News Snapshot:
The recent BRICS summit in Johannesburg, South Africa, which witnessed more than a doubling of its original membership of five major emerging economies, has led to exaggerated expectations of the grouping’s rising influence on the global economy and on the restructuring of global governance regimes. The grouping was established in 2009 with Brazil, Russia, India and China as members. South Africa joined a year later. At the initiative of China, supported by Russia, six new members — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE — have been inducted. Several other developing countries have reportedly conveyed their interest in...
