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Emerging economies: BRICS is here to stay

Concrete steps to a multi-polar world

Not content with the Western-dominated global financial system, five emerging economic powers are paving the way to a new and more egalitarian world order. At their fourth summit on 29 March in India, the BRICS emerging powers, Brazil, Russia, India, China and South Africa took concrete steps towards shaping a multi-polar world, reports Carla September.

 

The fourth BRICS Summit agreed to explore the establishment of a new development agency to challenge the World Bank. The so-called BRICS Development Bank would generate resources to fund infrastructure and core sector projects in emerging economies. “This issue [of a BRICS Development Bank] has been brewing for quite some time. This summit brought it to the next practical level,” said Martin Khor, executive director of Geneva-based South Centre, an intergovernmental organisation of developing countrie ...


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Find in this article:

Clear message to the IMF
Projecting a new development bank
Strengthening UNCTAD
Countering US attacks on UNCTAD's secretariat


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Heavy pressure on UNCTAD before Doha / BRICS summit pushes to redress power imbalances

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