BRICS (B=Brazil, R=Russia, I=India, C=China, S=South Africa): Brazil, Russia, India, China, South Africa β emerging economies challenging Western dominance
BRICS β BRICS: 42% of world population, 23% of world GDP, 18% of world trade. Common interests: reform of global financial institutions (IMF, World Bank), multipolarity, development financing. New Development Bank: BRICS alternative to World Bank. Expansion 2024: Saudi Arabia, Iran, UAE, Ethiopia, Egypt joined.