BRICS Without Mortar
The recent BRICS summit in South Africa, with its announcement of plans for a new development bank, appeared to herald the group's transformation from a catchy acronym coined by investors into a viable organization. But the five BRICS countries remain too politically and economically diverse to act in a unified manner.
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CAMBRIDGE – Last month, China’s new president, Xi Jinping, chose Moscow for his first foreign visit. He and Russian President Vladimir Putin announced a number of agreements and then traveled to Durban, South Africa, for the fifth “BRICS” summit, where they joined with the leaders of India, Brazil, and South Africa to announce the creation of a new development bank that could challenge the dominance of the World Bank and the International Monetary Fund. The five leaders’ speeches referred to a shifting world order, and Xi said “the potential of BRICS development is infinite.”