The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, has been a significant player in global governance since its inception in 2009 in Yekaterinburg, Russia. As the bloc approaches its 16th summit in Kazan, Russia, questions arise about its evolving role and potential contributions to international governance structures.
Despite being informal and non-aligned, BRICS has made substantial contributions to the global financial architecture through institutions like the New Development Bank (NDB) and the Contingent Reserve Arrangement. The bloc's recent expansion into BRICS+ signals a strategic move to enhance its influence and inclusivity.
At the upcoming summit, BRICS+ is expected to announce the launch of a new payment system designed to facilitate smoother transactions among member nations, reducing reliance on traditional financial systems. Additionally, further expansion of the bloc is anticipated, potentially welcoming new members that align with BRICS' vision for a more balanced global order.
These initiatives reflect BRICS+'s commitment to fostering a more equitable and democratic approach to global governance. By integrating emerging economies and promoting cooperative frameworks, BRICS+ aims to address pressing global challenges and reshape international relations.
As global dynamics continue to shift, the decisions made at the Kazan summit will likely have far-reaching implications for the future of global governance, positioning BRICS+ as a pivotal force in the international arena.
Reference(s):
The potential of the BRICS + contribution to global governance
cgtn.com
