The International Organizations: BRICS

The International Organizations
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The International Organizations
For a long time, there have been rumors of a third party joining the U.S. and the EU at the top economic strata. Russia, as a developed nation, saw an opportunity for it to join hands with China, India, and Brazil to form BRIC. However, the group did not remain as BRIC for long because South Africa was soon admitted as a member in 2010. The BRICS with a population of more than 3 billion people, an economy that makes up more than 25% of the world’s GDP, and a projected share of the global economy of 40% by 2040, has emerged as a threat to the current power structures (Siddiqui, 2017). Increased economic power goes hand in hand with political power and the future can only be brighter for the BRICS nations. However, like any union, there have been some challenges that continually derail the supposedly inevitable dominance of the BRICS. Here is a detailed and researched account of both the impact and challenges of the BRICS in their quest to exert their dominance.
One way that the BRICS continue to shake up the world’s power structures is through FDIs. As reported by the United Nations Conference on Trade and Development (2019), FDI numbers continued their downward spiral in 2018. The numbers stood at $1.3 trillion down from $1.5 trillion. However, one notable thing to note was the fact that the BRICS continue to show great strength when it comes to FDI flows. In 2015, for example, the BRICS received FDI flows that totaled 15% of the global flows (Kohli and Bose, 2018). These are not impressive numbers compared to what the U.S. and its North counterparts received. However, it does show that the BRICS are gradually but permanently erasing the gap between the likes of the U.S. and the EU countries.
Aside from the above, there is also the issue of BRICS exerting their influence in the world through their investment in Africa. Africa’s development has been at the center of the world’s discus...