From Breakingviews: The BRICS are an acronym searching for a geopolitical role. At their annual summit next month, a top issue for discussion will be whether to expand the club. Emerging economies might be better off if it disbands, says Hugodixon
The fault line between India and China, which fought a small war in the Himalayas in 2020, is one reason the BRICS club has done so little. India sees the People’s Republic as its most dangerous threat.
Take currencies. It’s true that many developing countries want to wean themselves off their dependence on the U.S. dollar. The vagaries of Federal Reserve monetary policy whipsaw their economies. They would also like an alternative place to stash foreign exchange assets after the world’s rich democracies froze Russia’s reserves following the invasion of Ukraine.
This is not just a matter of pride. Developing countries can benefit from playing one superpower off against the other. Both the United States and China have shown they are willing to offer so-called swing states inducements - from weapons to infrastructure and help in building green economies - to stop them falling into the other’s camp.
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