The recent BRICS summit in Kazan, Russia, highlights the group's ambition to reshape global dynamics. Formed in 2009 by Brazil, Russia, India, and China, with South Africa joining later, BRICS aims to challenge Western dominance in world affairs. The coalition is expanding, with nations like Ethiopia, Iran, and the UAE joining, and Turkey expressing interest.
BRICS advocates a multipolar world order and seeks to reform the global economic system, reducing reliance on Western institutions like the IMF. One of their significant initiatives is developing an alternative payment system to SWIFT, which Russia has been excluded from due to its actions in Ukraine.
The summit also underscores Russian President Vladimir Putin's efforts to counteract Western isolation post-Ukraine conflict. By hosting the summit, Putin aims to demonstrate that Russia maintains strong international ties beyond NATO. Leaders from India, China, and other nations attended, reinforcing the notion of an evolving global power structure.
The BRICS group, representing over 45% of the world population and 30% of global GDP, seeks not only external reform but also internal development. The success of their vision hinges on strengthening domestic institutions and fostering inclusive growth.
