Unified bloc has spurred discussions about a POWER potential threat to Western hegemony in an era marked by shifting global dynamics.
Currently, this varied group accounts for more than and a large portion of the global GDP. Experts think the BRICS coalition has the ability to change the polarised geopolitical environment dominated by the United States, despite the fact that the idea of the grouping challenging Western supremacy is met with both optimism and suspicion. The five-nation bloc has long been the subject of predictions regarding its future. In reality, Fidel Castro predicted that these countries may stop attempts at recolonization. The former Cuban leader declared that the heroic spirit of the Russian people, the People’s Republic of China, as well as nations like Brazil, India, and South Africa, “constitute a group with the necessary power to stop the attempt to recolonize the planet.”
Most experts believe that BRICS’s rise goes beyond its combined economic might. Together, the bloc also includes political clout. The World Bank and the United Nations have long been dominated by Western powers, and the BRICS countries feel underrepresented in these power structures, prompting calls for reform to more accurately reflect the global environment. They can demand a more equitable allocation of power and decision-making thanks to their economic clout. The West’s dominance over world affairs also confronts difficulties as a result of Beijing’s growth and Moscow’s rebirth, which pose a threat to the current unipolar order and represent a fundamental shift in the geopolitical centre of the planet.
BRICS presents an alluring alternative platform for developing nations to influence important issues including trade, technology norms, and climate change. Contrary to the Western bloc, BRICS pledges financial initiatives like the New Development Bank that are intended to finance infrastructure projects in developing countries, demonstrating its emphasis on collaboration for mutual gain.
Over a quarter of the world’s economies’ leaders would assemble in Johannesburg, the capital of South Africa, the following week. Transforming this informal group of nations into a geopolitical power capable of challenging Western domination in international affairs will be a topic of debate during the BRICS summit, which will begin on August 22.
Expansion is anticipated to be high on the agenda, despite the lack of information regarding the topics the leaders of the five-nation bloc would be discussing. Experts claim that 40 countries, including Saudi Arabia,
Argentina and Egypt have both voiced a strong desire to formally or informally join the bloc. Surprisingly, the bloc and many of its potential members are united by cynicism towards a global system that is thought to privilege the United States and its rich friends.
The BRICS countries hope to position themselves as alternative development partners to the West during the summit in South Africa and afterwards. The bloc’s plans to de-dollarize global finance will also be a major topic of discussion. Long-term alternatives to Washington, DC-based lenders likewhat the BRICS countries hope to provide. Brazil’s earlier this year proposed BRICS currency serves as a compelling cautionary tale for the dollar, which has long dominated geopolitical calculations.
Wider indications suggest that the bloc will continue to concentrate on exhibiting leadership, particularly in terms of developing and including the global south in multilateral systems, since the Johannesburg Summit’s theme emphasises how BRICS can forge relationships in a world that is increasingly turning into a theatre for competition among global powers.
The enthusiasm shown by nations like Saudi Arabia, Turkey, and Egypt in joining the bloc is another intriguing trend that is anticipated to spark discussion during next week’s Johannesburg summit. The BRICS expansion will be viewed as an expansion of its power, both economically and otherwise, even in its early stages of this geopolitical macrogame. If considered objectively, BRICS presents a desirable platform to countries boycotted or left out of the international system, including Iran. The possibility of growing the organisation will put the BRICS leaders at a crossroads at the three-day meeting.
Meanwhile, the bloc has the capacity to bring about a significant change in the current international order simply by adding new members like Saudi Arabia and the UAE. If this occurs, the expansion might act as a game-changing catalyst, catapulting the BRICS from the margins of international affairs to a key and significant player on the global arena.
The choice to accept newcomers is fundamentally a strategic vision that challenges the G7 countries’ historical dominance. The G7 has a history of influencing international discourse, political agendas, and global economic strategies. However, a bigger BRICS coalition strengthened by nations from the Global South might successfully counteract Western hegemony. As a result, BRICS should be able to change its image from one of a weak coalition to one of a varied and potent alliance. Since these countries give the coalition important power and resources, the change won’t only be about growing in numbers but also about broadening the range of viewpoints and strategies.
It’s important to note that throughout the previous ten years, we have seen a decline in global cooperation. The developed world continuously abdicates responsibilities to the global south despite having made promises to the developing world. Furthermore, the G7 has been dictating and bullying emerging nations for too long. Many developing countries are enthralled by the notion of having a more equal voice in determining global policy. The G7 nations would need to communicate and collaborate with the global south more due to a more global BRICS. Discussions about reducing reliance on the US currency have quickened due to the impact of US interest rate increases on economies and strong Western sanctions against Russia, which has increased support for a global framework like BRICS.
Future difficulties for BRICS
Economic dominance is more than just political fantasy, despite the doubters’ claims to the contrary. The second-largest global economy and most populous country, respectively, China and India, are both members of the alliance. If these superpowers could put their disagreements aside, BRICS might find it easier to have more sway over world affairs. Such harmony may enable a smoother rebalancing of the world system, moving away from Western dominance and promoting more fair international discourse.
The core definition, the core of the five permanent members of BRICS, and how this core will change in respect to prospective new entries are the main topics of discussion about enlargement. There is thought of an organised method as nations, like as Saudi Arabia, express interest in participating. Potential members may join as observers and advance gradually and incrementally to full membership. It’s important to strike a balance because rapid growth could have unanticipated repercussions for current members. To guarantee a seamless and successful expansion process, criteria, models, and frameworks must be carefully taken into account.
The idea of a BRICS shared currency serving as an alternative to the US dollar and a defence against sanctions, together with a larger group of countries, is alluring. Its realisation is, however, anything but easy. As opposed to the US dollar, which derives its worth from the credit of the US sovereign capacity, this proposed currency is backed by real assets like gold and precious metals. Despite the idea’s appeal, priorities have had to be reevaluated due to intricacy and practical issues. Given the complex network of global economies, it is important to carefully assess if this undertaking is feasible.
China’s importance in the BRICS goes beyond its economic strength. Its influence in influencing the global institutional architecture complements its position as the second-largest economy in the world. China’s central role is highlighted by the formation of the New Development Bank in China and its leadership within the organisation, which has its headquarters in Shanghai. Beyond the BRICS group, China’s pursuit of a multilateral currency platform and a sovereign digital currency underlines its clout in the shifting landscape. These initiatives have the ability to redefine global financial rules and put rigid systems to the test.
The BRICS face numerous difficulties in a world that is fast changing, including issues with currency reform, expansion dynamics, and shifting global power dynamics. If the alliance can successfully negotiate these obstacles, it will be able to turn aspiration into reality and carve out a more significant position on the world stage.
ahead of us
The forthcoming conference must be keenly watched by Western capitals’ policymakers if the BRICS notion from 2010 worried them. To sum up, the rise of the BRICS poses a threat to Western hegemony by providing an alternative story in a world that craves multipolarity. The alliance has the capacity to transform international institutions and promote cooperation and inclusion. However, the future’s course is fraught with complexity and unknowns. The ability of these varied blocs to come together and negotiate the complexities of a fast changing international order that may eventually work in their benefit will determine whether BRICS can successfully challenge Western supremacy while maintaining global stability.