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BRICS and the creation of a multipolar world

  • Published
    8th Apr, 2022

The consequences of the Ukraine crisis for BRICS and the world cannot be overestimated. It demonstrates that the West has not abandoned the idea of a unipolar world and will continue building it up by drawing into its foreign policy orbit issues it calls “international” or even “common to mankind.” Many non-Western states look at this as a new wave of colonialism, which having abandoned the old slogans (“superior culture”) for new ones (“democracy”), uses the old methods and pursues the same aims. 

Role of BRICS

  • 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 despite frantic opposition by the traditional distributors of world money.
  • New Development Bank and Currency pool- The BRICS countries decided to create the $100 billion BRICS Development Bank and a reserve currency pool worth over another $100 billion to offer an alternative to countries in the non-Western world when it comes to choosing the sources of funding for development or coping with serious economic crises.
  • Alternative to West- 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.
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