Source: japantimes.co.jp (Photo by LUDOVIC MARIN / AFP)
French President Emmanuel Macron has expressed his interest to attend the BRICS summit in South Africa in August. France is the only European country that is keen on being a part of the summit signaling a paradigm shift in global dynamics. Macron released a controversial statement against the U.S. dollar recently calling it “a great risk” to hold the currency as reserves. He also urged the European Union to not be America’s puppet and look for alternative ways to settle cross-border transactions.
His comments come at a time when the United States is reeling from a debt ceiling crisis. The U.S. dollar comes with a debt risk and a recession could cause catastrophic effects to countries holding the greenback as reserves.
France also settled an LNG gas trade by paying with the Chinese Yuan and not the U.S. dollar with China. The transaction involved 65,000 tons of LNG from the UAE through the Shanghai Petroleum and Natural Gas Exchange. The development suggested that France could be a leading contender in Europe to ditch the U.S. dollar and accept the BRICS currency.
Will French President Emmanuel Macron Attend BRICS Summit?
While Macron has expressed interest to attend the BRICS summit, the bloc members Russia and China are skeptical of the decision. China and Russia believe that Macron’s motives are to sabotage the BRICS currency by gaining inside information about its formation. Russia also stated that Macron would be an “inappropriate guest” at the BRICS summit and has not approved his interest.
Therefore, Macron will most likely not attend the BRICS summit as his interest remains rejected at the moment. There are slim chances that he might gatecrash the event as security for his presence will not be in place. In conclusion, French President Emmanuel Macron will not attend the BRICS summit that will be held in South Africa in August 2023.