Can BRICS reshape the financial world order?

BRICS’s first summit since its expansion in 2023 discussed proposals to reduce reliance on US dollar and SWIFT system.

BRICS has almost doubled in size in 2024 and its economic and political influence is growing.

The group of emerging economies now represents about half the world’s population and more than a quarter of global gross domestic product.

But critics say there are deep differences between its members and the alliance has struggled to define its purpose.

BRICS largely wants to reduce global reliance on the US dollar.

Launching a rival to the SWIFT international payment system was high on its summit’s agenda in Russia this year.

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