 

Last year, Russia opted to end its long-held partnership with NASA. Subsequently, it opted to leave the International Space Station and eliminate its last few cooperative engagements with the United States. Now, it is seeking to develop its own space alongside the BRICS countries.

Russia Offers BRICS Chance to Build a Space Station

The year so far has been marked by tremendous growth in the BRICS bloc. Moreover, with the annual summit arriving in just a few weeks, that growth is primed to continue. Discussions regarding economic policies to facilitate local currency growth and potential expansion should abound. Setting forth the trajectory of the bloc for the foreseeable future.

Yet, one very interesting point of cooperation has just surfaced. Indeed, the BRICS alliance could be set to build its very own space station. Specifically, Russia has offered the chance for its BRICS member states to help build such a device. Moreover, the country is seeking a joint model with Brazil, India, China, and South Africa. 

The development of its own space station arrives after Russia has withdrawn from its NASA partnership. Thus, the country is expected to launch its planned Russian Orbital System (ROS) in 2027. Additionally, there are expected to be another four modules built between 2028, and 2030, according to the program head, Vladimir Kozhevnikov.

Subsequently, the space station has seemingly provided a point of partnership for the BRICS bloc. CNN reported Russia’s space agency director, Yuri Borisov,’s extended invitation. Stating his proposal, the countries, “partners in BRICS consider the opportunity to take part in this project,” and create a joint space station. 

The country has high hopes for what this endeavor could do for future space travel. Specifically, that information could inform future space voyages to Mars or the Moon. Moreover, BRICS inclusion could ultimately benefit the project overall. 

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Cetoex News – The BRICS Alliance have a busy month ahead of them. The annual BRICS Summit is scheduled for the opening week of August. Many things will be on the agenda for discussion, including a new currency, Russia’s current war in Ukraine, and expansion.

Many countries globally have filed applications to join BRICS, with others sharing an interest in joining or participating in BRICS’ New Development Bank. Here are three of the new likely countries to join the BRICS Alliance this August.

3 New Countries to Join BRICS Next Month

1. Argentina

Argentina has taken significant strides toward joining BRICS. In particular, Argentina has pushed de-dollarization efforts, by ditching the US Dollar for the Chinese Yuan. Last month, the country was reportedly told by the NDB would vote on the country’s introduction into the bank in August.

Argentina may be one of the favorites to join Brazil as the only two South American countries in BRICS. We’ll have to wait to hear about the votes and find out if Argentina is in or out.

2. Iran

Al-Monitor reported last month that Iran was in attendance at a BRICS foreign ministers meeting in Cape Town, South Africa. They too have taken steps toward joining BRICS, including submitting an official application. Additionally, the Chinese ambassador to Iran, Chang Hua, said that China supports Iran’s entry into the BRICS bloc. Hence, Iran already has a foot in the door of the BRICS Alliance.

3. United Arab Emirates

The UAE’s inclusion in BRICS expands the alliance’s economic potential giving power to challenge the U.S. dollar. The UAE is a significant economic player in the Gulf region and boasts a diversified economy. The economy is built by sectors like oil and gas, finance, trade, tourism, and logistics.

The UAE is easily a favored nation to join BRICS+ upon potential expansion in August, alongside Iran and Argentina. With these three countries set to potentially join the alliance, BRICS will grow its power and influence in the world and may achieve its goal of de-dollarization sooner than anticipated.

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Cetoex News – Amidst discussion regarding an alternative trade currency, Russia has discussed the ongoing BRICS currency challenges. Specifically, the Governor of Russia’s Central Bank told reporters that the proposed currency “deserves attention” while stating it “will be quite difficult to implement.”

The idea of an alternative currency has long been held by the economic alliance. Moreover, it has been a key aspect of its ongoing de-dollarization efforts over the last several months. Indeed, it is likely to be a key part of the upcoming 2023 summit, which will take place in August. 

Russia Central Bank Talks BRICS Currency Challenges

Over the course of the year, the rising power of the BRICS bloc has been an undeniable story. Moreover, the economic alliance has seemingly given a voice to the global south in its pursuit of a multipolar world. Part of that pursuit is a de-dollarization plan that would greatly benefit from an alternative currency. An idea that has been prominent among the bloc’s members. 

Yet, with the annual summit fast approaching, Russia has discussed the BRICS currency challenges that the alliance could be facing. Specifically, Elvira Nabiullina, the governor of the country’s Central Bank, has noted just what would be required for its integration. 

Firstly, Nabiullina stated that the idea of an alternative currency certainly “deserves attention.” However, she also states that it undeniably “will be quite difficult to implement,” in the following remarks. “Like any idea of a supranational currency, it requires the consent of many parties. This is not a simple project at all,” she added. 

“Therefore, we are still working and concentrating our efforts on the development of bilateral settlements using the national currency,” she stated. “The developer of the infrastructure that connects our payment systems—what businesses need today,” remains a constant focus.

Still, the idea of a BRICS currency seems to remain a matter of when and not if. In recent statements, the BRICS New Development Bank assured that a currency remains a long-term goal. However, Russian news outlets have assured that the bloc is creating a gold-backed trade currency. Ultimately, the upcoming 2023 summit in Johannesburg should present informed discussions on the bloc’s trajectory in this aspect.

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Cetoex News – With the BRICS summit on the horizon, the bloc has consistently discussed the prospect of an alternative currency. Yet, as India has spoken about its desire to hold off on talks of the like, Russia has already announced the development of a gold-backed trade currency. It seems as though the BRICS currency’s greatest challenge is unity.

The prospect of a currency to challenge the US Dollar has always been a tricky one. The implementation of such an idea would be incredibly difficult, and the entire prospect arrives with a unique difficulty. Yet, the problem of consensus within the collective has overshadowed any issues in development. 

In August, the BRICS bloc is set to embark on what could be its most important gathering yet. The bloc will meet in Johannesburg for its annual summit, and discuss some vital developments. Among those will be the long-held idea of expansion and the enigmatic BRICS currency.

BRICS Currency and the Issue of Consensus

For some time, the bloc has seemingly been developing the currency. Yet, that idea came to a halt when the bloc’s New Development Bank announced that it had no immediate plans to implement an alternative currency. Suddenly, it appeared as though the hope of challenging the US dollar had gone from an immediate goal to a long-term ambition.

Or had it? Just days later, Russia announced the creation of a gold-backed currency for the economic alliance. Specifically, this would be a traded currency that would continue to fortify the de-dollarization efforts that the collective has embraced over the last several months. 

Now, it has presented a clearer picture of the growing dissent within the bloc. Indeed, it has presented the reality that, among the difficult prospects of its creation, the BRICS currency’s greatest challenge is unity. 

India has been clear in recent statements, that it is seeking to step away from the launch of a BRICS currency. Moreover, the country is among the most promising financial growth economies in the world, set to overtake the US as the second largest on the planet. However, the bloc is still determined to grow its trade currency alternative. Susbeuqnelty brought forth a period of conflict regarding direction.

The implementation and creation of the currency will be challenging, but that will be compounded by different ideals. Since its inception, a point of note for the bloc has been the potential for conflict. This proves that a currency’s arrival could depend on its ability to compromise. And more importantly, to unify. 

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Cetoex News – With the Summit just a month away, 30 countries have informally requested to join the BRICS economic alliance. Indeed, the South African BRICS Ambassador, Anil Sooklal, stated that the collection of countries has all sought to be a part of the growing bloc. 

The collective has drawn immense interest from countries throughout the global south. Subsequently, the region is seeking a greater voice in the overall global landscape. Yet, with expansion a likely development of the upcoming summit, it appears as though the bloc could be inching closer to its multipolar goals. 

25-30 Countries Informally Request to Join BRICS

The rising prominence of the BRICS bloc has been an undeniable story of the year so far. The bloc has embraced de-dollarization efforts, has seen a host of countries eagerly awaiting their chance to join the growing collective. Subsequently, that list is seemingly growing by the day. 

Now, the South African BRICS ambassador, Sooklal, has stated that as many as 30 countries have informally requested to join BRICS. Specifically, Sooklal states that “25 to 30 countries” have “demonstrated a deep desire to become part of BRICS’ family.” 

In the same statement, Sooklal discussed the perception of the bloc by countries in the region. “Our track record for the past 15 years has demonstrated that we have been consistent and we have been calling for a total reform of the global governance architecture.” 

Additionally, Sooklal referred to the current global governance system as “outdated and totally out of sync with the global reality that we have in 2023,” in his statements. Moreover, this kind of perspective shows what has become the driving force for countries seeking entry: their clear commitment to change. Change that has been embraced by nations seeking to join the group.

The West has long dominated the global power balance, yet BRICS is driving the global south to change that. The upcoming summit will go a long way in that pursuit. The leadership meeting in Johannesburg will present vital discussions like expansion, and economic growth. 

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Cetoex News – Despite the rapid growth experienced by the bloc in recent months, new projects have altered its course. Specifically, it has been reported that the BRICS economic bloc may no longer be on track to outpace the G7 economy.

Indeed, reported data from Stonybrook Capital stated that the global property and casualty (P&C) market is set to grow. Moreover, that growth is projected to surpass $3.3 trillion in gross written premiums (GWP) at the conclusion of the 2020s. Thus, offsetting previous notions that the BRICS could grow larger than the G7 countries. 

BRICS Growth No Longer Set to Exceed G7?

The rise of the BRICS bloc has been a dominant headline thus far in 2023. Subsequently, one of the prominent data points is the economic blocs surpassing the G7 global GDP (PPP). This revelation noted that the bloc was set to continue its growth in the future and already presented strong competition to the West.

However, it appears as though that growth may not be set in stone. Specifically, a recent report suggests that the BRICS nations may no longer be projected to outpace the G7 economies. Specifically, the report referenced insurance market data revealed by Stonybrook Capital. 

Now, the data shows that the projections and expectations have altered significantly. Stating that, a decade ago, RBICS was widely believed to be on track to surpass the G7 economy in size. Then, it was a mere 56% of G7 economies, with a total GDP of $14 trillion. Comparatively, it was significantly smaller than the G7’s $25 trillion. 

Declining Growth Rates for the Bloc?

Alternatively, the growth rates between both blocs were significantly different. The report notes that the BRICS bloc was growing three times faster than the G7 economy. Thus, leading many to expect the former to surpass its Western counterparts. 

Conversely, the global economy has changed since those projections first took place. Specifically, both the G7 nations and the EU were navigating a downturn in the housing market. Meanwhile, BRICS had seen a slowdown in its rapid growth figures. 

Subsequently, the report notes that current projections have observed a strong deviation from those growth numbers. Stonybrook data was reported as noting global P&C insurance market growth expected at more than $800 billion at the end of the decade.

Additionally, much of the growth is expected in developing nations. However, limited access and barriers to entry limit the accessibility of the market to the Western World. With a figure of around $400 billion. 

Thus, nearly three-quarters of that expected growth is set to be concentrated in the West. Moreover, they maintain the most ability to take advantage of the growth and change the current trajectory of both economies.

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Cetoex News – BRICS is looking to create a new currency to take on the U.S. dollar on the international stage for cross-border transactions. China’s President Xi Jinping is moving to convince several countries to settle trade with the Chinese Yuan. France recently settled an LNG gas trade with the Chinese Yuan and not the U.S. dollar. In addition, Yuan is now the top traded currency in Russia and not the USD. The development is adding strain on the dollar’s prospects and challenging its supremacy as the world’s reserve currency.

However, despite the aggressive efforts, China does not want the Chinese Yuan to replace the U.S. dollar, reported Business Insider. While the Yuan is the top contender to take on the dollar, China does not want it to be the global reserve, according to BI.

BRICS: The Chinese Yuan Being the World Reserve Currency Could Be Fatal, Fears China

For the Chinese Yuan to reign supreme, China’s economy needs to be liberalized for other countries to enter their markets. China is not in a position to liberalize its economy and allow the free flow of currency in and out of the country. The risks are high considering that it’s a Communist nation and not a democracy. “China doesn’t want to liberalize its currency and allow money to move freely in and out of its economy,” reported the outlet.

In addition, China cannot handle the pressures of making the Yuan the global reserve currency. Being the world’s reserve currency comes at the cost of running a persistent deficit like the U.S. does. The Communist country cannot afford the pressures of running a deficit as it risks tanking its entire economy.

“China is politically unwilling and economically unable barring significant structural reform to run a sustained current account deficit and to provide sufficient supplies of RMB assets globally,” said London-based economist Rory Green. Therefore, China is less likely to promote its native currency as a reserve in the next BRICS summit.

The BRICS alliance will launch a new currency that could take on the U.S. dollar on the global stage. Whether the new BRICS currency can withstand the pressures of the international markets, only time will tell. The next BRICS summit will be held in Cape Town, South Africa, in August 2023. BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

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Cetoex News – Argentina is reportedly asking China for expanded currency swaps in the yuan amidst a peso sell-off. Moreover, the government is reportedly seeking to build up its central bank reserves as the nation’s inflation is currently running above 100%. 

Bloomberg reported the request, as the country’s economy minister, Sergio Massa, is set to travel to Beijing on May 29th. Subsequently, the meeting is intended to “renew and renegotiate” the swap line with China. How much of an expansion Massa will request is currently unknown. 

Argentina Seeking Increase Yuan Holdings?

Following the recent de-dollarization of the BRICS collective, Argentina is asking China for expanded currency swaps in the Chinese yuan. Moreover, the development occurs amid a mass Peso selloff, with the country facing inflation of over 100%. 

There has been no official comment, but an upcoming meeting between the two companies will see currency swaps as the central focus. Additionally, Argentina clearly desires to increase its yuan holdings through an expansion of its currency swap agreement. 

The country’s inflation crisis has reached a dire level in recent weeks. Specifically, its prices have increased 109% annually, according to the report. Stating that the development is a byproduct of a “severe shortage of dollars.”

Alternatively, Sergio Massa is also set to renegotiate the country’s $44 billion program with the International Monetary Fund (IMF). Subsequently, the country is seeking to obtain more IMF cash for the month of June. 

Conversely, China is presented with another opportunity to continue to expand the global use cases for its national currency. Moreover, its efforts have aided in a clear de-dollarization campaign executed by the BRICS economic bloc. 

Since 2008, the People’s Bank of China has signed currency swap agreements with nearly 40 countries. Susbeuqnelty, leading to the overall increase in international yuan usage, a practice that has been effective so far this year. 

Both Argentina and China signed an initial swap line agreement in 2009 worth 70 billion yuan ($9.9 billion). Thereafter, the agreement was expanded to 130 billion yuan in 2020. Moreover, Bloomberg noted that China enabled Argentina to use $5 billion of the swap. Specifically to “finance imports from China or let local companies pay off foreign currency debt in yuan.”

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The Economic Power of BRICS

Imagine a scenario where Saudi Arabia, with its vast economic potential, joins the BRICS nations with a BRICS membership. The impact on its economy and the global landscape could be monumental.

A geopolitical move can transform the middle eastern nation’s economy and reshape global power dynamics.

This article delves into how SA’s joining the BRICS can have game-changing implications for increased trade and investments and reshaping energy geopolitics.

Brace yourself for a paradigm shift that could redefine the future of Saudi Arabia’s economy and the global economic order.

The BRIC’s Membership Impact on Saudi Arabia’s Economy

As Saudi Arabia contemplates joining the BRICS, the potential implications for its economy are significant. While seen as geopolitical, this move has significant economic consequences for the region and the world.

Trade Opportunities and Economic Partnerships

Saudi Arabia’s entry into the BRICS opens up new avenues for trade. With its abundant oil and natural gas resources, the country could become a major player in the bloc’s energy trade.

Moreover, BRICS membership allows SA to expand trade beyond Western partners, promoting new markets and economic stability.

Reshaping the Geopolitics of Energy

As the top oil exporter, Saudi Arabia could join BRICS to reshape energy geopolitics and challenge Western dominance.

Saudi Arabia’s inclusion in BRICS strengthens the bloc’s energy position with significant global oil consumption. The partnership fosters energy cooperation, joint ventures, and alternative energy trading, ensuring security for all.

Investment Opportunities and Economic Growth

Joining BRICS offers Saudi Arabia increased investment opportunities. Establishing the “New Development Bank” by the bloc provides a substantial capital resource, and the middle eastern nation’s inclusion would further contribute to this effort. The country’s strategic location and industrial growth make it an attractive destination for foreign investment within the BRICS.

Access to Massive Markets

Saudi Arabia’s access to China and India, two of the world’s largest markets, presents opportunities for increased exports and economic partnerships.

Leveraging BRICS members’ technological innovation and manufacturing capabilities, particularly China, would accelerate the middle eastern nation’s growth in these sectors.

Fueled by Saudi Arabia’s cultural heritage and natural resources, the tourism industry would also benefit from BRICS membership, attracting more visitors and generating employment opportunities.

Cultural Compatibility and Cooperation

Saudi Arabia shares conservative social, cultural, and religious values with the BRICS nations, providing a foundation for stronger relationships and cooperation within the bloc. Moreover, the country’s historical trade connections with China and India further reinforce its ties to the BRICS, fostering people-to-people interactions and cultural exchanges.

Potential risks and challenges

Joining BRICS brings potential risks, including increased geopolitical competition between the Western and Eastern power blocs led by BRICS. Saudi Arabia could play a pivotal role in bridging the gaps between these blocs, acting as a common friend.

Win-win opportunity for Saudi Arabia

Overall, Saudi Arabia’s potential inclusion in the BRICS presents a win-win opportunity for the nation. It accelerates economic diversification and development while reducing dependence on Western blocs. Recent moves by the country, such as strengthening ties with Iran brokered by China, indicate tectonic shifts in the Middle East, potentially followed by joining BRICS, bringing peace and prosperity to the region and beyond.

Conclusion

In conclusion, this could be a very big deal. Saudi Arabia joining BRICS could boost the economy and reduce reliance on Western alliances.

From bolstering trade partnerships and investment opportunities to reshaping the energy market and cultural collaborations, BRICS membership offers a win-win scenario for the middle eastern nation’s economic diversification and development.

The tectonic shifts in the Middle East, demonstrated by SA’s strengthened ties with Iran, brokered by China, suggest a new era of peace and prosperity.

With each step closer to BRICS membership, Saudi Arabia paves the way for a future where its economy thrives and its influence reverberates far beyond its borders.

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Cetoex News – The list of countries interested to join the BRICS alliance and accept the new currency for global trade is growing. China and Russia are lobbying other developing countries in joining the international efforts to dethrone the U.S. dollar. Developing countries in Asia and Africa are looking to replace the U.S. dollar with their native currencies or a new tender. The development is causing a roadblock to the dollar’s prospects and challenging its status as the world reserve currency.

The U.S. pressing sanctions on developing nations led to the idea of forming a new currency for cross-border transactions. By ending reliance on the dollar, Eastern countries can trade with their counterparts using native currencies. The move will bolster their local economies and make large and small businesses thrive. Trading with native currencies is cheaper and faster with no risk of debt that the U.S. dollar brings to the table.

41 Countries Look to Accept BRICS Currency

A total of 41 countries are interested in accepting and trading with BRICS currency when it launches on the International stage. China and Russia are convincing other countries to ditch the dollar and be a part of the new financial order. The countries that have shown interest to accept the BRICS currency hail from both Asia and Africa. They also include oil-rich nations from the Middle East.

The countries that have shown interest to join the BRICS alliance are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.

In addition, many African countries are on the sidelines and could announce their support when the BRICS currency is launched. Read here to know why Africa is interested in BRICS and not the U.S. dollar anymore.

BRICS comprises five countries Brazil, Russia, India, China, and South Africa. The alliance could soon expand and become BRICS+ in a joint effort to take on the U.S. dollar’s global status.

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