Formation of an International Alliance - BRICS

Running Head: FORMATION OF AN INTERNATIONAL ALLIANCE – BRICS
1
Recent Announcement of the Formation of an International Alliance – BRICS
Name:
Institution Affiliation:

FORMATION OF AN INTERNATIONAL ALLIANCE – BRICS 2
Introduction
An example of the recent global alliance could be the BRICS. BRICS refers to the name
of union of rising economies that consist of different nations that include Russia, India, Brazil,
China, and together with South Africa. With the omission of Russia as a country in the alliance,
the other members are all from developing nations around the globe (Gladun, 2017). BRIC is the
letter that originally represents four countries before those countries were joined by South Africa
to make the alliance to be called BRICS. The union is currently the third biggest after union of
EU together with the US. Besides, members of BRICS differ in many things and it makes their
operations to differ both in financial as well as in gaining political supremacy.
Predict its likely success or failure of BRICS
The alliance had mixed fortunes in different countries that came together to work with
similar objectives. The failures of the alliance might be many compared to the success it has
brought to the member nations. For instance, the Chinese economy has been dominant in most
regions. The supremacy of the Chinese financial status with its functions in trade dealings will
make BRICS to be like an association that was formed to help China in progressing in its
operations rather than helping every nation within the coalition (Maleshin, 2016). Besides,
BRICS nations do not have sufficient mutual financial interests. Here, trade amongst the
countries that formed the alliance is currently less than three hundred and twenty billion dollars
annually. Their business operations with the US together with EU are six point five times higher.
China’s trade with other nations around the global nation will rise higher than other nations
within the BRICS (Sahu, 2016). Members are too similar in various fundamental areas. All
associates of the alliance excluding Russia will hold massive foreign reserves and have low