The BRICS nations - Brazil, Russia, India, China, and South Africa - have in recent years emerged as a formidable force in the global arena.
Initially seen as a mere economic alliance, BRICS has evolved into a powerful platform that seeks to challenge the existing global order dominated by what we have traditionally referred to as “The West”.
BRICS have several key considerations working in their favour; with their vast populations, expanding economies, and rising political influence, the BRICS countries are making a push to reorganise the traditional balance of power, paving the way for a new multipolar world.
The board of directors of the New Development Bank meeting in April 2023
BRICS Investment Opportunities
By pooling their economic potential and knowledge, BRICS are making great strides in promoting international investment activities. Companies from their countries and abroad have the chance to expand into new markets. Moreover, BRICS will enable investments into countries from sectors with large potential, such as agriculture, telecommunications, and infrastructure. This will lead to more job creation; increasing income, and stimulating economic growth.
BRICS Economic impact
Economic Transformation
One of the most significant ways BRICS will disrupt the world order is through its remarkable potential for economic transformation. These nations collectively account for a substantial portion of global GDP, trade, and foreign reserves. With their rising middle class and domestic markets, BRICS nations are becoming major drivers of global economic growth, challenging the dominance of Western economies.
China has emerged as an economic powerhouse, transforming its economy into the world's second largest. Its Belt and Road Initiative (BRI) aims to create a vast network of trade and infrastructure across Asia, Europe, and Africa, further expanding China's economic reach and influence. This has allowed China to position itself as a rival to the United States in terms of economic might, potentially shifting the balance of power in the global economy.
Leaders of some of the BRICS nations
Geopolitical Influence
BRICS nations are also leveraging their growing economic strength to assert themselves politically and increase their influence on the world stage. They are challenging Western dominance in global institutions like the International Monetary Fund (IMF) and the World Bank, advocating for a more equitable and representative international system. BRICS countries have called for reforms to these institutions to better reflect the changing global power dynamics.
Additionally, BRICS nations are expanding their diplomatic and strategic ties through various multilateral platforms. The Shanghai Cooperation Organisation (SCO), for example, has emerged as a significant security forum, fostering cooperation on counterterrorism, regional stability, and economic development among its member states. These alliances and partnerships provide BRICS countries with a collective voice, amplifying their influence and enabling them to pursue their own interests on the global stage.
Technology & Innovation
BRICS nations are investing heavily in technological advancement and innovation, making significant strides in various fields. China has become a global leader in emerging technologies such as artificial intelligence (AI), 5G, and renewable energy. Its dominance in these sectors challenges the traditional technological superiority of Western powers and has implications for future global competitiveness. Moreover, BRICS countries are increasingly collaborating on scientific research, development projects, and knowledge exchange. The establishment of the BRICS Science, Technology, and Innovation Framework Program provides a platform for joint research and development initiatives, fostering technological cooperation and knowledge sharing among member nations. These efforts will likely contribute to a more balanced distribution of technological power and disrupt the existing world order in terms of innovation and competitiveness.
The rise of BRICS poses several implications for the existing world order. Firstly, it challenges the Western-dominated institutions and norms that have shaped global governance for decades. BRICS nations advocate for a more multipolar world order that reflects the diversity and aspirations of emerging economies.
Secondly, BRICS' increasing influence could lead to a shift in global power dynamics. As these nations assert themselves politically, economically, and technologically, they challenge the traditional hegemony of Western powers, potentially leading to a rebalancing of power and influence on the global stage.
Furthermore, the rise of BRICS presents opportunities for greater South-South cooperation. Developing countries outside of the BRICS bloc may find common cause in challenging the status quo and pursuing their shared interests through collective action. This could result in a more inclusive and pluralistic world order, giving voice to previously marginalized nations.