A case of life imitating art or a seminal shift in global power? The idea of a Brics development bank may be both. Few can have expected the Bric acronym – initially put forward in 2001 as an investment concept – to have inspired real-world alliances.
But Brazil, Russia, India and China, recently joined by South Africa, are increasingly adding diplomatic ambitions to their economic assertiveness.
Once an outlandish possibility, the proposed Brics development bank was first discussed at a meeting of the five countries in March.
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