The BRICS (Brazil, Russia, India, China, and South Africa) grouping has been around for over 15 years, but it has yet to live up to its full potential. Some critics argue that the BRICS is dead on arrival, pointing to the fact that the member countries have different political systems, economic interests, and development levels. They also argue that the BRICS has been unable to agree on a common agenda or to achieve any significant results.
There is some truth to these criticisms. The BRICS countries have indeed faced challenges in agreeing on common goals and priorities. For example, they have been unable to reach a consensus on how to reform the global financial system. They have also been divided on issues such as climate change and trade.
However, it is too early to say that the BRICS is dead on arrival. The grouping has the potential to be a powerful force in the global economy. The combined GDP of the BRICS countries is now larger than that of the G7, and their population is over 3 billion people. If the BRICS countries can overcome their differences and work together, they could have a significant impact on the global economy.
Here are some of the reasons why the BRICS countries may be able to overcome their differences and achieve common goals:
They have a shared interest in promoting economic development and reducing poverty.
They are all facing the challenge of globalization and the need to adapt to a changing world order.
They are all members of the United Nations and other multilateral organizations, which provides them with a forum to discuss common problems and to coordinate their policies.
The BRICS countries have also made some progress in recent years in achieving common goals. For example, they have agreed to establish a BRICS Development Bank and a BRICS Contingent Reserve Arrangement. These initiatives are designed to promote economic cooperation and financial stability among the BRICS countries.
The BRICS is still a young grouping, and it is too early to say what its ultimate role will be in the global economy. However, the potential for the BRICS to be a powerful force is doomed by its nature – a bunch of authoritarian autocrats in charge of economies on the brink of collapse will never be able to agree on a common agenda or to achieve any significant results..