But now the BRICS nations — Brazil, Russia, India, China, South Africa — are setting themselves up as an alternative to existing international financial and political forums.
Brazil, Russia, India, China and South Africa are trying to position themselves as representatives of the Global South, providing "an alternative model to the G7.".
Economic growth in China has outpaced that of other BRICS nations Image: Hector Raramal/AFP.
In 2010, South Africa was invited to join the group, adding the "S" to BRICS.
In 2014, with $50 billion (around €46 billion) in seed money, the BRICS nations launched the New Development Bank as an alternative to the World Bank and the International Monetary Fund.
Since the start of the Russian war in Ukraine, the BRICS countries have only distanced themselves further from the so-called West.
He said the BRICS alliance is not so much a counter to the West but more a forum for increased sovereign and autonomous thought. »