BRICS: its aims and how it challenges G7 influence

Down to Business English

The BRICS nations — Brazil, Russia, India, China, and South Africa— are taking steps to challenge the influence of the G7 by promoting economic cooperation, reducing reliance on the US dollar, and creating opportunities for the Global South.

Skip Montreux and Dez Morgan explore the origins and evolution of BRICS, from its beginnings as a term coined by a Goldman Sachs economist to its expansion as a formal organization. They discuss the group's goals, including fostering economic collaboration among member nations, reducing dependence on Western-dominated systems like SWIFT, and advocating for a multipolar world order. Skip and Dez talk about how BRICS’ growing membership positions it as a potential counterweight to the G7.

Their conversation is a great learning resource if you want to build your English listening comprehension skills and expand your business vocabulary. Key points of their discussion include:

1. BRICS: Initially a term coined in 2001 to describe emerging economies.
2. Goals: Economic cooperation, equitable global governance, and greater representation for developing economies.
3. Expansion: Recent additions include Egypt, Ethiopia, Iran, and the UAE, creating "BRICS+," with other nations cooperating as partners.
4. BRICS+ represents 33% of global GDP and 3.5 billion people, surpassing the G7 in population and rivaling its economic influence.

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