Another Alternative

From August 22-24, 2023, South Africa will play host to one of the world’s sprouting economic group-BRICS. The bloc made up of China, Russia, India, Brazil and South Africa will be holding its 15th Summit at the Sandton Convention Centre in Johannesburg. One of the main particularities of this group is not only its willingness to admit more countries, but the group’s capacity to rapidly become a major reliable platform for international exchange. Since its creation, the group has spelled out attractive development policies that have left many emerging countries with no other choice than to seek ways of joining. It has gone from a slogan dreamed up at an investment bank to a real-world club that also controls a major development bank. Because its membership are beyond ideological lines, dozens of countries of all political stripes, including Iran and Saudi Arabia are knocking at its door.
Hardly, did anyone imagine that “BRIC” coined in 2001 by economist Jim O’Neill, then at Goldman Sachs Group Inc, to draw attention to strong growth rates in Brazil, Russia, India and China, would become a strong economic force within a short time. The rapid growth of the four nations that embraced the idea meant they had shared interests and common challenges. After feeling frustrated due to the influence in a US-dominated world order, they thought it wise to combine their voices. Today, their voices are not only being heard, but respected by some of their adversaries who thought they were going to fail woefully.  
The alternatives and opportunities BRICS now offer and intend to offer are juicy. Their preamble says it all; they are out to help reflect on the potential that enhance unity, trade among emerging markets and facilitate economic growth. Even though critics argue that BRICS expansion is drive...



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