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A voice of Global South
Context:
BRICS prepares to host its 15th annual summit from August 22 -24 at Johannesburg in South Africa.
Growing clout of BRICS
- GDP representation- BRICS represents 40 per cent of the world’s population and 23 percent of global GDP.
- Countries waiting to join- More and more countries are showing eagerness to join BRICS, including Saudi Arabia, UAE, Egypt, Algeria and Argentina.
- New Development Bank- Developing world’s countries seeking aid sometimes face harsh regulations from the Bretton Woods institutions, so a new avenue was created in the form of the New Development Bank.
BRICS and creation of multipolar world
- Change the world economic system-BRICS is actively involved in the efforts to change the world economic system by increasing the number of non-Western states in international financial institutes
- Impact of Ukraine crisis- The current crisis in Ukraine will consolidate BRICS as the group will make further efforts to become a real alternative to the West to create a real multipolar world.
- Rupee-ruble cross currency pairing- The proposed arrangement for rupee-ruble cross currency pairing could well be a harbinger of more concerted efforts to settle payments in non-dollar currencies.
Way Ahead
- Balancing Act- Countries like India, South Africa and Brazil need to do a balancing act on BRICS’ agenda.
- Should not stand against West- It should not spend energy on taking adversarial positions against the West.
- Economic Governance- BRICS should focus on representative economic governance.
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