BRICS countries contribute nearly 40% of the global population and over 25% of global GDP. Their collaboration on trade, technology, and infrastructure projects strengthens their economic clout.
Alternative Financial Institutions
BRICS established the New Development Bank (NDB) as an alternative to the World Bank and IMF. It funds critical infrastructure projects in member nations, reducing dependency on Western financial systems.
Shifting Global Influence
By advocating for multipolarity, BRICS is reshaping global governance, demanding greater representation in organizations like the UN and WTO.
Challenges Ahead
Internal conflicts and differing priorities among BRICS members could slow progress. However, shared interests in economic growth and reducing Western dependence keep the alliance intact.
Conclusion
The rise of BRICS signals a shift toward a more balanced world order, where emerging economies have a stronger voice in shaping global policies.
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