<\/p>\n
News: <\/span><\/b>The Russia-Ukraine conflict has brought BRICS grouping at the centre of discussion due to multiple reasons. <\/span><\/p>\n The RIC controls 22% of the global GDP, and it accounts for 16% of global exports of goods and services. <\/span><\/p>\n Therefore, the current crisis may <\/span>consolidate BRICS<\/span><\/b>, especially RIC. It has the potential to become a <\/span>real alternative<\/span><\/b> to the West. It can create a <\/span>real multipolar world<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n Russia is now alienated and has been expelled from the G-8 group. It may now wish to increase its bilateral trade with India and China. It will lead to a strong <\/span>Russia-India-China (RIC) relationship<\/span><\/b> or <\/span>a north Eurasian integrationist core <\/span><\/b>within BRICS.\u00a0<\/span>\u00a0<\/span><\/p>\n New alternative arrangements<\/strong> are being developed. For example,<\/strong> India-Russia have agreed <\/span>Rupee-Ruble cross currency<\/span><\/b> pairing<\/span><\/b> to settle payments in non-dollar currencies. <\/span><\/p>\n India is aiming to build a dedicated payment mechanism known as <\/span>India\u2019s sovereign Financial Messaging Systems (SFMS) <\/span><\/b>like SWIFT. It will enable energy-related payments, and will challenge the <\/span>dollar\u2019s hegemony<\/span><\/b>. <\/span><\/p>\n Such measures may push for <\/span>internationalisation of the Indian rupee. <\/span><\/b>In fact, Russia has also decided to export<\/span> discounted crude oil <\/span><\/b>to India to recoil from sanctions.<\/span>\u00a0<\/span><\/p>\n In recent years, BRICS members have attempted to change the <\/span>world economic system<\/span><\/b>, through the following efforts:<\/span><\/p>\n –<\/strong> Creation of the <\/span>BRICS Development Bank<\/span><\/b>. <\/span><\/p>\n –<\/strong> Creation of a <\/span>reserve currency pool<\/span><\/b> ($100 billion) to offer an alternative to countries in the non-Western world to avert <\/span>serious economic crises. <\/span><\/b><\/p>\n –<\/strong> BRICS has also demanded an increase in the number of <\/span>non-Western state<\/span><\/b>s in international financial institutes.\u00a0<\/span>\u00a0<\/span><\/p>\n Brazil and Latin America<\/span><\/b>: Brazil has strong <\/span>left socialist tendencies<\/span><\/b>. it disagrees with the West on social issues. In fact, Latin America is sensitive to diktats from the North and recurrences of the Monroe Doctrine.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n South Africa<\/span><\/b>: Some of the local communists belong to the ruling coalition. The West has been accused of abetting the old order.\u00a0<\/span>\u00a0<\/span><\/p>\n In <\/span>Russia<\/span><\/b> and <\/span>India<\/span><\/b>, people do not like the moral values of the West. Both are determined to oppose diktats of the West.<\/span>\u00a0<\/span><\/p>\n The <\/span>present crisis<\/span><\/b> has increased the weight of India. India is at the centre of <\/span>a diplomatic triangle <\/span><\/b>in the <\/span>Indo-Pacific<\/span><\/b>.\u00a0 It is witnessing high-profile visits from the US, Australia, Japan, China and Russia. <\/span><\/p>\n Therefore, New Delhi could be looking at a new dawn.<\/span>\u00a0<\/span><\/p>\n Source<\/span><\/b>: The post is based on an article \u201cBRICS and the creation of a multipolar world<\/strong>\u201d published in the Indian Express<\/strong> on 8<\/strong><\/span>th<\/strong> Apr 22<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" News: The Russia-Ukraine conflict has brought BRICS grouping at the centre of discussion due to multiple reasons. The RIC controls 22% of the global GDP, and it accounts for 16% of global exports of goods and services. Therefore, the current crisis may consolidate BRICS, especially RIC. It has the potential to become a real alternative… Continue reading BRICS and the creation of a multipolar world\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500],"class_list":["post-178308","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":2,"cached_at":"","cached_date":1698360485},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/178308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=178308"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/178308\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=178308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=178308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=178308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is the significance of the Ukraine conflict for BRICS?<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/h5>\n
How BRICS members have tried to change world economic system in recent years?<\/h5>\n
How are the BRICS states different, and how do they disagree with the West<\/span><\/b>?\u00a0<\/span>\u00a0<\/span><\/h5>\n
Way Forward<\/span><\/b>\u00a0<\/span><\/h5>\n