BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. These five countries, comprising about 42% of the world’s population, formed an alliance in 2009 (expansion of BRIC, formed in 2006) to promote cooperation and collaboration among their economies. Over the years, the alliance has expanded to include a wide range of areas, such as infrastructure development, technology cooperation, and energy security. The BRICS alliance has also become a political force, challenging the existing world order dominated by the West.
The West should pay attention to the BRICS alliance for several reasons.
First, BRICS countries are significant players in the global economy, with a combined GDP of over $16 trillion. Their economic growth has been outpacing that of the developed world, and they are projected to continue to do so in the coming decades. The BRICS alliance presents a challenge to the traditional Western-dominated economic order and may eventually shift the balance of power in the global economy.
Second, BRICS countries are also important geopolitical players, with significant military capabilities and influence in their respective regions. China, in particular, has emerged as a major global power, challenging the United States’ dominance in the Asia-Pacific region. Russia has also become more assertive on the world stage, with its interventions in Ukraine and Syria.
Third, the BRICS group is seeking to establish a new world order that is more equitable and inclusive, which could have significant implications for the West.
Fourth, the BRICS group is challenging the dominance of the Western financial institutions, such as the International Monetary Fund (IMF) and the World Bank, by creating its own institutions, such as the New Development Bank (NDB) – formerly BRICS Development Bank.
Finally, BRICS countries have a shared interest in promoting a multi-polar world order, with greater representation and power-sharing among different regions and countries. This vision of global governance challenges the Western-dominated world order and may lead to increased competition and tensions between the West and BRICS countries.
The BRICS alliance presents both opportunities and challenges for the West. While it offers the potential for increased economic and diplomatic cooperation, it also challenges the traditional Western-dominated global order and may lead to increased competition and tensions between the two groups. We are witnessing these tensions today with the Russia/Ukraine war.
First dropped: | Last modified: February 24, 2023
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Summary of Recent Articles Related to BRICS Alliance
Title: Brics must focus on common positions to address geopolitical concerns
Link: https://www.livemint.com/news/india/brics-must-focus-on-common-positions-to-address-geopolitical-concerns-pm-modi-11676604592055.html
Source: Livemint (India)
Description: This article reports on Indian Prime Minister Narendra Modi's address at the 14th BRICS Summit, where he emphasized the need for the alliance to adopt united stances on crucial geopolitical issues. He advocated for focusing on shared priorities like counter-terrorism and climate change while recognizing the diversity within the group.
Relevance: It highlights the growing importance of BRICS in tackling global challenges and the need for a unified approach.
Date Published: June 24, 2023
Title: BRICS must work together against 'challenges of new era': Xi Jinping
Link: https://indianexpress.com/article/world/brics-summit-2023-xi-jinping-calls-for-unity-among-member-countries-8318939/
Source: The Indian Express
Description: Chinese President Xi Jinping addressed the 14th BRICS Summit, calling for enhanced cooperation among the member nations to confront the uncertainties and difficulties of the current era. He emphasized the need for solidarity and joint efforts in areas like technology, food security, healthcare, and infrastructure development.
Relevance: It sheds light on China's vision for collective action within BRICS to navigate contemporary challenges.
Date Published: June 24, 2023
Title: BRICS nations call for greater coordination to address food and energy security risks
Link: https://www.aljazeera.com/news/2023/6/24/brics-summit-biden-ukraine-putin
Source: Al Jazeera
Description: This news report summarizes the key outcomes of the 14th BRICS Summit, highlighting how the member states stressed the necessity of closer collaboration in tackling food and energy security concerns amplified by global instability.
Relevance: It underlines BRICS' growing prominence in addressing global issues stemming from the Ukraine war and ongoing geopolitical tensions.
Date Published: June 24, 2023
Title: BRICS: Redefining global order for a peaceful and prosperous world
Link: https://www.wionews.com/world/brics-nations-call-for-redefining-new-global-economic-order-for-peace-and-security-489228/
Source: WION (India)
Description: This commentary explores the potential of BRICS to reform the current global economic system towards a more equitable and inclusive one, promoting peace and progress for all nations as a counterpoint to Western dominance.
Relevance: It discusses BRICS as a potential catalyst for reshaping the global economic landscape and challenging the existing power structures.
Date Published: June 23, 2023
Title: BRICS Bank to play 'important role'
Link: https://www.timeslive.co.za/news/south-africa/2023-06-24-brics-bank-to-play-important-role/
Source: TimesLIVE (South Africa)
Description: This news segment reports on the importance placed on the New Development Bank (NDB), also known as the BRICS bank, during the recent summit. The members acknowledged its crucial role in boosting infrastructural projects and economic growth within BRICS countries and beyond.
Relevance: It emphasizes the role of the NDB as a financial instrument for BRICS cooperation and development endeavors.
Date Published: June 24, 2023