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BRICS ushers in new era — South African president

Cyril Ramaphosa stressed that the organization appreciates "the interest of other countries in building a partnership with BRICS"

JOHANNESBURG, August 24. /TASS/. The BRICS union has entered a new era, South African President Cyril Ramaphosa said at the conclusion of the 15th BRICS Summit.

"Through this summit, BRICS has embarked on a new chapter," Ramaphosa stressed commenting on the organization’s decision to admit six countries, Argentina, Egypt, Iran, the UAE, Saudi Arabia and Ethiopia, beginning on January 1, 2024.

"BRICS itself is a diverse group of nations. It is an equal partnership of countries that have differing views but have a shared vision for a better world. As the five BRICS countries, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while. We have consensus on the first phase of this expansion process, and further phases will follow," the South African president noted.

Ramaphosa stressed that the organization appreciates "the interest of other countries in building a partnership with BRICS." "We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit," he added.

According to him, the BRICS leaders see that other countries are interested in using their currencies in foreign trade. "We have noted that there is global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems. As BRICS, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture. The summit agreed to task the BRICS finance ministers and/or central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to the BRICS leaders by the next summit," Ramaphosa noted.

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