Goals

Since its formation, BRICS has pursued several goals that can be divided into several main categories:

Reforming the global financial system: One of the most important goals of BRICS is to make fundamental changes in the structure of the international financial system. The group believes that institutions such as the International Monetary Fund and the World Bank have become too dominated by Western countries and need serious reforms. BRICS seeks to increase the role and representation of developing countries in these institutions.

Strengthening economic cooperation: BRICS is trying to strengthen trade and economic relations between its members. This includes increasing the volume of intra-group trade, facilitating mutual investments, and cooperating in various economic fields. The establishment of the New Development Bank in 2014 with the aim of financing infrastructure projects and sustainable development in member countries and other emerging economies is an example of these efforts.

Reducing dependence on the US dollar: BRICS seeks to reduce the dominance of the US dollar in international transactions. The group is trying to increase the use of national currencies in trade between members and has even floated the idea of ​​creating a common currency. The aim of these measures is to reduce vulnerability to dollar fluctuations and US sanctions.

Increasing political influence: BRICS seeks to increase its political weight in the international arena. The group is trying to play a more active role in important global issues such as climate change, international security and sustainable development. BRICS also seeks to create a multipolar system in international relations in which emerging powers play a greater role.

Cooperation in the fields of science and technology: BRICS emphasizes the importance of cooperation in the fields of science, technology and innovation. The group seeks to exchange knowledge and experiences between members and cooperate in joint research projects. The aim of this cooperation is to strengthen the scientific and technological capabilities of member countries and reduce dependence on advanced Western countries.

Addressing Global Challenges: BRICS seeks to take a coordinated approach to addressing major global challenges such as terrorism, climate change, food security and global health. The group believes that cooperation among developing countries can help solve these problems more effectively.

Expanding Membership: In recent years, BRICS has sought to expand its membership. At its 2023 summit, the group decided to admit Iran, Egypt, Ethiopia and the United Arab Emirates as members. The expansion is aimed at increasing the group’s influence and power in the international arena.