The annual summits of the Brazil, Russia, India, China, and South Africa (Brics) alliance have often gone unnoticed outside of their own countries. However, the recent conference in Johannesburg, South Africa, marks a significant turning point in global history. With six new members joining the current five, and several more states expressing interest in joining, Brics is gaining popularity. Contrary to popular belief, Brics-11 includes two US allies: Saudi Arabia and the United Arab Emirates. The demand for Brics membership is driven by concerns about the increasing global disorder, rather than the formation of an anti-western bloc.
Developing countries are striving for self-reliance and seeking new alliances to safeguard their options as the world becomes more fragmented. The Brics-11 nations share a common perspective on geopolitics. Since Russia’s invasion of Ukraine, the transatlantic alliance has grown stronger, and Moscow and Beijing have grown closer. Brics members perceive the world moving towards a cold war-esque scenario, where a US-led coalition of democracies confronts a rival group of autocracies. Middle-order countries do not desire such a situation as it limits their political and economic freedom, reminiscent of the Soviet-American rivalry.
Developing countries value the bargaining power that comes with Brics membership, allowing them to secure better trade, technology, and weapons deals. For example, nations like Argentina and Iran see joining Brics as an opportunity to access Chinese investment. The original members of the club had two common characteristics: they were large economies with high growth potential. The addition of South Africa in 2010 signaled Brics’ interest in reshaping the power structures of the international system. However, the United States alone had the same nominal GDP as the Brics countries in 2022. The most notable achievement of the Brics alliance thus far is the establishment of the New Development Bank, which has granted over $33 billion in loans since 2015, mostly for infrastructure projects.
As Brics operates based on consensus, the 26-page declaration from the Johannesburg summit exemplifies the triumph of meticulous drafting. When Brics members share the same stance on issues like Syria and Libya, they issue collective statements. However, they do not release joint statements on matters where their positions diverge, such as Ukraine. The idea of establishing a common currency among such a diverse group would be an immense challenge, surpassing any difficulties encountered thus far and remaining an elusive dream. The upcoming G20 summit, scheduled to take place in India in September, is the next major international gathering. Similar to the Brics meeting, Russia’s Vladimir Putin will not attend, although he addressed Brics leaders via video link.
During Indonesia’s chairmanship of the G20 last year, the country successfully argued for incorporating global food security into the summit’s agenda, leading to condemnations of Russia’s aggressive behavior. Putin has been referred to as “the apostle of payback.” Indonesia’s unwavering stance likely resulted in the country bidding farewell to Brics membership this year. China and Russia are currently attempting to block any condemnation by the G20 regarding the Ukraine invasion. The old world order is fading away while the new order struggles to emerge. It is disheartening to acknowledge that this process will allow Putin to dominate the next Brics summit as the host.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
