BRICS: Opportunities and Challenges
The BRICS (Brazil, Russia, India, China and South Africa) grouping signifies a welcome development. The member states, having rebounded well from the 2008-09 financial crisis, have shown that they are not just a marketing story but can offer a viable model of resilient growth despite not conforming fully with the “open market, complete trade liberalisation” recipe of the developed world. This Brief outlines the practical and ideational role that BRICS can play as a grouping, in reforming the global financial system and in the norm-setting processes in world politics. The Brief also discusses some challenges BRICS countries are facing to realise their goals in the short to medium term.
