The meeting of BRICS Foreign Ministers in Nizhny Novgorod, Russia, took place on June 10-11, 2024 and featured a number of priorities, of which two of the most important were BRICS expansion and new payment systems.

The current paradigm of BRICS core expansion and the creation of a “partnership belt” presents clear short-term opportunities (in the form of an enlarged platform with a greater weight on the international arena), but is fraught with longer term challenges (need for clear selection criteria, mounting difficulty of arriving at a consensus).

The BRICS grouping - originally comprising Brazil, Russia, India, China and South Africa - has established itself as a formidable economic bloc since its inception in the early 2000s. Known for their rapid economic growth, significant population size and expanding geopolitical influence, these five nations have collectively sought to create a more balanced global economic order.

The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, along with new members Iran, Egypt, Ethiopia, and the United Arab Emirates, has long harbored aspirations of reducing their reliance on the US dollar in global transactions. This sentiment has gained momentum in recent times, with discussions revolving around alternatives to the dollar-dominated financial system.