I think that Brazil pushed for Argentina, being a fellow South American country, and increased trade between the two. Same with South Africa and Ethiopia. South Africa lobbied for Ethiopia, also China has invested mightily in manufacturing in Ethiopia.
Thoughts: 1. BRICS’ vision is clear. It is for a just, equitable and peaceful world where no country lords over others, where trade, development and cooperation are championed, not chaos, conflicts and forever wars. 2. This vision is what binds these countries together and it is why so many countries are so enthusiastic about joining BRICS. 3. BRICS is not anti-west, rather it is for a higher vision of the world. That is a very important distinction. 4. Establishing a BRICS currency is not a trivial task. It fact, it is an exceedingly complex undertaking technically, financially and politically. It has to be done carefully and correctly for it to be successful. It will take years if not a decade to accomplish. 5. That said, the pace of de-dollarization will increase with the BRICS expansion. The influence of the group in the multi-polar will expand in more ways than one. Let’s cheer for BRICS continued success!!
Thanks! The problem is that those who have always played dirty are afraid of those who play fair. Those who never had good intentions and were always treacherous think that everyone is like them, that everyone has the same thirst for power and the same lack of scruples about shedding blood or throwing others into misery. Yes, I'm talking about the United States and Europe...
Ethiopia is rich in certain resources. Best coffee in the world. Rare Earth metals. Central to the Horn of Africa. Access to the Red Sea and the Gulf of Aden.
Ethiopia is for geographic and economic reasons, they are situated next to red sea and their economic growth of recent years have been rather impressive.
The African Union Conference Center and Office Complex (AUCC) is a building in Addis Ababa, Ethiopia. It is the headquarters of the African Union and plays host to the biannual AU summits. It also serves as a conference center for African and diaspora businesses. This is one of the key reasons of Ethiopia being selected.
One might also add, Ethiopia is one of the nations in Africa that has more than 1000 years of well developed civilization that can be verified even by the most unfavorable, picking-bones, reluctant-to-admit standards of the US-led West. That cultural and historical aspect of the long civilization of Ethiopia since ancient time is often ignored and brushed off by the West, while China values very highly. This might have been also one of the factors that Ethiopia is among the six nations that get invited to join now.
Ethiopia was never colonized by the West and is a symbol of the African spirit. That’s why the AU’s headquarters are located there. In addition, BRICS countries need role models to demonstrate their capabilities, just like China's help to Laos and Cambodia in Southeast Asia. So South Africa invited Ethiopia and Brazil invited Argentina. The government of Argentina is very unstable recently. If the right-wing forces come to power, it is very likely that they will fall to the United States. This is very detrimental to Brazil. In addition, I think that during the first expansion, the BRICS countries were relatively conservative and worried about being seen as antagonizing the West. If results are achieved, the rate of expansion will be very rapid. Africa, the Middle East, Southeast Asia, and South America may indeed eventually become a Global South. The goals of this alliance will undoubtedly be very lofty, and it is very narrow to think of it only as fighting the West.
Ethiopia was added because of its strategic location, close proximity to the Red Sea and the Golf of Aden. It also has plentiful coffee, gold, potash, natural gas, oil, minerals, hydropower. It has considerable potential for renewable energy sources, particularly wind and solar. The 6 additional members are either oil producers, commodity producers, or situated near the sea trade route. Egypt controls the Suez Canal. The 11 BRICS members are now major oil producers, and food producers - the two vital commodities.
Argentina is a big economy in South America, is a small Oil producer, and already has good ties with china and brazil, also Argentina tries to get their finances under control , and this will work better if they dont need to uy a lot of dollars anymore, they were recently able to pay off some debts in yuan instead of dollar, since this was cheaper. it was basically as a counterweight to keep it even with the origin regions same goes fo Aethiopia. so basically to have 2 African nations and 2 South American nations helps the Middle east nations are aso evened out , so the everything is kept fair .
According to the duran, Ethiopia got a very good relationship w/ South Africa, so needless to say, is recommended by South Africa, the economy of Ethiopia is pretty vibrant recent yrs, it's said that the gdp number of Ethiopia is unexpectedly around 1-2 tho world economic environment is around rock bottom; n as to Argentina, Brazil want the second largest economy of South America to join in…i believe China is also one of the biggest supporter to this notion, considering several months ago Argentina was one of the few countries offered to make settlement through RMB for some of its trades with china.
Yes, that all makes sense. When I was doing more research on the two nations, it became more clear, but at the start, it was a little out of left field for me. Really interesting to see how it all plays out....
Hi Trip bitten . Your channel is one of the best for me . Yes i am busy may so not watched video on time . But i am watching it when have time . Actually i enjoy your analyst viewpoint . Keep it up man .
Sorry for the slow reply, I was heading back to China and was traveling. Thank you for watching and for the super thanks, it really helps motivate me to continue and it is good to know people like what I am doing.
The induction of 4 Islamic countries into BRICS -- Saudi Arabia, Iran, United Arab Emirates and Egypt -- indicates the success of the BRICS organization in sidestepping the tentacles of U.S. influence in the Middle East. Furthermore, the resource-rich Middle East nations and the leading position of Egypt among Islamic nations also bring with them strong support to BRICS' New Development Bank in the immediate future. On a side note, it is also important to note that Saudi Arabia just announced that all high schools and above in the kingdom will soon start to teach Chinese to enable the young generation of Saudis to effectively engage with China in the future in diverse fields such as economics, science, technology, culture, etc. between the two nations. No less spectacular is the inclusion of Argentina and Ethiopia into the organization: one is currently the worst off country in the world considering the hopeless economic situation they are in where all Western nations look the other way and even the World Bank and the IMF refused to come to their rescue while the other was dismissed by the West as an outcast but has grown into an economic powerhouse in East Africa with China's BRI since the year 2000. The Global South is now witnessing an act of kindness from an association of developing countries that a decade ago was cast off as unworthy competitor to the G7. The Global South now has an organization they can look forward for help in time of needs and one they can trust and depend on. The Global South now knows that the capitalist West will never give poor countries a helping hand without substantial economic, financial and political returns. When Russia hosts another BRICS Summit next year, expect a second batch of new members to join the bloc, hopefully with all the heavyweights everyone expected this year but were not realized. After all, this is an unprecedented development even a few years prior and a steady handling of such delicate situation is required to make it a success in the long run.
We will revenge for Islamic leaders who were killed for not being corrupt, you know, Sadam Hussein, Bin Laden, Gadaffi, and many others who have defied US. Allah will rebuild a better world for Islam's anywhere in the world.
Love your shirt, H. P. Lovecraft is awesome. BRICS is awesome, because after WW2, we saw that there must be a balance of power in the World. No one country can have absolute power. We must be balanced in the World so that everyone can live in the prospect of peace
Until trades within the bloc is sizable, steady and consistent, there may not be actionable talk on new trade currency. Adding new members is a great way to build trade power for the bloc.
Ethiopia: Many reasons (1) extend influence in Africa (2) Natural resources=gold, tantalum, phosphorus, iron, salt, potash, soda ash, gemstones, coal, geothermal and natural gas Even oil has been discovbered by the Chinese (3) Potential in Agriculture I have heard by 2025 they will start to heavily trade in their own currencies between the members. Russia annouce she wants to be off the dollar 100%. The trade between China and Russia I think was like 45% the last time I checked. China'ss bilateral trade crossed the 50% mark in terms of using the YUAN so she want to contiue to increase the YUAN in bilateral trade and BRICS will add to that. BRICS doen't need to worry about oil as the BRICS nations is 40% of oil production at this point and they consume 30% of that so oil is a none issue. As far as the USA doing something. They already tried and will continue to try. I will give one example. USA asked Saudi Arabia not to join BRICS and gave the conditions: (1) USA will forve Israel to have a peach deal with the Saudis (2) USA will provide the nuclear program the Saudis wanted (3) USA will provide more security In return the Saudis must do the following: (1) do not join BRICS (2) do not sell oil in YUAN or other currencies (3) provide more oil when the USA needs it Here is another example form Uganda (not part of BRICS). "When you are growing the USA sanctions you and block USA tech from you." So I am sure USA will do something. In terms of the BRICS banks, I have heard (not sure) that they plan to make the lending in YUAN not dollars-maybe other currencies too. Maybe a lot people do not know but the IMF and World Bank loans cannot be used for development purposes such as building power plants, airports, sea ports, and so forth. These are are tied to "political conditions" which means basically "do as I say." The loans can be used to help the government stay afloat with the attitude of trying to maske it as democratc as poosible. The loand can be used for socail issues such as buying vaccines, providing food, medical assisatnce....basically soccial issues Argentina has a 43-44 billion debt with the IMF and World Bank and got no develoment from it, so she turned to China recently to borrow 2023 billion for development purposes. In addition the IMF and World Bank will sanction certain countries. Its going to be a grdual process but keep one thing in mind. Whwn China over takes the USA in GDP tyerms (CHina already way ahead in GDP PPP), that perception alone will also accerlate the decline of the dollar. THis perception that the USA is still the top is very important for captial markets and bond issuance to be stable for the dollar.
I believe there is a distinction between a transactional currency and a reference currency. My understanding is that a transactional currency would be what is used for trade and everyday purchases, while a reference currency would be similar to IMF's Special Drawing Rights (SDRs). This would allow the BRICS member nations to trade with each other without utilizing the USD, thus make them unsanctionable, mitigate their currencies from the volatility that have historically resulted from US FRB's interest rate hikes or quantitative easing, and provide them with an effective means to come out from under their USD debt. As far as I understand, implementation of the BRICS reference currency is proceeding full speed ahead. It is in essence a hedge against speculative exchange rate fluctuations and allows for a more stable and fairer currency market. I personally believe this system will be put in place and the IMF and its other members could either consider becoming a part of this currency network or not. If it chooses not to, it will find most of the global trade being conducted through the BRICS reference currency. The mere fact that such system exists, it automatically means the lessening of the value of the USD, as all currencies' purchasing power are measured relative to another.
Ethiopia might not seen much today, but as Prof. Jeffrey Sachs said, they're doing all kind of right things, laying the ground work like building infrustructure and making wise investments, in 20 years it will be a very different country than today. BRICS are playing a long game, irs a good move!.
BRICS + brought in countries with natural resources, they’ll probably Team up with the SCO country’s they have natural resources and would make BRICS stronger. They aren’t anti West they’re defunding the USA military industrial complex, that’ll make a more peaceful world. They’ll probably not take Euros also too defund their military’s also. No more bullying is a move in the right direction.
Argentina owes a lot of money to the West. I also can't see them getting any more loans as yet. I would say we now know countries that might want to do someone some damage and avoid sanctions Brics would be inviting.
We will have to see the outcome of the election there. The front runner is saying he won't join if he wins... and Ethiopia makes more sense the more I look into it.
i think g-7 and the west should take notice of what brics is doing. brics's rise could mean the demise of usa dollar dominance and the west's decline. love from canada.
In fact, they noticed it, so Western media dare not report it extensively. But I don't think this leads to the decline of the West, they just lose their superior status and become an equal among all the nations on earth. And all mankind will achieve tremendous development.
I can see Iran,Saudi Arabia,Egypt,and the UAE. But I think Indonesia and Vietnam should have been invited. In Africa I think Nambia or Algeria would have been easier than Ethiopia which has a lot of internal problems right now. And in South America Venezuela and Bolivia would be easier than Argentina right now. Argentina has a difficult election coming up. And might be a big problem for BRICS.
I am Ethiopian! Problems in Ethiopia is not only internal. Trust me there is western interest in it. When we breakthrough this thing you will see how fast we will grow!
I think Ethiopia is the largest population in Africa and China has been involved in building infrastructure and other projects for a long time in the country. It is also the fastest growing economy in the region. I believe there's a saying that Ethiopia is "little China" because of the pace of growth :-)
Yes, petroleum is in everything. From plastics to medicines, it is really wild how much out modern society relies on it. I think some people don't understand and think it is easy to become 100% "green".... which is basically impossible.
@@TripBitten And also coal. Remember: many discoveries on organic chemistry were made by German scientists, searching for alternatives to petroleum in a country deprived of it.
currency issue will depend on the West response ...If the west uses sanctions .... Brics will respond.....Loans do not have to be in US currency....Brics companies do not need US currency for payment..
Deben crear un nuevo bloke economico en los que no este incluido el G7 ni los paises del BRICS, de esa forma se impedira que se siga fortaleciendo el BRICS, puede ser una linea en la que este SUECIA y TAIWAN. Ó tros paises.
