A BRICS Castle in the Sky

The agreement to establish the New Development Bank at the Brazil, Russia, India, China and South Africa (BRICS) Summit in Fortaleza, Brazil, has received  widespread approbation in India. The perception is that the formation of the BRICS Bank is a significant step towards creating a multi-polar and a balanced world order that would overtime reduce the domination of the West led by the United States (US). However, this perspective tends to overlook the absence of a common value base and the existence of diverse notions of multipolarity resulting from intense power politics within the BRICS framework.

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