BRICS : THE NEW POWER PLAYERS RESHAPING OUR WORLD
The BRICS is a group formed by eleven countries: Brazil, Russia,
India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates,
Ethiopia, Indonesia, and Iran. It serves as a political and diplomatic
coordination forum for countries from the Global South and for coordination in
the most diverse areas.
The objectives of BRICS include strengthening economic, political,
and social cooperation among its members, as well as increasing the influence
of Global South countries in international governance. The group seeks to
improve the legitimacy, equity in participation, and efficiency of global
institutions such as the UN, IMF, World Bank, and WTO. Moreover, it aims to
bolster sustainable social and economic development and promote social
inclusion.
For decades, the
global economy was largely shaped by a familiar trio: the World Bank, the IMF,
and the G7 nations. But now, we’re witnessing a significant transformation. A
dynamic coalition of emerging economies is stepping into the spotlight, not
just to follow the old rules, but to help create new ones. This is the story of
BRICS—a group made up of Brazil, Russia, India, China, and South Africa—that’s
quickly becoming a formidable force in the push for a more multipolar world.
Members of BRICS Alliance
The current BRICS
members are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran,
Indonesia, and the United Arab Emirates. The group, which began as an acronym
for its four founding members (Brazil, Russia, India, China), expanded to
include South Africa in 2010. Egypt, Ethiopia, Iran, and the United Arab
Emirates were officially added in 2024, followed by Indonesia in 2025.
Original members: Brazil, Russia, India, and China
2010 addition: South Africa
2024 additions: Egypt, Ethiopia, Iran, and the United
Arab Emirates
2025 addition: Indonesia
From
an Acronym to an Alliance
It all began with
a single term. Back in 2001, economist Jim O’Neill from Goldman Sachs took a
look at the world’s fastest-growing economies and came up with the term “BRIC”
(Brazil, Russia, India, China). Initially, it was more of an investment idea
than a political one.
But the concept
resonated. Acknowledging their shared potential and common challenges, these
four nations decided to transition from a mere idea to a formal alliance,
holding their first official summit in 2009. The alliance truly became representative
of the Global South in 2010 with the inclusion of South Africa, completing the
“S” in BRICS as we know it today.
More
Than an Economic Club: What BRICS Actually Does?
BRICS often gets
a broad economic label, but its ambitions are much more complex. It’s not
solely about finances; it’s about having a voice, forming partnerships, and
creating alternatives.
• Building Financial Bridges: Fed up with
the tough conditions that often come with Western loans, BRICS took the
initiative to establish its own financial institutions. The New Development
Bank supports infrastructure and sustainable projects, while the Contingent
Reserve Arrangement acts as a safety net for members dealing with economic
challenges—a clear alternative to the IMF.
• A Unified Political Voice: When it
comes to global issues like climate change and energy security, having a bloc
that represents over 40% of the world’s population speak in unison makes a
significant impact. BRICS serves as that platform.
• Beyond Government, People and Ideas:
The collaboration goes beyond just government entities. BRICS encourages
exchanges among scientists, artists, and students, fostering cultural
understanding and innovation networks that strengthen connections from the
grassroots level.
A
Collective Juggernaut (With Unique Strengths)
The raw numbers behind BRICS are
staggering. Together, they account for:
·
Over
40% of the world’s population
·
Nearly
30% of the global GDP
·
A
massive (and growing) share of international trade
But their power isn't just in their
size; it's in their diversity. Think of it as a super team where each member
brings a unique skill set: China’s manufacturing and economic might, India’s
tech-driven growth, Brazil’s agricultural powerhouse, Russia’s vast energy
reserves, and South Africa’s role as a gateway to the African continent.
The
Alluring Benefits of Banding Together
So, what’s in it for the members? If you see there is a lot, actually.
• A Seat at the Table: They get a strong platform to make sure their
voices are heard in global decision-making, instead of just following orders
from others.
• Better Financing: The chance to access loans for development projects
with fewer strings attached is a major attraction for growing economies.
• New Trade Opportunities: By breaking down barriers among themselves,
they open up huge new markets for their goods and services.
The
Inevitable Challenges
Despite its potential, BRICS comes with its own set of challenges. The
bloc is an intriguing experiment in finding common ground despite significant
differences.
• The China Question: China’s economy is so much larger than all the
other members combined, which creates a natural power imbalance that can lead
to tension.
• Political Fault Lines: Members don’t always agree on foreign policy. Balancing
these differences while trying to present a united front is a constant
diplomatic balancing act.
• Internal Hurdles: From economic instability to international sanctions,
individual members often face serious domestic issues that can pull focus away
from their shared goals.
What’s
Next for BRICS? Expansion and a Common Currency?
BRICS does not
have a single common currency, but is exploring ways to use national currencies
for trade to reduce reliance on the US dollar. The bloc is working on a cross-border
payment initiative (BCBPI) to facilitate trade in local currencies and has
stated it will not create a new currency to challenge the US dollar in the
short term. This expansion could significantly boost its global influence. One
of the most intriguing ideas on the table is the potential for a common BRICS
currency. While it’s a complex undertaking, such a move would directly
challenge the dominance of the US dollar and could really reshape the landscape
of global finance.
Current Currency plans:
·
Facilitating local currency trade: The primary goal is to enable more
trade between BRICS members using their own national currencies, bypassing the
US dollar and systems like SWIFT.
·
BRICS Cross-Border Payment Initiative
(BCBPI): This is the
specific platform being developed to achieve the goal of local currency trade.
·
No common currency: The 2024 report confirmed that
BRICS's short-term plan is to promote trade in national currencies, not to
create a new global reserve currency to replace the US dollar.
The
Bottom Line
The rise of BRICS isn’t just another
economic trend, it’s a reflection of a world that’s evolving. It stands for a
call for a global order that’s more balanced, multipolar, and in tune with the
realities of the 21st century. Sure, it’s not a perfect group and has its share
of challenges, but its very existence shows that the economic and political
landscape is changing. Whether you’re a fan or a skeptic, BRICS is definitely a
force to reckon with.
“BRICS Outreach” is a meeting between BRICS member countries and
those from the geographic region of the country currently holding the rotating
presidency who have been invited to such meeting.
"BRICS Plus" is a meeting between BRICS member countries
and invited countries that are not from the geographic region of the country
currently holding the BRICS rotating presidency.
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