The shifting nature of contemporary global politics highlights the growing contestation about power and how it is distributed, with multipolarity as its hallmark and distinguishing feature. Amid the shift to multipolarity, new forms of multilateralism are emerging from the South, which are grounded in ‘institutional arrangements led by countries of the Global South’ in terms of the origin of initiatives, the drivers of such arrangements and the resources to sustain them. In this context, Southern Multilateralism offers a differ approach to classical Realist thinking where power is ‘the final arbiter of things political’. Southern Multilateralism has also given rise to new international institutional arrangements, such as the BRICS-led New Development Bank (NDB) and its predecessor, the India, Brazil and South Africa (IBSA) Trilateral Forum and the IBSA Fund Facility for Poverty and Hunger Alleviation.
This article compares the IBSA and their Fund with the NDB and argues that there are continuities and linkages between the NDB and the IBSA Fund, which have yet to be examined by scholars; and to be more precise, the NDB has absorbed and reflects, key attributes of the IBSA and their Fund. Moreover, this study concludes by suggesting regional collaboration options for the NDB, led by South Africa, India and Brazil and their respective regions, whereby the NDB can expand its global role and relevance in future via its regional offices, particularly by supporting the regional trade integration plans in Africa, South Asia and South America.
Photo by Miguel Á. Padriñán