BRICS: The Dream Deferred (for now)

The document examines the push for BRICS institutionalisation under Indian leadership, arguing that while creating formal mechanisms like the New Development Bank (NDB) can strengthen cooperation, the group faces significant hurdles. These include China's perceived preference for the Asian Infrastructure Investment Bank (AIIB) over the NDB, a lack of consensus on security and domestic politics, and severe domestic economic and political instability across member states.

• Under the Indian presidency, there is a strong push to institutionalise BRICS to move beyond reliance on individual leaders and create sustainable cooperation. Proposed initiatives include a BRICS/NDB Think Tank, a financial ratings agency, and common trade regulation standards.
• The New Development Bank (NDB) has faced challenges due to the slow nature of consensus-building, leading China to prioritise the Asian Infrastructure Investment Bank (AIIB), which is viewed as 'China's' bank and allows for faster progress.
• The BRICS grouping is hindered by a lack of compromise on sensitive issues such as security, domestic politics, and the role of civil society, as members prioritise national ideologies and sovereignty.
• Severe domestic instability across member nations detracts from the group's international profile and ability to focus on its agenda, including Brazil's presidential ousting, international sanctions against Russia, China's slowing economic growth, and turmoil in South Africa.

APA

South African Institute of International Affairs (2016). BRICS: The Dream Deferred (for now). https://saiia.org.za/research/brics-the-dream-deferred-for-now/

Chicago

South African Institute of International Affairs. BRICS: The Dream Deferred (for now). 2016. https://saiia.org.za/research/brics-the-dream-deferred-for-now/.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=BRICS: The Dream Deferred (for now) |date=19 October 2016 |url=https://saiia.org.za/research/brics-the-dream-deferred-for-now/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairs2016brics, author = {{South African Institute of International Affairs}}, title = {{BRICS: The Dream Deferred (for now)}}, institution = {South African Institute of International Affairs}, year = {2016}, month = oct, url = {https://saiia.org.za/research/brics-the-dream-deferred-for-now/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }