BRICS Benefits and Western Alternatives: Competitive Options for Large Economies of the Global South

The strategic choice facing India, the UAE, Saudi Arabia, and other large developing economies does not just boil down to choosing between BRICS and the West. These countries continue to follow a multi-vector policy, aiming to simultaneously reap the benefits of cooperation with BRICS, the G7, the EU, and regional institutions.

BRICS offers the countries of the Global South something they have long been unable to obtain within Western institutions.

Firstly, this is representation and influence in international governance. In the IMF and the World Bank, the votes of developing economies have remained disproportionately small for many years. BRICS, by contrast, provides India, Brazil, and South Africa with a platform where their positions are taken into account on an equal footing with China and Russia. This is not merely a symbolic gesture; it is an opportunity to influence the shaping of new rules for global finance and trade.

Secondly, this includes local currency financing and........

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