A BRICS bank will form an authoritative system through which member states of BRICS and other emerging powers in the world can air their views and make demands in liberalized institutional systems of the global order5. Research Problem South Africa is the newest member of BRICS. As a nation, it has its own independent demands and expectations by joining any multilateral group around the world. Hence, these fundamental ends and goals are still in sight for South Africa, even though they are cooperating with the four other countries. Thus, the membership of South Africa is to impact the internal and external elements and aspects of the country’s social and political structure.
South Africa is already a member of the United Nations and it is influenced by the Bretton-Woods agreements and the structures of the international global order. Obviously, BRICS is to make South Africa a leading country on the continent that will seek to lobby and push for the best interests of its people and members of the continent. However, one may ask how effective and efficient BRICS could be as a vehicle for the attainment of this end.
This is because BRICS is a multinational entity and it is steeped in many political and economic activities that might be at the budding stage. There are apparent weaknesses in BRICS and many skeptics have identified that BRICS will not stand the test of time. Also, it is apparent that every major international entity could come with its challenges. BRICS as it appears is not as united as it is. There is a history of the Sino-Russian conflict which goes back to the years of Communism, whereby a major split existed between the Soviet Union and China after the death of Mao Zedong in 1976 and the subsequent visit of the US president to Beijing.
This split is reflected in the fact that the Soviet Union sought to lead a Communist world whilst the Chinese focused on developing a rather moderate socialist world, focusing on the developing world with an emphasis on Africa – the Non-Aligned World. India has had conflicts with China and there are some cracks in the BRICS framework and its related systems. Answers to these research questions can be taken by reviewing the impacts of BRICS on South Africa’s economy.
The questions will culminate in the identification of the structures of BRICS and the benefits and challenges that are somewhat going to be accrued onto the South African economy. Research Aims and Objectives The aim of the research is to assess the impacts of BRICS on the political and economic status of South Africa.
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