BRICS summit to begin in South Africa | Photo: Reuters

The 15th BRICS Summit will take place in South Africa today

The summit will run from August 22 to 24 and will be hosted at the Sandton Convention Centre in Johannesburg. The theme of the Summit is: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”

The main topic on the agenda is likely the expansion of BRICS, with over 40 countries expressing interest in joining including Saudi Arabia. Saudi Arabia joining BRICS would significantly strengthen the economic power of the bloc, due to it being one of the largest oil producers and exporters. Saudi Arabia possesses significant reserves of oil and natural gas which could lead to closer collaboration in the energy sector among BRICS nations. With talk about more trade in local currencies rather than US dollars a growing trend among emerging economies. Saudi Arabia joining the bloc or accepting trade in local currency could challenge US geopolitical influence and dominance of the US dollar. Trade in local currencies would cause a shift in the global reserve currency, reduce reliance on the US dollar for international transactions and lead to de-dollarisation.