Despite all the confidence, the BRICS are without mortar. Joseph Nye, April 10, 2013, Opinion. "Last month, the new president of China, Xi Jinping, chose to travel to Moscow for his first foreign visit. He and Russian President Vladimir Putin announced a number of agreements and then together traveled to Durban, South Africa, for the fifth “BRICS” summit. There they joined with the leaders of India, Brazil, and South Africa to announce the creation of a new development bank that could challenge the dominance of the World Bank and the International Monetary Fund..."