Expectations high as bloc ready for meeting

CAIRO — The 15th BRICS Summit, to be held in Johannesburg, South Africa, this week, has received a lot of attention preceding the event, underscoring the growing influence of BRICS.

Analysts say that what happens in Johannesburg will be watched with heightened interest, as the voice of the Global South, represented by the major emerging economies that make up BRICS — Brazil, Russia, India, China and South Africa — has become increasingly important in tackling global challenges, and the group has demonstrated great potential to improve how international relations operate.

Expectations are high for the summit, its participants being expected to discuss the accelerated use of local currencies, strengthened collaboration to promote growth, and the promotion of multilateralism, among other issues of common concern.

The BRICS group accounts for 41 percent of the global population and 16 percent of world trade, according to Acorn Macro Consulting, a British economic research company. The five BRICS countries now contribute about a quarter of global GDP.

With its growing global economic heft and as one of the most important platforms for collaboration among emerging economies and developing countries, BRICS is becoming increasingly attractive.

"Twenty-two countries have formally approached BRICS countries to become full members," said a South African BRICS official, Anil Sooklal. "There's an equal number of countries that have been informally asking about becoming BRICS members."

In an opinion piece on the website of the Dubai-based commercial magazine Arabian Business in June, the Foreign Minister of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, said more countries joining BRICS would provide "a compelling opportunity for growth and cooperation".

"The five BRICS nations are considering expanding the grouping by forging closer links across many areas of both economy and civil society. This is born of a long-held desire to increase the representation of developing nations in appropriately responding to shared global challenges."

Adnan Mansour, who served as Lebanon's foreign minister between 2011 and 2014, said the Johannesburg summit will strengthen BRICS' position in a world where the United States and its allies have been formulating global trade rules that only serve their own interests.

Xinhua