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BRICS
12-07-2025 Pakistan Affairs international relations
BRICS is an intergovernmental organization comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. Established in 2009
Originally there were only five members: Brazil, Russia, India, China, and South Africa, hence the name BRICS. But now since, Egypt, Ethiopia, Indonesia, Iran, and the UAE have joined it has become BRICS+ (2024).
Objectives
The objectives of BRICS include strengthening economic, political, and social cooperation among its members, as well as increasing the influence of Global South countries in international governance. BRICS was originally intended as a grouping of rapidly growing economies that could dominate the global economy by 2050. It aimed to create a geopolitical bloc to counterbalance Western-dominated global institutions like the IMF and World Bank.
Economic Initiatives
New Development Bank
This New Development Bank (NDB) began operating in July 2014, with founding BRICS members having pooled $100 billion as the bank’s authorized capital. Each founding BRICS member holds an equal stake in the NDB and contributes an equal share to the bank’s assets.
Alongside the NDB, BRICS launched the Contingency Reserve Agreement (CRA), meant to provide countries experiencing economic strain with liquid currency. (Kamiati)
Challenges
BRICS faces several challenges, including internal rifts, balancing national interests with collective goals, and the potential for increased geopolitical tensions. The group also grapples with defining its expansion strategy and clarifying its objectives for the Global South.