BRICS CHALLENGES

BRICS has big ambitions, but it also faces new challenges, said the experts.

They may be 11 in total at the moment.

The current five-member BRICS group represents a quarter of the world’s wealth and brings together 42 per cent of the world’s population. First, BRICS is very diverse, with unequal growth and rivaling interests. The importance of China, which represents 70 per cent of the group’s gross domestic product, is a problem for India. Some of the BRICS countries, including South Africa, want to save its trade relations with the United States and do not want to be dragged into the Cold War strategy pursued by Russia.

“Do Africans really need the Middle East’s problems brought into this group? If they want to do business with Israel, what Iran will say?” these are the questions the experts have been asking.

Beyond this membership issue, the BRICS group should be taken seriously.

BRICS wants to build an alternative multilateralism, starting with challenging the Dollar and strengthening the New Development Bank without conditionality.

Washington is reportedly monitoring the situation closely.

The Joe Biden administration announced its willingness to strengthen the financing capacities of the International Monetary Fund and the World Bank on the occasion of the next G20 summit in India .

US National Security Advisor Jake Sullivan explained that the IMF and World Bank proposals would generate nearly E1 trillion (US$50 billion) in lending for middle income and poor countries from the United States alone.