In 2001, the acronym BRIC entered the global lexicon, signifying a new era in the world of emerging economies. Coined by economist Jim O'Neill, BRIC represented the economic powerhouses of Brazil, Russia, India, and China. The concept was not just about economics; it was a call to adjust global governance to accommodate these influential nations. With their collective economic might and a substantial portion of the world's population, it made sense that they should have a say in global decision-making.

Over the years, BRIC evolved into BRICS, with the addition of South Africa in 2010. However, as the group expanded, questions arose about its true purpose. Some viewed it as an investment opportunity, while others saw it as a political alliance. But O'Neill's original vision was clear: it was about recognizing the need for representation and influence in global governance.

Fast forward to today, and BRICS has expanded even further, incorporating six new member countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. However, this expansion has sparked a fresh round of questions. What criteria guided these choices, and why were certain countries like Indonesia, Mexico, or Nigeria left out?

BRICS has undoubtedly increased its symbolic influence, appealing to a sentiment among nations in the Global South that the existing global governance structures are too Western-centric. It positions itself as the voice of emerging and developing nations, acting as a counterbalance to advanced economies like the United States.

In terms of economic power, the BRICS nations are significant. When measured by purchasing power parity, they even surpass the G7, a group consisting of seven advanced economies. Yet, when we look at nominal GDP figures, the BRICS countries fall behind. China, as the second-largest economy globally, is the standout, with India also on a trajectory to become the third-largest.

However, the performance of the other BRICS nations hasn't matched that of China and India. Brazil and Russia have maintained relatively stagnant positions in global GDP share, and South Africa, the newest member, is not even the largest economy in Africa.

On the other side of the equation, the G7 faces its own set of challenges. Some member nations have struggled with sluggish growth. The United States, in particular, overshadows the entire G7, much as China dominates the BRICS group.

What these dynamics reveal is that neither the G7 nor the BRICS, in their current or expanded forms, are adequately equipped to address the complex global challenges of our time. To tackle issues like economic growth, international trade, climate change, and pandemic prevention, we need a stronger and more inclusive platform: the G20.

The G20, which played a pivotal role in coordinating the international response to the 2008 global financial crisis, offers the best hope for addressing these global challenges. However, for it to be effective, major players like the United States and China must collaborate and allow the G20 to regain its central role.

Regarding the BRICS, meaningful collaboration becomes possible if key members, especially China and India, can resolve their differences and work together constructively. Such cooperation would not only benefit the BRICS but also influence other nations in the Global South.

One area where China and India could make a significant impact is by reducing the dominance of the US dollar in global finance. Reducing dependence on the dollar and the US Federal Reserve's monetary policies would contribute to a more balanced global financial system. This could be achieved through substantial financial reforms that make their currencies more widely used in international transactions.

In conclusion, BRICS has come a long way from its inception as an economic concept. It now has the potential to evolve beyond symbolism into a meaningful force for global change. However, for this to happen, key members must set aside their differences and work together towards shared goals. Additionally, a revitalized G20 remains the most promising platform for addressing the complex global challenges of our time, provided that major players cooperate and allow it to regain its central position.