As the world slowly turns against US Dollar hegemony, it appears the BRICS are pressing to fill any gaps. Having created the BRICS Bank "alternate to The West-controlled IMF or World Bank," Xinhua reports that Russian Foreign Minister Sergei Lavrov believes the BRICS mechanism has been fully developed and can now transform into a political alliance to "reform the international financial system."
The BRICS mechanism has been fully developed and can transform into a political alliance, Russian Foreign Minister Sergei Lavrov said Friday.
"BRICS grows and matures in all directions," the diplomat told state-run Rossiya 24 TV channel.
Lavrov said the "qualitative" growth of the mechanism to a degree made it possible to transform into a political alliance, which is especially noticeable in its work within the Group of 20 (G-20) on global economic and financial affairs.
BRICS that groups Brazil, Russia, India, China and South Africa has many allies in the G-20, the minister noted, naming Argentina, Mexico and Indonesia in particular.
"They speak in the common voice with BRICS in the G-20 on the reform of international financial system," the diplomat said.
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For those who have forgotten who the BRICS are, aside from a droll acronym by a former Goldman banker, here is a reminder of the countries that make up 3 billion in population.