BRICS Expansion and Africa's Economic Relations: A Global Perspective

Economy Economic Development

The BRICS group has expanded with 6 new countries admitted, now making up around 35-37% of global GDP and challenging the G7 as a global economic power. Meanwhile, African countries are questioning their economic benefits from foreign powers like France and the US, with South Africa expressing frustration with the US dictating their economic relations.

BRICS Expansion and Economic Power

⭐️BRICS has expanded with 6 new countries admitted

💰BRICS now makes up around 35-37% of global GDP

🛢️BRICS accounts for 40% of global oil reserves and 80% of oil output

💱Russia, China, Brazil, and India are discussing the creation of a single BRICS currency

💵In the meantime, these countries are reducing their reliance on the US dollar

African Economic Relations and Development

🌍African countries are questioning the economic benefits they receive from foreign powers

🤝South Africa expressed frustration with the US dictating their economic relations, particularly with Russia

💡Africa needs to find a way to exploit its resources to benefit its own economy

🌱The International Community recognizes the need to transition to green energies

💸France takes money from Africa that they didn't earn and imposes currency conversion

FAQ

What is the current percentage of global GDP that BRICS makes up?

BRICS now makes up around 35-37% of global GDP.

What are African countries questioning about their economic benefits?

African countries are questioning the economic benefits they receive from foreign powers like France and the US.

What are Russia, China, Brazil, and India discussing in terms of currency?

Russia, China, Brazil, and India are discussing the creation of a single BRICS currency.

What does the International Community recognize the need for?

The International Community recognizes the need to transition to green energies.

What does France do with money from Africa?

France takes money from Africa that they didn't earn and imposes currency conversion.

Summary with Timestamps

🌍 0:48The BRICS Summit discussed potential mechanisms for dollarization and expanded membership, with 40 countries interested in joining and 6 being admitted in January 2024.

🌍 4:32Africa is asserting its independence and challenging the control of foreign powers.

🌍 8:10South Africa is emerging as a global and African leader, with untapped resources that could drive economic and social development in the continent.

🌍 11:31Russia, China, Brazil, and India are working on creating a single bricks currency, leading to a decrease in reliance on the US dollar.

🗣️ 15:13The speaker believes in a round table approach where everyone has an equal voice and competence is valued.

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