However, he is expected to participate via video link

reforms to the globalgovernance system” to include better emerging country participation and improve Global Soutcooperation “for more inclusive and sustainable governance

hey see the expansion as the result of a lackluster Western response to low-income countries’ needs, and say Western countries need to begin reforming financial institutiin earnest.

However, those efforts face roadblocks. The NDB is more than five times [PDF] smaller than thWorld Bank, and experts doubt it could completely replace it. Others contend that its ambitionredesign the global financial system have fallen short, as it maintains many of the practices of icompetitors. It has also faced criticism for vague commitments on environmental and socialimpact standards

are failing to meet the needs of poorer nations,particularly in areas such as climate financing

Reduce reliance on the U.S. dollar. Increasingly disgruntled over the domination of the dollar inglobal transactions—which exposes them to Western sanctions—BRICS leaders have longadvocated for de-dollarization in favor of increased trade in local currencies or even a potentiacommon BRICS currency

he leaders of both China and Russia have said they will nottravel to Rio for the annual meeting

an informal grouping of emerging economies hoping to increase their swaythe global order.

counterweight to Western influence in global institutions