By any measure, the multi-lateral BRICS forum is an economic and diplomatic powerhouse. NZ would not have to give up other alliances if it joined.
Articles on New Development Bank
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The disparate nature of the six prospective members is bound to spark debate about the real nature of Brics.
It is not mere expansion, but the character of the expansion which will guide the five Brics countries on whether they admit new members.
Geopolitics is forcing BRICS countries to balance respect for international law, self-determination, sovereignty and peaceful resolution of disputes with their friendly relations with Russia.
The New Development Bank doesn’t have mechanisms that communities can use to hold it accountable or seek redress.
A liaison group with large financial institutions has worked in the US and the Netherlands.
The 10th BRICS Summit delivered a mixed bag when judged on what it said on key issues, like global governance and trade.
The BRICS bloc can’t be written off. At the same time it shouldn’t be romanticised, given its internal challenges.
With international trade facing its greatest threat in decades, this club of China, Brazil, Russia, South Africa and India will have much to say about it.
The promise of BRICS was that it would usher in a new approach to development. But after meeting annually for the last nine years there’s no sign that the old order has been challenged.
The idea that South Africa must look towards the International Monetary Fund to rescue itself from the prevailing crisis must be dismissed.
Despite financial crises and political differences among these five emerging economies, the BRICS coalition is here to stay. And it may just change the world.
The strategy of Brazil, Russia, India and China towards African development seems to be muddled with selfish national interests. Their focus is on areas critical to the growth of their economies.
Top contributors
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Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria
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Professor (International Relations), University of Johannesburg
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Senior Researcher, University of South Africa
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Senior Lecturer in African Studies and International Development, University of Edinburgh
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Senior Lecturer in Human Resource Management, Keele University
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Extraordinary lecturer at the Centre for Human Rights, University of Pretoria
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Acting Director: Institute for Pan-African Thought & Conversation, University of Johannesburg
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Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town
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Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau
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Associate Professor of International Relations, Fundação Getulio Vargas (FGV)