BRICS-Plus: the New Force in Global Governance

... Contingent Reserve Arrangement, which became operational in 2015, is a critical element in the BRICS cooperation in the sphere of financial and macroeconomic stability. In accordance with Article 2 of the BRICS CRA Treaty, the initial committed resources of the CRA stand at USD 100 billion, with individual commitments ranging from USD 41 billion for China to USD 5 billion for South Africa 9 . Other possible platforms that could be created based on BRICS+ include: – a strategic alliance between high-tech companies in BRICS; – a digital platform for BRICS economies; – a coordination mechanism among the central banks ...