The International Monetary Fund, World Bank, and Asian Development Bank are prone to imposing onerous conditions as per the agenda of their predominantly western and Japanese shareholders. BRICS must move beyond the success of the New Development Bank (NDB), which has admittedly risen to the challenge of meeting the needs of its members and other developing countries without those onerous terms.
Source: Kashmir Observer
The expansion encourages trade in each country’s domestic currency by bringing in wealthy nations to recapitalize NDB as well as countries that serve as trade entrance points for Latin America and Africa. Similar to the original BRICS, there is little need to worry about excessive Chinese influence on the enlarged organization.
Only Iran can be considered anti-Western, and none of the six new membersu2014Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the UAEu2014have ever been accused of being pro-Beijing. In actuality, all of these countries take pleasure in their moderate foreign policies. Among India’s most important Arab friends are Egypt, Saudi Arabia, and the United Arab Emirates.
Source: Study IQ IAS
The world and its leaders are too transactional and opportunistic today, therefore BRICS will never be able to recapture the Bandung spirit of 1955. However, this is a chance for underdeveloped or Western-rejected nations to alter the current international order in their favor. To bolster its members’ resolve to conduct trade in their own currencies, BRICS will need to create structures. Success on this front would persuade the doubters that BRICS is more than just anti-Western rhetoric.
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