BRICS at 20, successes and failures of the world’s largest economic
By Brahma Chellaney If the promise of the BRICS was to establish a monetary union, a single market, or a tightly integrated political alliance, it has not been fulfilled. But if it was to build a platform for emerging economies to cooperate while advancing their own strategic autonomy, the BRICS has exceeded expectations.
Twenty years ago, foreign ministers from Brazil, Russia, India, and China convened the initial meeting of the BRICs, marking the beginning of a global economic coalition. Since its formal establishment in 2009, the grouping has expanded, adding South Africa in 2011 and further countries over time. Today, the BRICS represents nearly half of the world's population and about 40% of global GDP, showing significant growth compared to the G7's dwindling influence.
The BRICS has also established the New Development Bank, the first multilateral development bank with global scope led by emerging economies, as a platform for economic cooperation and strategic autonomy. However, the grouping's internal diversity, including liberal democracies and authoritarian states, energy exporters and importers, and geopolitical rivals, poses challenges in achieving consensus on key issues.
While the BRICS has made tangible progress in institution-building and reducing vulnerabilities within the international financial system, it remains to be seen whether it can fulfill its original promise of establishing a monetary union, a single market, or a tightly integrated political alliance.
Written by urgent.news from MercoPress's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
