Emmanuel Macron is making all kind of noises these days. He said Europe must have strategic autonomy lest would become vassal of America. Now he is frantically trying to get an invite to the BRICS meeting in Johannesburg, August this year. Looks like he is trying to tweak French business strategy.
Cyril Ramphosa, President of South Africa is placed in an awkward position. He has the discretion to send an invite but he knows he would face censure by couple of members of BRICS, Russia being super most. For Macron he just cannot gate-crash. Whatever the outcome may be, this request demonstrates that France is in the process of re-visiting her business strategy to keep abreast of events happening in geoeconomics globally.
France is not doing that bad compared to the other trio members who drives European Union, namely Germany & Italy. But recently she was stung grievously by the American extra territorial law that states simply that US has the right to examine third party transactions entered into by French firms that use any process, patents, or techno of US origin. So Macron is working on how to protect French business from the over awning US extra territorial law.
There is no intent by Macron to leave G7 and join BRICS. What he actually wants is to sanitize Euro Zone business firms doing business elsewhere specially in countries in BRICS and the global south from America’s reach. Contingent to this parameter Macron also feels that as and when BRICS currency is unveiled the Euro must also be given status as trading and/or reserve currency, not to be left out in geoeconomics power-play.
Recent visits by Macron to Beijing in April 2023 and by Premier Li Qiang of China to Paris on 23 July 2023 have strengthened Macron’s hand where two-way opening of trade & financial relationship has been acknowledged by both countries and certain to be implemented. Macron wants this to be added onto BRICS wall as well. So with China secured, France waited for Saudi Arabia to show up. As an applicant in waiting KSA has better chance to get BRICS badge amongst the 19 prospective candidates. Currently, Mohammed bin Salman in Paris echoes implicit support to French breaking out from US embrace as he wants one for himself.
As my analysis goes, the vital reason for Macron’s attempt to gate crash has lot do with Russia. Realizing that Putin no longer cares for him, Macron wish to use French charm to get a one to one meeting on the side-lines of BRICS meet or at-least saying hello to him to de-freeze the cold that has set between them after revelation of the Minsk Agreement being fake document where France and Germany cheated upon Russia. Besides reading the current situation objectively France knows that Russia is winning hands down. She must ensure a seat in the post-war negotiating table to ensure French interest and taking forward French business strategy smoothly without any hiccups.
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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