Name: Brics: The G-7 Economic Alliance’s Rival, Explained | WSJ
Uploaded: 2023-09-27T16:11:27.000Z
Duration: 4 min 55 s
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a group of seven of the world's advanced economies

And here's what some call the alternative

formed by Brazil, Russia, India, China, and South Africa.

The BRICS is trying to position itself as the voice

for emerging economies and challenge western dominance

Its leaders are holding a summit in Johannesburg

including Saudi Arabia and Iran want to join.

could definitely boost the group's global influence.

at what a potential enlargement means for the alliance

and its ambitions to shake up the global political

- The original term BRIC was actually coined

grouping these really different countries together

- [Narrator] The leaders of Brazil, Russia, India,

and China formalized their relationship in 2009,

and invited South Africa to join the alliance a year later.

- They decided to take that idea in an effort

to create a bit of a political and economic counterpoint

to what's perceived as the western hegemony

of the global political and economic spheres.

- [Narrator] The BRICS countries together

make up more more than 40% of the world's population

According to data from the International Monetary Fund,

the bloc has already overtaken the G7 nations' share

show the world's economic balance shifting

towards the BRICS and emerging economies.

- China and India have experienced massive growth

and certainly have helped them swell in importance

- [Narrator] China and Russia are pushing to enlarged BRICS.

to create an alternative grouping to counter the US

- China has been bullish on expanding BRICS for some time,

and they're particularly keen at the moment

because of the trade tensions with the US, the US looking

to diversify its supply chains away from China.

as a way to gain more international allies

following its full-scale invasion of Ukraine.

South Africa publicly supports the expansion,

as does Brazil, but experts say behind the scenes,

Brazil and India want a more measured approach.

so they want to have very specific requirements

for admission to make sure that there's a balance

and that it doesn't become sort of the autocratic G7.

- [Narrator] More than 20 countries have formally applied

to become part of BRICS, ranging from Saudi Arabia

Experts say Saudi Arabia is a strong candidate

as a major economic and energy power in the Middle East

with a growing role in regional diplomacy.

Indonesia with the world's fourth largest population

and important in the electrification, clean energy tech,

electric vehicles, might be a logical choice.

- [Narrator] One reason for joining the BRICS

is gaining access to the bloc's New Development Bank.

the bank has approved more than $30 billion in loans

for development and infrastructure projects.

which seemed to be having more favorable terms

than a traditional development bank like the World Bank

or the IMF is definitely something that's attractive

- [Narrator] The New Development Bank also wants

instead of the US dollar for trade and financing

Ultimately, experts say one of the biggest challenges

for the BRICS to counter the west is to form a united voice

- Generally, the countries have pretty diverse

and diverging interests in politics, on security issues,

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Brics: The G-7 Economic Alliance’s Rival, Explained | WSJ

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