Backing G20 Governance by the BRICS

The G20 and the BRICS grouping of Brazil, Russia, India, China and South Africa were born in a crowded world of international institutions in the wake of the 2008 financial and economic crisis. The G20 pledged to manage the crisis, reform international financial institutions and devise a new global consensus. Designated by its members as a premier forum for international economic cooperation, the G20 became transformed into the “hub of a global network” operating on the universal principles of rationality, norms building and openness. The BRICS committed to fostering cooperation, policy coordination and political dialogue on international economic and financial matters and reform of international institutions to reflect changes in the world economy. Set up to tighten economic ties and promote fair and more equitable multi-polar order and global governance, the BRICS entered into its second “Golden Decade” as a concert of rising powers rapidly institutionalizing and gradually generating stronger political influence