BRICS’ five country members – Brazil, Russia, India, China and South Africa, joined by over 60 leaders from several countries and international organizations invited to the 15th BRICS Summit, along with the BRICS Plus Dialogue and the known BRICS Africa Outreach in Johannesburg since August 22nd.
In the event’s final statement, BRICS’ members reiterated their commitment to inclusive multilateralism and the defense of international law, and called for a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient.
As of January 1, 2024, its membership officially increases with the incorporation of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates; most of them major hydrocarbon producers.
Another goal of the BRICS is to bolster the use of local currencies in international trade and financial transactions among its members, as well as in their trade with their partner developing nations.
Consequently, if this proposal materializes, a considerable part of the volume of hydrocarbons worldwide will no longer be traded in US dollars, but in local currencies.