Russia and China form 'indispensable mechanism' as G7 alternative for world power rebalancing.

The foreign ministers of the BRICS countries, Brazil, Russia, India, China, and South Africa, met in Cape Town to discuss the potential expansion of membership and the possibility of an alternative currency. The group aims to rebalance global power and create a multipolar dynamic, with China and Russia at the center. The BRICS has emerged as an alternative to the G7, which is made up of the US, Japan, Canada, Britain, France, Italy, and Germany. The group is an "indispensable mechanism" to balance against the Western influence of the G7. The list of potential new members includes Iran, Saudi Arabia, Venezuela, Argentina, Algeria, and the United Arab Emirates.