Part 3/8:
BRICS was initially formed in 2009 but has seen its ambitions evolve over time. Its first summit occurred in Russia, where discussions mostly revolved around cooperation without substantial commitments. Over the years, BRICS has formalized its presence with the establishment of the New Development Bank (NDB) to offer an alternative to Western-led institutions like the World Bank and IMF.
Recent additions, such as Indonesia, signal a growing and perhaps legitimizing force within the global economic framework. However, as enticing as it is, the idea of these nations forming a fully self-sufficient geopolitical entity poses numerous challenges.