BRICS looking to build larger voice in global economy

BRICS, comprising Brazil, Russia, India, China, and South Africa, has in its short existence rapidly expanded its diplomatic activities, advocated a larger voice in global economic and security forums for its members, and created brand new financial institutions.
The member countries share a desire for the world to accord them a larger role, but despite their common platform for global reform, two of the five—China and India—have some deep differences between them.
From September 3 to 5, national leaders will gather in Xiamen, China, for the Ninth BRICS Summit. All eyes will be on the interaction between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, whose troops up until a few days ago were locked in a months-long standoff high in the Himalayas. The frosty bilateral security relationship has at times threatened to overwhelm their common pursuits India has shown restraint and China has retraced its steps. The ground is fertile to take this understanding forward by expanding areas of cooperation in the interests of both the countries as also with other members of the BRICS
Presently the US rating agencies, Moody's Investor Services and Standard & Poor, dominate the rating market and they have in many cases, taken a partisan view in rating the economies of the developing countries.
Like the setting up of New Development Bank under BRICS, an independent rating agency will be of big use to the BRICS members and the agency can be of help to the other developing countries outside the BRICS.
Since it was founded a decade ago BRICS has proved that it is possible to set one’s agenda and stay true to the push for that agenda.
In a rapidly changing world order, the role and importance of BRICS in international affairs is growing by the day.
As other emerging markets become attracted to BRICS, and exhibit desire to join, the world may indeed witness what the Chinese delightfully refer to as "BRICS Plus".

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