South Africa Becoming Member of BRICS consequences
The government is in a bind as a result of South Africa's membership in BRICS, the group of important emerging markets on which it is pinning its economic and diplomatic future. Its alternatives all come at a price. It gains a more prominent position on the international diplomatic scene by accepting the invitation to host a summit of the group's leaders. Pretoria will be at odds with the US and the European Union, two of its main commercial partners, as well as its own courts if Vladimir Putin, the president of member Russia, shows up for the conference in August. For the economy, the repercussions are already evident. Unease was raised by South Africa's failure to denounce Russia's invasion of Ukraine and holding of military drills with Moscow's fleet. The currency and bonds fell last month after the US ambassador claimed that Pretoria had transported guns to the nation. The rand then hit a new low after a state notice granted diplomatic immunity to particip