IBOV 173,936.91 ▼ 0.37% IPSA 11,416.39 ▲ 0.42% IPC MEX 66,191.11 ▼ 0.15% MERVAL 3,007,801 ▼ 0.57% COLCAP 2,493.41 ▼ 0.45% BVL PERÚ 60,629.82 ▼ 0.05% USD/BRL5.17▲ 0.43% USD/MXN16.97▲ 0.07% USD/CLP927.56▲ 0.64% USD/COP3,148▲ 1.73% USD/PEN3.34▼ 0.02% USD/ARS1,512▼ 0.18% USD/UYU40.25▲ 1.53% USD/PYG5,905▲ 0.48% USD/BOB11.65▲ 2.81% USD/DOP58.25▲ 0.75% USD/CRC448.38▲ 1.62% USD/GTQ7.63▲ 2.37% USD/HNL26.83▲ 1.77% USD/NIO36.62▲ 0.79% USD/VES789.35▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.73▲ 1.14% EUR/BRL6.02▲ 0.37% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 173,936.91 ▼ 0.37% IPSA 11,416.39 ▲ 0.42% IPC MEX 66,191.11 ▼ 0.15% MERVAL 3,007,801 ▼ 0.57% COLCAP 2,493.41 ▼ 0.45% BVL PERÚ 60,629.82 ▼ 0.05% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
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BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support

By · September 27, 2024 · 2 min read

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At the recent BRICS foreign ministers’ meeting in New York, Egypt and Ethiopia refused to sign the communique, highlighting a significant impasse within the group, which has recently expanded its membership.

Held on September 26, 2024, alongside the United Nations General Assembly, the meeting was expected to produce a comprehensive 52-paragraph document.

The agenda included discussions on the Middle East conflict, a potential common currency, and further expansion of BRICS.

The stalemate arose from a condition set by Indian and Brazilian diplomats during last year’s bloc expansion.

This condition required new members to support India, Brazil, and South Africa’s aspirations for permanent seats on the UN Security Council.

BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support. (Photo Internet reproduction)
BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support. (Photo Internet reproduction)
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Egypt and Ethiopia opposed this clause, arguing that no consensus had been reached regarding Africa’s representation on the UN’s highest body.

Brazilian Foreign Minister Mauro Vieira chaired the meeting and expressed disappointment over the refusal.

He reminded Egypt and Ethiopia that they had accepted this condition when joining BRICS. Despite his efforts, Vieira ended the meeting without a joint statement, marking a first in BRICS history.

BRICS originally included Brazil, Russia, India, China, and South Africa. On January 1, 2024, it welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates as new members.

This expansion aimed to bolster the group’s influence as a counterweight to Western-dominated institutions like the G7. The bloc now accounts for about 37% of global GDP and represents nearly half of the world’s population.

BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support

The upcoming BRICS leaders’ summit in Kazan, Russia, from October 22-24, 2024, will be crucial for addressing these internal challenges.

Russian President Vladimir Putin has noted growing interest in BRICS membership from 34 countries. Azerbaijan, Malaysia, Thailand, and Turkey have formally applied for full membership.

Turkey’s potential inclusion is particularly significant as it would make it the first NATO member in BRICS. Despite these setbacks, BRICS continues to position itself as a voice for the “Global South”.

The group aims to reform rather than replace the current global order by challenging systemic biases against developing nations. However, internal differences and geopolitical rivalries complicate decision-making processes within the bloc.

The heterogeneity of BRICS members presents ongoing challenges. Differences in political systems and economic models can hinder cohesive action.

Existing geopolitical rivalries further complicate matters. As BRICS evolves and expands, its impact on global trade and geopolitics remains uncertain.

The outcome of the Kazan summit will likely shape the future direction of this increasingly significant bloc as it navigates its growing pains and seeks to redefine its role in a shifting global order.

 

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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