brics currency |How will it works

brics currency |How will it works

Brazil, Russia, India, China and South Africa have joined hands into forming the brics alliance which will introduced a new brics currency that will be a better trading Solution than the Dollar.

President Cyril Ramaphosa has confirmed that South Africa will be hosting the 15th Summit of BRICS nations which will be hosted by the Department of Trade, Industry and Competition (the dtic),
together with the South African BRICS Business Council.

How will bricks works

  • enhanced South Africa’s position and influence as an important emerging economy.
  • access to policy and technical expertise of larger and established economies.
  • gives us access to the funding support of the National Development Bank.
  • has strengthened our activism on the global stage, particularly around reform of multilateral institutions.
  • South Africa benefits from being part of a collective voice striving to advance a world order based on mutual respect and the equal sovereignty of nations.
  • strategic importance to our country.
  • cooperation provides tangible benefits for South Africa in the fields of research and innovation, energy, health, and education cooperation.
  • More than 100 multilateral BRICS research projects have been funded under the BRICS Framework Programme.
  • Our research partnership is based on joint ownership and shared responsibility, the real and open sharing of experience, expertise and resources; and a determination for BRICS research to advance the global good.
  • Some of the global narratives about BRICS highlight our different histories, cultures, religions, development paths and forms of governance as something negative. BRICS sees this as a rich resource of diverse knowledge and practice that inspire innovative and creative solutions to current challenges.

BRICS Summit Location

The Summit is expected to be on the 19-23 August 2023 and will be hosted at the Gallagher Convention Centre, Midrand , Gauteng province , South Africa

Members list

Mr President Vladimir PutinRussian Federation
Mr President Luiz Inácio Lula da SilvaFederative Republic of Brazil
Mr President Cyril RamaphosaSouth Africa
Mr President Xi JinpingChina
Mr Narendra Modi Prime MinisterRepublic of India

Last updated : Friday, 18 August 2023 at 15:25 South African time