The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
Two decades ago, the BRIC economies were projected to surpass the advanced G6 economies by the early 2030s. Today, the huge potential of the BRICs prevails, but the pace has slowed and country trajectories have diverged. China and India are on track, Brazil and Russia are not, thanks to geopolitics
Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), said “increasing non-market risks of the global payment infrastructure” was behind the plan to integrate the group’s national payment systems