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BRICS Summit 2023: A Mega Event for BRICS Expansion and the New Currency Gold

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The 15th BRICS Summit will take place in South Africa from 22 to 24 August 2023, bringing together the leaders of Brazil, Russia, India, China and South Africa. The summit will be hosted at the Sandton Convention Centre in Johannesburg, Gauteng.

The summit will focus on the theme of “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution”. The leaders will discuss various issues of common interest, such as trade, investment, innovation, health, education, security and peacekeeping.

One of the main highlights of the summit will be the launch of the BRICS Gold, a new currency backed by gold that aims to challenge the dominance of the US dollar in global trade and finance. The BRICS Gold will be issued by the New Development Bank (NDB), the multilateral development bank established by the BRICS countries in 2014.

The BRICS Gold will be based on a basket of gold reserves held by the BRICS countries, which collectively account for about 40% of the world’s gold production and 13% of the world’s gold reserves. The currency will be convertible to other major currencies and will facilitate trade and investment among the BRICS countries and beyond.

The BRICS Gold is expected to enhance the financial stability and resilience of the BRICS countries, as well as to promote economic cooperation and integration among them. The currency will also provide an alternative to the US dollar, which has been accused of being used as a tool of economic sanctions and political pressure by Washington.

The launch of the BRICS Gold will coincide with the 10th anniversary of the NDB, which has been providing financing for infrastructure and sustainable development projects in the BRICS countries and other emerging economies. The NDB has approved over $30 billion worth of loans since its inception, with a focus on renewable energy, transport, urban development, water and sanitation.

The summit will also feature the BRICS Business Forum, where business leaders from the BRICS countries will interact with each other and explore opportunities for collaboration and partnership. The forum will be attended by representatives of the BRICS Business Council and the BRICS Women’s Business Alliance, two platforms that aim to foster dialogue and cooperation among the private sector of the BRICS countries.

In addition, the summit will host a BRICS Outreach and BRICS Plus Dialogue, where the BRICS leaders will engage with leaders from Africa and other regions of the global South. The dialogue will seek to strengthen solidarity and cooperation among developing countries on issues such as poverty eradication, climate change, health security and digital transformation.

The BRICS Summit 2023 is expected to be a mega event that will showcase the achievements and aspirations of the BRICS countries, as well as their contribution to global peace and development. The summit will also demonstrate South Africa’s role as a bridge between Africa and the BRICS countries, as well as its commitment to advancing multilateralism and global governance reform.

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