The pressure toward diversifying world currency reserves has been building for a long time. It intensified after the 2008 financial crisis but has escalated even more since 2022. Diversification of currency reserves is expected to be a major topic at the upcoming BRICS Summit, which will likely further intensify this trend.

The pressure toward the diversification of world currency reserves is longstanding. It intensified after 2008, but has escalated since 2022. It is a prime topic in the next BRICS Summit that’s likely to further intensify the trend.

Interstate political relations are changing the dynamics of the international system. China’s relationship with Russia has become a tool for balancing the shifting pres-sures. But no country can predict the consequences of war. Staying out of it may be the best way to maximize gains.

As the U.S. seeks to advance its position and strengthen the U.S. dollar global dominance, it is also facing challenges and an anti-hegemonic sentiment from other states. Events such as the war in Ukraine, tensions between the U.S., Russia, and China, as well as new strategic partnerships developed between China and Europe, Latin America, and Africa, are driving forces in the shift of balance of power to non-Western nations.

It’s been a few months since China hosted the virtual BRICS Summit over the summer, but the group is continuing their efforts to bring the summit’s theme to reality: “foster high-quality BRICS partnership” and “usher in a new era for global development.”

The systemic challenge for the U.S. is not China but the worst inflation in 40 years. In fact, fragmentation does not seem to be happening in the real world. Even an Asia-Pacific version of NATO will not likely divide the region, as China will continue to be a major trade partner.

Expansion of the group can only bring positive results. When BRICS becomes stronger, it will provide other countries with bigger markets and contribute more to the green, high-quality and sustainable development of the global economy.

The BRICS and Quad organizations, led by China and the U.S. respectively, have begun making competing overtures to nations in Asia in an attempt to counter each other’s influence.

Pragmatic cooperation’ among the BRICS requires flexible and open multilateralism in a global system comprised of nation-states that should not meddle in the domestic affairs of other countries.

In the early 2000s, the BRIC economies were projected to surpass the advanced G6 economies by the early 2030s. Today, the huge potential of emerging economies prevails, but the pace has slowed and country trajectories have diverged, thanks to geopolitics.