Vladimir Putin’s absence at a forthcoming annual summit reflects a broader struggle between its members. We explain
more openly confrontational and anti-American. All five think a multipolar world, less dominated by America, is desirable.
In 2009 the leaders held their first summit. In 2014, they set up a multilateral lending institution called theis part of an attempt to challenge the dollar’s global dominance; it aims to provide 30% of its loans in the currencies of its borrowers. In 2020 theovertook the Group of Seven largest industrial countries in economic size when measured in purchasing-power parities.
All this has piqued the interest of other countries. According to South Africa’s ambassador to the organisation, dozens are applying or thinking about joining. An adviser to Iran’s president calls membership of the“the next step” in his country’s foreign policy. Argentina, Indonesia, Saudi Arabia, Syria, Turkey and Venezuela are also said to be in the queue. Bangladesh, Egypt and the United Arab Emirates have already joined thewould account for half the world’s population.
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