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 long-standing Western predominance. Brazil, Russia, India, China, and South Africa, the BRICS countries, are no longer only developing economies. They combine to create a strong force ready to change the balance of world affairs.
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
The rising power of BRICS is now at the center of debate because 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.
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 giant 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 about mineral value chains, energy transition, oil commerce, and policy, the enlarged BRICS group is changing the dynamics of the world economy.
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 a lot of circumstances, but the always expanding list of interested states could have some influence.
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. As BRICS leaders set their path, this trajectory may aggravate relations with Western countries. The bloc needs to skillfully balance the different interests of its member states if it is to remain cohesive and efficient, an uphill battle.
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 but rather 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 successfully de-dollarizes, the dollar will continue to be widely used globally. The BRICS aspiration is to furnish parallel economic and diplomatic frameworks without dismantling the US-led paradigm. This concept might be difficult to grasp, especially in a polarized global political climate. The result would be a more multipolar monetary system than the current unipolar one.
BRICS is accustomed to needing to be understood. However, the dollar will not disappear, as it is used in 84.3 percent of cross-border trade. Senior researcher on Russia-Africa ties Gustavo de Carvalho of the Johannesburg-based South African Institute of International Affairs clarified that the BRICS’ de-dollarizing initiatives are meant to provide alternatives that enable bilateral trade in local currencies rather than replace the dollar.
The growing prominence of the bloc could bring about a paradigm shift in global banking, therefore altering the dominatingeffect of the dollar and diversifying financial institutions where nations could merge in opposition to Western hegemony. The BRICS collectively aim to create a less dominant new global system. BRICS+ 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. BRICS nations are establishing themselves as parallel, not counterbalancing, powers to Western domination by encouraging economic cooperation, developing alternative financial structures, and matching their positions on important world problems. “We do not want to be a counterpoint to the G7, G20, or the United States,” Brazilian president Lula da Silva declared on the summit’s opening day. “We just want to get ourselves in order.”
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 helping solve world problems through efficient international cooperation. BRICS might dramatically change the world by concentrating on commerce and trade, investment and development, social and cultural interaction, economic cooperation, and financing while leaving politics to other venues.
