A group including Russia and China is considering adding new members in a bid to compete with Western groups like the G7. 

The Details: Leaders from BRICS — Brazil, Russia, India, China, and South Africa — are meeting in South Africa on Tuesday for a widely anticipated summit.

Expanding the Club: The group is considering adding new members to rival the G7 and other Western economic groups. BRICS countries already represent 43% of the global population, and 19 other countries are reportedly interested in joining, including Saudi Arabia, Iran, Argentina, and Indonesia. Not all group members appear to be on the same page, however; on Tuesday, Brazilian President Luiz Inácio Lula da Silva said BRICS was not meant to rival the G7, only to organize economies in the Global South. 

Pushing Back on Dollar Dominance: BRICS’ New Development Bank is planning to lend in South African and Brazilian currencies to challenge the global dominance of the U.S. dollar. Some analysts expect the group to eventually push for a gold-backed unified currency.

How the Media Covered It: News coverage appeared primarily in mainstream international and business outlets, most of which are rated Center or Lean Left by AllSides. Commentary appeared to vary more than news coverage; a Fox News (Right bias) op-ed accused Russia and China of plotting to “upend” the “world order,” and a Financial Times (Center bias) op-ed said it was “unlikely” that BRICS would seriously challenge the U.S. dollar.