The modern global system is anything but inclusive, as "the colonial imperialistic order that was in existence then [during the colonial period] denied us the opportunity to be party to crafting an inclusive global architecture," according to Anil Sooklal, a South African sherpa to BRICS.
"If we look at the global architecture as it exists today, we are still marginalized in terms of decision making," he says.
The countries of the Global South are "identifying with BRICS and want to be associated with BRICS" because the platform "works collectively to create a global order that recognizes there are various poles of power."
"It should not be left to the whims and fancy of two or three countries to determine what's in their best interest, and that is what BRICS is saying," Sooklal explains.
Countries feel that using a single currency could result in "becoming casualties of unilateral sanctions, they are held hostage", and, so, "countries want greater financial autonomy and greater financial variety on the global stage."
"This process of greater financial independence has already started and BRICS is also at the forefront of this," SA's sherpa elaborates.
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