BRICS Push for Global Economic and Financial Reform Deemed Hard to Ignore
Veteran journalist Anthony Rowley argues that the push by BRICS (Brazil, Russia, India, China, and South Africa) to reform the global economic and financial system should be taken seriously. Key points include:
- BRICS members account for over a quarter of the world GDP.
- Over 40 countries have expressed interest in joining BRICS.
- BRICS focuses on diverse areas of influence and provides alternative financing sources through the New Development Bank.
- The group aims to promote multilateralism and global governance in economics and finance.
BRICS Future Role Depends on China-India Rivalry
The rivalry between China and India could impact the future role of BRICS. Key points include:
- China favors rapid expansion of BRICS, while India prefers association without granting full membership.
- Whether BRICS becomes a counterpart to the Group of Seven (G7) depends on China’s or India’s approach.
- India resists China’s efforts to align BRICS with its geopolitical agenda.
- India wants BRICS to focus on Global-South economic and financial cooperation and reforming international financial institutions.
BRICS as a Catalyst for a New World Order
The induction of new members into BRICS could lead to changes in international relations, according to professor Mohamed El Yattioui. Key points include:
- BRICS could push Western nations to accept changes in international relations.
- BRICS may challenge the existing world order and promote a “new world order.”
Hot Take: The expansion and influence of BRICS could disrupt the established economic order and provide alternative financing sources, while its future role depends on the rivalry between China and India. The induction of new members into BRICS may lead to significant changes in international relations and a potential shift in the global power dynamics.
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