The BRICS Summit in Johannesburg has drawn international attention to the grouping’s past record of achievements and failures, its strained internal dynamics, and new challenges. As BRICS heads into its 18th year, its success and way forward will depend on the members’ ability to tackle the principal challenge of retaining its internal solidarity while balancing expansion and its impact and influence in the world.
The launch of the BRICS bank can now give the member countries confidence to experiment with other geoeconomic ambitions. Incubating a non-dollar financial architecture can be the next goal. There are existing models to build upon but India will need smart economic diplomacy to secure its interests
Shanghai Forum has emerged as a leading platform for discussing geopolitics in Asia. This year’s forum focused on the impact of rising geopolitical tensions in Asia and the need for Asian countries to develop creative approaches to economic development in the wake of the western financial crisis
There’s been much talk about the “the rise of the rest,” with Brazil, Russia, India, and China leading the charge. However, few countries can sustain unusually fast growth for a decade, and even fewer, for more than that. As the boom years begin to end, the international order won’t change as much as expected.