The Role of BRICS in Reshaping Global Financial Order: Challenges and Opportunities

Abstract

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, has become a forceful grouping that opposes the Western financial leadership system in the global order. The study investigates how BRICS functions in worldwide financial governance by evaluating its initiatives to challenge international institutions such as the IMF and World Bank, including the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). BRICS works for economic multi-polarity together with financial collaboration, yet internal economic differences join with political divergence to reduce its power. The dominating position of China, along with India's pro-Western approach and Russia's ongoing geopolitical disputes, works to decompose teamwork between members. The group has instead shown development through recent program expansions as well as financial initiatives that aim to decrease dependence on the U.S. dollar. BRICS possesses the ability to construct new financial governance structures that support a global economic system characterised by inclusion and multi-polarity, even though it deals with internal obstacles, according to this research. The paper establishes that BRICS needs better institutions and clear strategic planning, together with unified policy development, to succeed as an organisation.