The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, are reaffirming their influence on the global stage.

Although the alliance is not new, it has garnered increased attention in recent times due to the fact that none of these countries have participated in sanctions against Russia following its invasion of Ukraine.

Supporters of the BRICS alliance argue that a multipolar world is essential in the face of growing geopolitical tensions, insecurity, and inequality, CBC News reported.

They advocate for a decentralized distribution of power away from Western countries such as the U.S. and the U.K.

In a significant development, foreign ministers from each of the BRICS nations convened last week to discuss their priorities.

These include exploring the possibility of establishing an alternative currency to the U.S. dollar, expanding the influence of their alternative to the World Bank, known as the New Development Bank, and considering the potential inclusion of more nations into the alliance.

South Africa is scheduled to host a summit of BRICS heads of state in August, where further discussions and decisions will take place.

Written by staff