Formed back in 2006, the BRICS countries, comprise Brazil, Russia, India, China and South Africa. Now, the group says it is looking to expand for the first time in 12 years when it admitted South Africa back in 2010. The leaders of BRICS meet regularly to address a host of issues, from funding infrastructure projects, to providing liquidity support and protection during times of global financial pressure. The group also has at its disposal, a multilateral development bank, that many analysts have called a rival to the western dominated World Bank. Tens of billions of dollars in loans have been issued to member states, to fund transport, energy and agricultural projects. But many have raised questions of how effective BRICS will be in the long-term, given Russia's growing isolation over its attack on Ukraine, and China's tense relationship with fellow member India.

Guests:

Oktay Tanrisever

Professor at Middle East Technical University

Raffaello Pantucci

Senior Associate Fellow at RUSI