The coalition of Brazil, Russia, India, China and South Africa continues to pose a threat to Western Supremacy – Brics has united to reject neoliberal models and created their own institutions. The grouping since 2013 have been signing declarations that are more than just usual petty collaborations and shared goals.
Brics in 2014 agreed to the creation of a development bank – Brics Bank which was later renamed the New Development Bank (NDB). From its conceptual stages the bank received its fair share of skepticism from Western media. Articles of the New Development Bank failing to live up to hype and analysis of the NDB in comparison to other development banks are easy to find. The institutionalisation of BRICS was viewed as not “viable and feasible”.
The NDB meant rivalry for West controlled financial institutions, IMF and the World Bank. Brics is empowering emerging economies by offering a wider range of economic choice. The groupings long term goal is to change global governance.
“Brics is gearing up for the future by planning to set up a credit rating firm to compete with western hegemony in the world of finances,” reports IOL.
BY Kgothatso Nkanyane