Financial & Business Association
of Euro-Asian Cooperation
XV BRICS Summit in Johannesburg
On August 22, 2023 the leaders of the BRICS five and the partners of the alliance gathered for the Summit in Johannesburg. The meetings will take place in the span of three days until August 24. 34 countries of the Global South are taking part in the summit, among them are Iran, Argentina, Turkey, Algeria, Egypt, Saudi Arabia and Belarus.
The slogan of the 15th summit is «BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism». The summit will focus on the criteria for potential BRICS expansion, as well as strengthening local currencies within the bloc and developing a common payment system. For example, the BRICS New Development Bank has already financed 98 projects totaling $33bn, according to Izvestia TV. The bank aims to provide 30 per cent of financing in national currencies to member countries. The bank reflects the idea of China and India to reduce dependence on the dollar.
According to Anthony Rowley, a columnist for the Hong Kong-based South China Morning Post, BRICS may soon become an analogue of the G7 and change the world order. And the greatest importance is not the expansion of BRICS, but the growing influence of the group's decisions on the global economy and strengthening its voice within the International Monetary Fund (IMF). The expert notes that the attractiveness of the association as a «balancing force in world affairs» is now at an unprecedentedly high level.
The FBA EAC is represented at the Summit by Oleg Preksin, Chairman of the International Banking Committee - member of the FBA EAC Board, Deputy Chairman of the RSPP International Cooperation Committee, Vice President - member of the Council of the Association of Russian Banks, Deputy Chairman of the Russian Finance and Banking Union;
On the margins of the summit during the New Development Bank Business Breakfast Oleg Preksin met with Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, and presented him with a new issue of the Eurasian Financial and Economic Herald, which features Mr. Katyrin on the cover.
Oleg Preksin also attended the BRICS Business Council's anniversary meeting and the General Meeting of its members.