Thank you very much for the question.
I think the expansion of the BRICS committee is meant to create alternatives to the U.S. currency being one of the global reserve currencies and to perhaps eventually internationalize it through amendment B.
However, the reality is that when we look at the heterogeneity of BRICS and the expansion of its members, I really don't think it provides the kind of economic foundation that would be a viable alternative to the U.S. dollar as a global reserve currency in five or 10 years. Can it make substantial changes in each of those countries so they are more reliable and stable and can create a viable alternative to the reserve currency of the United States? It's possible, but a lot of stars need to align to make that happen.
As Canada looks to BRICS and its ability to be a viable alternative to a western-led or a U.S.-led global financial system, I think we should be more aware of how the BRICS represents the global south or developing countries, and how it may have a position in shaping some of the choices within international institutions such as the United Nations.
I'm a bit more pessimistic about BRICS being a viable financial alternative to the current U.S.-led financial order, but at the same time, I recognize that it has a bigger voice and can shape the global south, and this can affect Canada's engagement internationally.