The Emergence of BRICS as a Global Power

The BRICS coalition, initially formed by Brazil, Russia, India, and China, has evolved significantly since its inception, particularly with the inclusion of additional nations like Iran and the UAE. This coalition aims to counterbalance Western influence in global economics while representing emerging economies. Recent developments, especially the Kazan summit, highlighted a commitment to shifting power dynamics and reducing reliance on the US dollar for trade, especially in oil transactions. With nearly 20% of oil trades moving to non-dollar currencies, BRICS is positioning itself as a formidable force in the international arena, seeking to enhance collaboration among its members.