Speech by Luciano Lago at the European Conference on Multipolarity

Speech by Luciano Lago at the European Conference on Multipolarity

The expansion of the BRICS: a decisive moment for the world economy

The 15th BRICS Summit in South Africa will bring important changes to the global economic landscape as the bloc prepares to unleash an expansion that can lead to a significant increase in its economic weight and influence on the international stage.

It is a consolity fact: The hegemonic power and its vassal of the West are losing its first positions on the scale, this happens while the vox of the BRICS is always stronger and if it counterposes to the rules established by Washington.

On the 22nd the unification summit began in Johannesburg: surprises are also being prepared for the Western world.

The BRICS Plus cooperation approach, proposed by China and launched in 2017, is paying off, as dozens of developing economies have enthusiastically responded to the bloc's opening-up, expressing their desire to join the bloc. We are living in what might be termed the "BRICS Plus moment" in the evolution of the BRICS bloc, as the summit's decisions on expansion are likely to impact not only development trends across the Global South, but also the entire world economy.

One of the most important factors will have to be a coordinated monetary policy. The agreements of which the BRICS countries speak belong to the reduction of the use of the US dollar in international agreements. This is the priority of the powers that need to remove the hegemony and blackmail of the American-dominated financial centers.

A notable merit in China's determination to expand the current membership of the BRICS is that it reaffirms the principle of opening up the BRICS as a bloc, including its own core. This expansion in core membership is also likely to be complemented by other forms of cooperation with developing economies under the BRICS Plus framework. In particular, there is the option of creating a "circle of friends" who have observer status and/or are regular participants in BRICS Plus summits.

Another important track in the process of BRICS expansion is the expansion of the membership of the New Development Bank. Priority will need to be given to African economies, especially large landlocked economies such as Ethiopia, which require greater infrastructure connectivity. Ecology and digital development must also be high on the agenda of this key institution for BRICS development.

One of the highlights of the BRICS summit in 2023 is the closer cooperation between the BRICS and the African continent. Apart from the large number of African economies attending the summit, there is a need to channel this cooperation towards pragmatic trajectories. The most important thing is for the BRICS economies to support Africa's efforts to launch the African Continental Free Trade Area, and the best way to do this is by reducing import tariffs to African countries in the core BRICS members.

The BRICS economies, while making progress in creating new frameworks and platforms, also express their support for multilateral institutions such as the World Trade Organization. This emphasis on multilateralism, which lies at the core of the BRICS principles, will be a crucial signal to the world community regarding the development paradigm that BRICS Plus promotes.

In short, the BRICS now appear to be firmly on track for further openness and expansion. The new stages of development of BRICS Plus can provide new platforms for a revitalized globalization effort, one that is more sustainable and inclusive compared to

the unipolar patterns of the past. The process towards a new Multipolar World Order is already underway and will prove impossible to stop.

Speech by Luciano Lago at the European Conference on Multipolarity

The expansion of the BRICS: a decisive moment for the world economy

The 15th BRICS Summit in South Africa will bring important changes to the global economic landscape as the bloc prepares to unleash an expansion that can lead to a significant increase in its economic weight and influence on the international stage.

It is a consolity fact: The hegemonic power and its vassal of the West are losing its first positions on the scale, this happens while the vox of the BRICS is always stronger and if it counterposes to the rules established by Washington.

On the 22nd the unification summit began in Johannesburg: surprises are also being prepared for the Western world.

The BRICS Plus cooperation approach, proposed by China and launched in 2017, is paying off, as dozens of developing economies have enthusiastically responded to the bloc's opening-up, expressing their desire to join the bloc. We are living in what might be termed the "BRICS Plus moment" in the evolution of the BRICS bloc, as the summit's decisions on expansion are likely to impact not only development trends across the Global South, but also the entire world economy.

One of the most important factors will have to be a coordinated monetary policy. The agreements of which the BRICS countries speak belong to the reduction of the use of the US dollar in international agreements. This is the priority of the powers that need to remove the hegemony and blackmail of the American-dominated financial centers.

A notable merit in China's determination to expand the current membership of the BRICS is that it reaffirms the principle of opening up the BRICS as a bloc, including its own core. This expansion in core membership is also likely to be complemented by other forms of cooperation with developing economies under the BRICS Plus framework. In particular, there is the option of creating a "circle of friends" who have observer status and/or are regular participants in BRICS Plus summits.

Another important track in the process of BRICS expansion is the expansion of the membership of the New Development Bank. Priority will need to be given to African economies, especially large landlocked economies such as Ethiopia, which require greater infrastructure connectivity. Ecology and digital development must also be high on the agenda of this key institution for BRICS development.

One of the highlights of the BRICS summit in 2023 is the closer cooperation between the BRICS and the African continent. Apart from the large number of African economies attending the summit, there is a need to channel this cooperation towards pragmatic trajectories. The most important thing is for the BRICS economies to support Africa's efforts to launch the African Continental Free Trade Area, and the best way to do this is by reducing import tariffs to African countries in the core BRICS members.

The BRICS economies, while making progress in creating new frameworks and platforms, also express their support for multilateral institutions such as the World Trade Organization. This emphasis on multilateralism, which lies at the core of the BRICS principles, will be a crucial signal to the world community regarding the development paradigm that BRICS Plus promotes.

In short, the BRICS now appear to be firmly on track for further openness and expansion. The new stages of development of BRICS Plus can provide new platforms for a revitalized globalization effort, one that is more sustainable and inclusive compared to

the unipolar patterns of the past. The process towards a new Multipolar World Order is already underway and will prove impossible to stop.