Xi Jinping's China Urges BRICS For All-Out Economic War Against G7 Nations

The BRICS nations are converging in South Africa for a three-day meeting, beginning on Tuesday. Ahead of the official start of the summit, China has started a war of words with the G7 nations.

What Happened: "If we expand BRICs to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger," said a Chinese official, Financial Times reported.

The comments come as South African President Cyril Ramaphosa has invited more than 60 heads of state and government amid efforts to enlarge the BRICS memberships, the report said, citing officials familiar with talks. Brazil, Russia, India, China, and South Africa make up the BRICS grouping right now.

South Africa reportedly said 23 nations are interested in joining the coalition.

Chinese President Xi Jinping is set to visit Johannesburg on Monday for a summit and talks with African leaders, representing a rare foreign trip for the Chinese president in 2023. His sole international travel this year was to Russia in March.

See Also: BRICS Emerges As New Global Powerhouse, US Dollar Faces Uncertain Future

Members Divided: The move to increase membership has, however, been met with resistance from India, as internal tensions mount over whether the BRICS should be a non-aligned club for the economic interests of developing countries or a political force that openly challenges the West, the report said.

Although South Africa has said a potential BRICS expansion should not be seen as an anti-Western move, western nations will likely see the potential addition of Iran, Belarus, and Venezuela as a move to accommodate the allies of Russia and China, it added.

Brazil reportedly has clamored for adding neighbors Argentina and Venezuela to the union, while also backing the memberships of Saudi Arabi and UAE.

The nation wants clear conditions to be laid down for new entrants, such as joining the Shanghai-based New Development Bank founded by BRICS nations.

Officials in charge of the pre-summit talks reportedly said criteria for adding new members will have to be agreed by BRICS leaders.

They also ruled out common currency being part of the agenda but said there could be talks regarding the agreement on BRICS members’ increasing use of each others' local currencies to settle bilateral trade.

Read Next: Best Penny Stocks