BRICS can change world order, evolve into G7 counterpart
The expert reiterated that more than 40 countries worldwide have already signalled their interest to join BRICS or to cooperate with the organization, bringing together Brazil, Russia, India, China and South Africa
BRICS countries have the potential to change the existing world order and turn their union into a counterpart of G7 on the global arena, journalist Anthony Rowley wrote in his opinion piece, published by South China Morning Post.
The expert reiterated that more than 40 countries worldwide have already signalled their interest to join BRICS or to cooperate with the organization, bringing together Brazil, Russia, India, China and South Africa.
In his opinion, the bloc is building greater influence in reform of the international economic and financial system and in securing a bigger voice and vote for developing nations at the International Monetary Fund. In his opinion, the potential attraction of BRICS lies in the fact that it is becoming “a balancing force in world affairs.”
According to non-resident senior fellow at the Atlantic Council Hung Tran, BRICS “could evolve to become a counterpart to the Group of Seven (G7) in world affairs, resulting in a profound impact on international relations.”
At present, the organization continues to build greater influence on the global arena despite the existing differences between two of its members, China and India.
The article names BRICS New Development Bank as an example of it. The bank has already financed 98 projects worth $33.2 billion in total. The author emphasizes that the NDB will aim to provide 30% of its financing in local currencies of member countries, which is consistent with the aim of reducing dependence upon the dollar, reflecting the common goal shared by China and India.
The BRICS summit will take place on August 22-24 in Johannesburg and will be chaired by South Africa. According to South Africa’s Minister of International Relations and Cooperation Naledi Pandor, at the summit the leaders of the BRICS countries will discuss possible expansion of the organization. According to her, 23 countries, including Iran, filed formal applications for joining the association.
The BRICS group was formed in 2006. Initially, it included four countries – Brazil, Russia, India and China. South Africa joined the association in 2011.
