The frenemies who may challenge the West


(FILES) Delegates interact next to the logos of the BRICS summit during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 23, 2023. South Africa will on November 21, 2023 host a virtual summit of the BRICS group of nations, including Russian President Vladimir Putin, to discuss the Israel-Hamas war, Pretoria and Moscow said on November 20, 2023. The BRICS -- Brazil, Russia, India, China and South Africa -- are a group of major emerging economies seeking to reshape the US and Western-led global order. (Photo by GIANLUIGI GUERCIA/ POOL/ AFP)

THE BRICS grouping has long been distinguished by a consistent failure to live up to potential.

The internal contradictions are crippling: Divergent interests between members make it difficult to develop any shared policies. Brazil, Russia and South Africa are commodity exporters; India and China are importers.

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BRICS , AIIB , Fitch

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