# BRICS ministers meet in push to establish group as counterweight to West Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-06-01 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: BRICS Ministers Meet in Push to Establish Group as Meta Description: Foreign ministers from BRICS nations gather in South Africa to counter Western dominance, amid controversy over potential attendance of Russian President Putin. URL: https://financedigest.com/brics-ministers-meet-in-push-to-establish-group-as-counterweight-to-westhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-06-01t040745z3lynxmpej50130rtroptp4safrica-brics-1736813948842-compressed.jpg) By Wendell Roelf CAPE TOWN (Reuters) – Foreign ministers from the BRICS countries are meeting in South Africa from Thursday as the five-nation bloc seeks to forge itself into a counterweight to Western geopolitical dominance in the wake of [Russia’s](https://www.financedigest.com/analysis-foreign-firms-losses-from-exiting-russia-top-107-billion.html) invasion of Ukraine. The talks are a prelude to an August summit in Johannesburg that has already created controversy because of the possible attendance of Russian President Vladimir Putin, the target of an International Criminal Court (ICC) arrest warrant. It accused him in March of the [war crime of forcibly deporting children from Russian-occupied territory in Ukraine](https://www.financedigest.com/u-s-says-moscow-has-failed-in-war-aims-pledges-more-military-aid-to-ukraine.html "U.S. says Moscow has ‘failed’ in war aims, pledges more military aid to Ukraine"). Moscow denies the allegations. South Africa had already invited Putin in January. South African authorities confirmed that [foreign ministers](https://www.financedigest.com/james-cleverly-to-remain-uk-foreign-minister-statement.html "James Cleverly to remain UK foreign minister – statement") from Brazil, Russia, India, and South [Africa](https://www.financedigest.com/nestle-increases-local-sourcing-in-south-africa-with-new-processing-plant.html) are attending Thursday’s meeting in Cape Town. A deputy [minister is representing China](https://www.financedigest.com/british-minister-to-meet-taiwan-president-drawing-chinas-anger.html "British minister to meet Taiwan president, drawing China’s anger"). No agenda has been made public, but analysts said discussions would aim to deepen ties among existing members and consider an expansion of the group. BRICS is positioning itself as an alternative to the [West and as a way to make space for emerging powers,” said Cobus van Staden of the South](https://www.financedigest.com/invest-in-south-west-london-with-bellway-at-st-georges-gate.html "Invest In South West London With Bellway At St George’s Gate") African Institute of International Affairs. Once viewed as a loose, largely symbolic association of disparate emerging economies, BRICS has in recent years taken more concrete shape, driven initially by Beijing and, [since the start of the Ukraine war](https://www.financedigest.com/eu-u-s-step-up-russian-aluminium-nickel-imports-since-ukraine-war.html "EU, U.S. step up Russian aluminium, nickel imports since Ukraine war") in February 2022, with added impetus from Moscow. Discussions of BRICS’ New Development Bank, which stopped funding projects in [Russia to comply with sanctions](https://www.financedigest.com/russia-sanctions-european-gas-companies-polish-part-of-gas-pipeline.html "Russia sanctions European gas companies, Polish part of gas pipeline"), were expected on Thursday, a South African foreign ministry source said. ## COULD OIL PRODUCERS JOIN? Amid the [growing geopolitical](https://www.financedigest.com/markets-pricing-some-geopolitics-but-risk-premia-can-grow-further-goldman.html "Markets pricing some geopolitics, but risk premia can grow further -Goldman") polarisation resulting from the war in Ukraine, BRICS leaders have said they are open to admitting new members, including oil producing countries. Venezuela, Argentina, Iran, Algeria, [Saudi Arabia](https://www.financedigest.com/sommet-education-partners-with-kingdom-of-saudi-arabias-tourism-development-fund.html "Sommet Education partners with Kingdom of Saudi Arabia’s Tourism Development Fund") and the United Arab Emirates are on a list of those who have either formally applied to join or expressed interest, officials said. If they can [bring in the oil](https://www.financedigest.com/new-aerospace-group-skyxto-bring-fully-autonomous-drones-to-oil-gas-industry.html "New Aerospace Group SkyxTo Bring Fully Autonomous Drones To Oil & Gas Industry") producer countries that will be key, given the petrodollar system,” said William Gumede, a South African political analyst who has written extensively on BRICS. South Africa, though the bloc’s smallest member, is among its biggest champions. Its preparations for the Aug. 22-24 summit, however, have been complicated by the ICC announcement on Putin. As an ICC member South Africa would [face pressure](https://www.financedigest.com/hsbc-stanchart-face-pressure-from-hong-kong-to-take-on-crypto-clients-ft.html "HSBC, StanChart face pressure from Hong Kong to take on crypto clients – FT") to arrest Putin, were he to attend the meeting in Johannesburg. Putin has not confirmed his plans, with the Kremlin only [saying Russia](https://www.financedigest.com/renault-to-offload-its-stake-in-lada-maker-for-one-rouble-russia-says.html "Renault to offload its stake in Lada maker for one rouble, Russia says") would take part at the “proper level. South Africa’s position is unclear. Pretoria has said it will honour its obligations under its ICC membership, but the [government is still weighing the possibility of hosting](https://www.financedigest.com/imf-amf-afesd-and-government-of-morocco-to-host-regional-conference-opportunity-for-all-promoting-growth-jobs-and-inclusiveness-in-the-arab-world.html "IMF, AMF, AFESD and Government of Morocco To Host Regional Conference: “Opportunity for All—Promoting Growth, Jobs, and Inclusiveness in the Arab World”") Putin or even moving the summit to China. Independent [political analyst Nic Borain said the government was caught between its support](https://www.financedigest.com/uk-financial-watchdog-urges-political-support-for-crypto-bans.html "UK financial watchdog urges political support for crypto bans") for BRICS and friendship with Russia on one side and the looming backlash from vital Western economic partners on the other. Obviously, the best solution for [South Africa is if Putin decided not to come.”](https://www.financedigest.com/high-demand-for-new-homes-coming-soon-to-south-oxhey.html "High Demand For New Homes Coming Soon To South Oxhey ") (Reporting by Wendell Roelf in Cape Town; Additional reporting by Carien du Plessis in Johannesburg; Editing by Joe Bavier and Grant McCool) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---