Has BRICS given up on challenging Western economic dominance?

"Jim O'Neill, the economist who coined the term BRIC' 25 years ago, argues that the group is losing its relevance. At its peak, the BRICS coalition of economies Brazil, Russia, India, China and South Africa was seen as a serious attempt to move away from the United States dollar and the domination of Western economic institutions like the World Bank, Group of Seven (G7), and International Monetary Fund (IMF)."

"(IMF). But BRICS members have different political agendas, and new forces are at play, argues economist Jim O'Neill, a member of Britain's House of Lords. O'Neill, who coined the term BRIC 25 years ago, tells host Steve Clemons that the US's economic policies may be the driver of its own decline, coupled with the economic rise of China and India."

The BRICS coalition comprised Brazil, Russia, India, China and South Africa and was once viewed as a serious attempt to reduce reliance on the US dollar and challenge Western-dominated institutions such as the World Bank, G7 and IMF. The label BRIC originated 25 years ago. Member states now pursue different political agendas, diminishing the group's cohesion. New geopolitical and economic forces are reshaping global influence. Shifts in US economic policy may weaken American dominance, while the economic rise of China and India increases multipolarity and undercuts the BRICS concept's earlier unity and strategic intent.

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