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South Africa envoy criticises “dollar domination” and calls arresting Putin in Johannesburg “bizarre”
Two months are left until the BRICS Summit. In an interview, Joel Sibusiso Ndebele slammed the US dollar’s dominance in the world economy, stating that it does not benefit developing countries.
In an exclusive interview with ThePrint, the South African High Commissioner to India emphasised, “We do not believe the US dollar domination of the flows of trade and investment in the world is to the benefit of all, especially not for the Global South.” This statement reflects the growing trend among countries settling trade in local currencies to reduce their dependence on the US dollar.
The upcoming BRICS Summit, set for 22 and 24 August in Johannesburg, will likely address this issue. Prominent leaders will participate, namely Narendra Modi, Vladimir Putin, and Xi Jinping. As the current chair of BRICS, South Africa aims to encourage using local currencies in international trade among the member nations.
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The call to challenge the US dollar’s privileged position as the world’s reserve currency has gained traction in Africa and other developing nations such as Brazil. The dollar’s influence, mainly through economic sanctions, has sparked debates on the need for alternative currency systems. However, according to Ndebele, the practical institution of a common currency among BRICS partners requires further consultation and discussion.
There have been some controversies regarding the ICC’s arrest warrant for Russian President Vladimir Putin over alleged war crimes in Ukraine. South Africa faces pressure to arrest Putin if he visits the country. However, the host country granted blanket diplomatic immunity to all leaders attending the August summit, potentially paving the way for Putin’s attendance.
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Ndebele responded to the controversy, stating, “[Countries] who are not signatories to the Rome Statute are the ones making a lot of noise… It’s just bizarre to talk about a head of state being arrested on South African soil.” He stressed that a BRICS Summit can only be called a BRICS event with the presence of all member states.
In addition to discussing currency issues, the summit will focus on other matters, such as a peace mission by African heads of state to Ukraine and defence cooperation between India and South Africa. With the confirmation of attendance from all BRICS leaders, the August summit holds significant importance for shaping the future of global trade and cooperation among these influential nations.
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