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Potential Geoeconomic and Geopolitical Consequences of an Expanded BRICS

Alicia Garcia Herrero
CESifo, Munich, 2024

EconPol Forum 25 (1), 05-09
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  •  The idea behind the BRICS began as a pure economic concept to acknowledge the growing weight of some major emerging economies. However, when it became a reality, it has evolved into a highly political – and less economic – concept
  • The BRICS, which has been expanded recently to BRICS+, has become increasingly China-centric with very little interaction among other BRICS members
  • The recent addition increases the group’s heterogeneity, with some members being major oil exporters and others needing external funding
  • The group seems increasingly focused on the reform of the international monetary system, which now rests on the Bretton Woods Institutions, to give more power to emerging economies
  • Given the large heterogeneity among the BRICS+ members and China’s increasingly central role, how India may react poses another important risk to the group’s future

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