Quest for a multipolar world order

Russia hosted two important gatherings, the Shanghai Cooperation Organization (SCO) and BRICS (the five emerging economies of Brazil, Russia, India, China and South Africa) summits on July 8-10, 2015, in the Russian city of Ufa, as the simultaneous holder of the rotating chairmanships of both institutions. The timing of the two summits were particularly significant for Russian President Vladimir Putin, who wished to demonstrate to the Western world that, despite their economic and political sanctions, Russia has not been isolated and could generate enough of a following to spearhead the two specifically non-Western entities.

The two institutions differ in character and interests, and their members vary, but one thing is certain: they offer alternatives to the Western-moored international system. The announcements after the BRICS summit were especially interesting. It was the seventh annual summit of the BRICS countries, which represent 40 percent of the world's population and one-fifth of the world's economy. At the end, the leaders announced their support for the creation of a new BRICS Development Bank, for a Contingency Reserve Arrangement, which will have a $100 billion reserve to keep BRICS members economies stable and encouraging the use of national currencies among member countries. Although these initiatives are still in their infancy, they definitely have the potential to challenge the Western-led global financial and economic systems, especially if they can link up with other individually or jointly developed initiatives of BRICS countries, such as New Silk Road Project, the newly established Asian Infrastructure Investment Bank, or the Eurasian Economic Union.

In the meantime, the decision to enlarge the SCO, which was created in 1996...