BRICS summit: focus on expansion plans and building mutual financial system

The leaders of the BRICS countries meeting at its three-day summit in Johannesburg have reportedly agreed on a roadmap for how to allow new states to join their group of emerging economies.
“We have agreed on the matter of expansion,” South African Foreign Minister Naledi Pandor said and added that further details would be provided by the BRICS leaders by the end of the summit. With more than 40 countries interested in joining the BRICS and with at least 22 having already made formal requests, the expansion of the bloc was one of the main, although divisive, topics on the summit’s agenda. Analysts have previously suggested that India and Brazil, countries which traditionally put non-alignment at the core of foreign policy, may not be as enthusiastic about expansion that has been championed by Russia and China. India “fully supports the expansion” of the BRICS group, Prime Minister Narendra Modi has said in his opening remarks.
But long standing divisions still re-emerged on the first day of talks on Tuesday (22 August), as Brazil’s President Luiz Inacio Lula da Silva said the grouping should not seek to rival the United States and G7 economies. Brazil was thought to be the main holdout to expansion, because of fears it would dilute the group’s influence. But later that day Lula said he wants to see Argentina join the group. The summit has raised more curiosity and conversations around lifting off regulations that hamper the blocs goal to create a new currency for the bloc which is expected to increase intra-trade between the nations. Other debates on the conference floor have also been around trade barriers such as global economic growth slowdown and geopolitical tensions between the nations.