Putin, Xi and BRICS Allies See Chance to Shake Up World Order
Dozens of nations have lined up to become members of BRICS.
The leaders of the BRICS bloc are holding their annual summit in Johannesburg this week.
Photographer: Michele Spatari/BloombergThe world’s leading emerging market powers have complained for years about being sidelined by wealthy nations. Now they are mounting their most ambitious challenge yet to the status quo.
The BRICS bloc — Brazil, Russia, India, China and South Africa — will use an annual leaders’ summit in Johannesburg this week to begin the process of enlisting more members to bolster its global heft, a push driven mainly by Chinese President Xi Jinping but also backed by Russia and South Africa. There will also be talks on how to accelerate a shift away from the dollar, in part by increasing the use of local currencies in trade between members, which is surging, according to a draft agenda seen by Bloomberg.