BRICS summit: Is the bloc truly challenging a Western-dominated world?
The bloc emerged after the 2008 financial collapse and the failures of the World Trade Organization’s (WTO) Doha Round – trade negotiations that aimed to reform the international trading system in favour of Global South countries.
The bloc has created a platform outside Western-led institutions, giving Global South countries greater bargaining power and economic alternatives.
The grouping of emerging countries – Brazil, Russia, India, China, South Africa, and in more recent years Iran, the UAE, Saudi Arabia, Egypt, Ethiopia and Indonesia – was created to challenge the Western-led order.
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