Welcome to our weekly round-up, where we explore the latest BRICS news. We look at Indonesia’s strategic deliberation over BRICS membership and the burgeoning impact of BRICS countries on global vaccine accessibility. We also spotlight South Africa’s strategic use of its BRICS and AfCFTA memberships to catalyse investment and infrastructure. Additionally, we look at the potential of BRICS countries to disrupt the US dollar’s dominant role in international trade, even without establishing a common trade currency.
Will the Middle East’s accession to BRICS impact the startup sector?
Indonesian President Joko ‘Jokowi’ Widodo informed the public that the Indonesian government had decided not to hand in a letter of interest because it did not want to rush membership. According to Jokowi, the government needs more time to study the benefits and drawbacks of BRICS membership, especially in the economic domain, and wants to consult with its ASEAN partners.
Analysis Shows BRICS Nations Are Making Strides in Vaccine Production
Over the past 20 years, the BRICS nations—comprised of Brazil, the Russian Federation, India, China, and South Africa—have made progress in vaccine development, regulation, and production. The creation of the BRICS Vaccine Research and Development (R&D) Center is expected to have a major impact on both vaccine cost and accessibility, due to the expected development of stronger research capability, production, and distribution technology, along with future standardization to improve vaccine production quality. Therefore, as a study published in Frontiers in Public Health explains, the BRICS’ contributions to vaccine development are predicted to impact the global vaccination market, while also accelerating the availability of vaccinations in developing nations.
Catalysts for Prosperity: Unveiling the Synergies between BRICS and AfCFTA in South Africa
South Africa’s pivotal location and roles in the AfCFTA and BRICS collaborations could boost its economy, attract more investment, and drive infrastructure growth.
BRICS countries could swing an ‘economic wrecking ball’ at dollar dominance even without a shared trade currency, former White House economist says
The dollar could face a growing challenge from BRICS countries, thanks to the bloc’s growing size and influence over global trade, according to former White House economist Joe Sullivan. In a recent op-ed for Foreign Policy, Sullivan pointed to mounting fears that BRICS nations could create a currency to rival the US dollar in international trade. Such a currency could potentially topple the dollar from its perch atop global trade markets and as the dominant reserve currency.
