BRICS and International Institution-Building

BRICS and International Institution-Building
Authors: Reza Mousa-Zadeh, Behnam Khosravi
Journal: Foreign Policy (Siyasat-e Khareji)
Year: 29th year, Issue 4 (No. 116)
Publication date: Winter 1394 (2015–16)

Article introduction
This article examines the position of emerging powers and their role in international institution-building. Groups such as BRICS—composed of Brazil, Russia, India, China, and South Africa—rely on economic growth and expanded relations with traditional powers to increase their influence in the international system. Without adopting an openly revisionist stance toward existing norms and structures, they seek to create new financial and monetary institutions to elevate their status in global decision-making. The main question is why emerging powers, especially China, are establishing these institutions and what objectives they pursue.
Dissatisfaction with the distribution of power in global financial and monetary institutions has led emerging powers to view new institutions as a path to greater economic and political influence. Examples include the Asian Infrastructure Investment Bank and the BRICS New Development Bank, which enable these states to enhance their international standing and curb US economic hegemony.
By creating new financial and monetary institutions, emerging powers can maintain economic and political autonomy and secure a larger share of global power and influence. These initiatives reflect their efforts to reform international institutional structures and achieve greater balance in the world economic system.