Will BRICS supplant Western hegemony and serve as a countervailing force to the United States and its allies? On a global scale, the tectonic plates of political discourse are moving, and emerging as a new axis of power, questions the longstanding Western predominance. Brazil, Russia, India, China, and South Africa, the BRICS countries, are no longer only developing economies but a potent force ready to alter the balance of world affairs.
The rising power of BRICS is now at the centre of the debate. This bloc of nations is developing its model, attracting dozens of countries, despite widely acknowledged political, economic, and strategic differences, all eager to join the BRICS+ club. As BRICS leaders charter their path, this trajectory may strain relations with Western countries. The bloc needs to skilfully balance the different interests of its member states if it is to remain cohesive and efficient – quite the uphill battle.
BRICS stands composed to enhance its global prominence by establishing a new trade and investment framework, thereby circumventing the entrenched influence of Western entities. To “Strengthen the voice of developing countries,” as Xi Jinping put it, one of the most significant geopolitical developments of the past year was the announcement of an expanded BRICS, which captured global attention and had unprecedented geopolitical ramifications.
With the inclusion of the four states — Iran, UAE, Egypt, and Ethiopia, (while Saudi Arabia is still considering an invitation) — BRICS+ represents the voice of roughly half of the global population. This enormous block of the global south, contributing nearly 46% of the world’s population and a substantial portion (around $30 trillion) of its GDP, marks a pivotal moment in history. Particularly in mineral value chains, energy transition, oil commerce, and policy, the enlarged BRICS group is changing the dynamics of the world economy.
Presenting small but meaningful diplomatic and economic alternatives to the dominant US-centric order rather than outright replacement, the BRICS countries are positioned to have a growing impact on the world. Nevertheless, the bloc plans to underline the underrepresentation of emerging nations in global governance bodies and advance multilateralism. The Johannesburg Declaration states that the bloc hopes for a multipolar world order marked by inclusivity and cooperation.
Although various views exist on the trajectory of the bloc, basic questions remain: How many nations could be included in BRICS when coalitions start their 2024 conference? Still elusive, though, the response is shaped by BRICS’ unique approach. Six nations are probably going to join the bloc, according to Indian authorities; this figure might vary depending on many circumstances, but the expanding list of interested states could have some influence.
BRICS is accustomed to being misunderstood, yet the bloc is charting its course with remarkable resolve. Gustavo de Carvalho of the Johannesburg-based South African Institute of International Affairs stated that the BRICS’ de-dollarizing initiatives aim to provide alternatives that enable bilateral trade in local currencies rather than replace the dollar.
A nuanced approach to trade — encompassing intra-BRICS transactions conducted in local currencies and continued dollar-denominated exchanges with the United States — is not mutually contradictory. It is a pragmatic strategy capable of yielding benefits for member nations across various circumstances. The BRICS countries’ engagement is not to dethrone the dollar but to reduce its dominance by creating alternatives. Even if BRICS manages to de-dollarize successfully, the dollar will continue to be widely used globally.
From energy markets to climate change policy, this growing group has the power to influence the geopolitical scene. The real test of BRICS’ success will be its capacity to preserve its unique character while actively solving world problems through efficient international cooperation. Concentrating on commerce and trade, investment and development, social and cultural interaction, economic cooperation, and financing, while leaving politics to other venues, BRICS might dramatically change the world. “We do not want to be a counterpoint to the G7, G20, or the United States,” declared Brazilian President Lula da Silva on the summit’s opening day. “We just want to get ourselves in order.”
Key Facts and Figures
| Parameter | BRICS+ |
|---|---|
| Population | 46% of the world’s population |
| GDP | Around $30 trillion |
| New Members | Iran, UAE, Egypt, Ethiopia |
| Existing Members | Brazil, Russia, India, China, South Africa |
Potential Impacts
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Economic Landscape:
- Alternative trade frameworks.
- Intra-BRICS transactions in local currencies.
- Reduction in dollar dominance.
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Geopolitical Scene:
- Shift towards a multipolar world.
- Enhanced representation in global governance bodies.
- Improved cooperation on energy and climate policies.
- Global Banking:
- Diversified financial institutions.
- Reduced unipolar monetary system influence.
