INSUBCONTINENT EXCLUSIVE:
TEHRAN - South Africa is hosting leaders from around the world who are attending the 15th BRICS Summit
leaders, before the summit began for bilateral talks, something Ramaphosa hailed, along with his bilateral meetings with President Da Silva
of Brazil, Prime Minister Modi of India "and many other heads of state on the sidelines of the summit."Russia is represented by Foreign
chairmanship of the group.President Xi is expected to engage in talks with a view to pressing ahead for the expansion of the emerging
regarding expansion."We share your view President Xi that BRICS is a vitally important forum which plays an important role in the reform of
global governance and in the promotion of multilateralism and cooperation throughout the world," he said.Upon arrival in South Africa, Xi
said, "I am confident that the upcoming summit will be an important milestone in the development of the BRICS mechanism."Scores of countries
have either expressed their interest in joining BRICS or have formally applied for membership, with the support of its members, Brazil,
President Ramaphosa.It appears that reaching a consensus among the member states on the criteria to allow new members is all that is left on
noted, "Our non-aligned position exists alongside our active support for the struggles of the oppressed and marginalized in different parts
than 40 percent of the world's total population.The attraction toward BRICS is that it plays an important role in the world due to its
We just want to organize ourselves," Lula said.The leftist leader repeated his call for a common trading currency, saying the move would
facilitate trade between the emerging nations in their own currencies and not particularly aimed at "rejecting" the U.S
in becoming new members are Saudi Arabia, United Arab Emirates, Iran, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia (one of the
benefited from vital energy infrastructure projects from the New Development Bank (NDB), also known as the BRICS bank, which was established
by the member states in 2015.The NDB is planning to issue its first Indian rupee bond by October, its chief operating officer has said
Members intend to trade more in local currencies.Last week, the vice president of the bank Vladimir Kazbekov told a press briefing that the
to tap (the) Indian market - rupees - maybe by October in India," Kazbekov said."Now we start thinking seriously..
to use one member country's currency to finance projects with that currency in another member
Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (U.S
at its helm) has long been abusing trade practices, resorting to universal sanctions regimes against sovereign nations
such as the United Nations, the International Monetary Fund and the World Bank.Despite Western attempts to isolate sovereign states through
