How BRICS group plans to shake up global financial system
From simple investment term to global power-block: BRICS group adds four new countries to challenge western financial dominance. Recent meeting in Russia shows growing influence of this non-western alliance
One of the more remarkable developments over the last 25 years is that an investment bankerʼs arbitrary acronym for a quartet of emerging market economies has become the rubric for rebellion
The BRICS group just finished its first-ever post-expansion meeting in Kazan Russia where Xi Jinping Vladimir Putin and other leaders discussed new economic plans. Four new members — UAE Iran Egypt and Ethiopia joined the original five-nation block making it a bigger non-western alliance system
The original group which started as a simple investment term now includes:
- Narendra Modiʼs India
- Lula da Silvaʼs Brazil
- China
- Russia
- South Africa
- Four new member-states
The groups main goal is to create a new financial system thats different from US dollar-based trade (which shows their long-term planning). Many experts think this new nine-member format could change how global trade works but its still unclear if they can really do it
The expansion shows how fast the global-south is growing: these countries want more say in world affairs. Cyril Ramaphosa from South Africa thinks its time for new power centers — the meeting proved that non-western countries are ready to work together on big economic projects
Turkey also wants to join BRICS which shows how some US allies are looking for new partnerships. The group isnt just about money; its about changing how countries work together in todays multi-polar world. Their next big idea is making a new payment system that doesnt depend on western banks
