A bloc which includes, Brazil, Russia, India, China and South Africa is referred to as the BRICS bloc which has become an important group of developing countries which is changing the current state of affairs in the economy and politics. From its inception as BRIC, the bloc was created with the goal of harnessing the economic power of the world’s most accelerating economies. In 2010, however, South Africa was allowed to join the group and the letter “S” was included in the BRICS nomen. In January 1, 2024 more countries namely Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) are included in BRICS marking the expansion of the bloc. This article outlines the aims and objectives of BRICS, how it functions and its history including the reasons for its expanding clamour in international politics. Formation of BRICS The emergence of the BRICS bloc can be traced to a idea expressed in the Gordon Grek in his paper Building Better Global Economic BRICs with Jim O’Neil at Goldman sachss’ in 2001 . In the trend of globalisation where the countries of the world have grown closer, O’ Neill marked Brazil and Russia, India, China as 4 emerging economies promising to take active parts to the world economy.
These countries had certain aspects that made them different from the mainstream economic controllers like the United States and the European Union. However, BRIC as an informal grouping was not formed until the year 2006 when Foreign Ministers of these countries gathered on the margins of the United Nations General Assembly. The first official BRIC summit took place in Yekaterinburg, Russia in 2009. This summit further entrenched the commitment of the bloc leaders in a coordinated response to the world’s economic and political problems including reforming the governance structure of the IMF and the World Bank which did not cater for the present day emerged multipolarism Instead of BRIC consisting solely of the original four nations, it incorporated South Africa in 2010 and was rebranded BRICS. The inclusion of South Africa to the group was mainly focused on its geography as well as its resources and its rising head in Africa.
This development also represented the bloc’s readiness to practice geo-economics by ensuring better coverage of economically vibrant countries around the world. Current BRICS Members As of 1st January 2024 the BRICS Group is composed of the total of nine member nations:BrazilRussiaIndiaChinaSouth AfricaEgyptEthiopiaIranUnited Arab Emirates Also making up this group are some countries which have a combined population of over 40% of the total global population and they account for about 25% of the world’s GDP. One Nation informs the leadership group but all the countries combine each individual’s unique strength enhancing the world’s influence of people and nations working together. Brazil is the leading country in the southern hemisphere and Latin America, It is famous for its agricultural products and minerals as well as bio energy. Russia is endowed with many natural resources especially petroleum and gas making it one of the foremost countries in energy supply in the world. Further, there are still many other aspects concerning its position mainly concerning the presence and influence in Europe and Central Asia. India possesses large and youthful population, a rapidly expanding it and service industry as well as a growing middle-class society which are important in its current development sustenance. China, the world’s second largest economy, is primarily an industrial as well as a manufacturing economy with surplus production and bulk manufacturing export, and an active involvement in the global as well as infrastructure development. South Africa is the entry point to the rest of Africa in terms of the continent’s resources as well as markets and in terms of its mining industry, it is one of the most developed in the world.
South Africa, too, plays a critical voice for Africa in the context of BRICS. Egypt is the largest population country in the Arab world, and it is a crucial center for business in the region. These developments are positive for BRICS as it shows the intent of the group to strengthen relations with the region of North Africa and the Middle East. Ethiopia has one of the highest GDP growths in the African region, benefiting from agriculture and manufacturing investments. Its position in BRICS relates to the stance of the group to the sub-Saharan African region aiming to promote development within. Iran is rich in natural resources such as crude oil and natural gas and is an important political player in the Middle East region. Its membership reinforces BRICS policy of engaging regional great powers. United Arab Emirates (UAE) is among the world’s prominent financial centres and also a powerhouse for science and technology in the Gulf countries. Its inclusion helps BRICS in further expansion of its influence in the Middle East and strengthening the economic ties of the countries’ members. BRICS was formed with a specific objective of increasing the glazing connection among the member states, enhancing economic development as well as altering the existing world’s economy and its political dynamics.
The key objectives of BRICS can be presented as follows:1. Economic CooperationEconomic collaboration mainly among its members is perhaps one of the most important aspects of BRICS. This usually entails a number of profitable activities including trade, investment and developmental programs that utilize the unique strengths of each country to reap benefits for all. The BRICS countries seek to bring forth a new world order on the economic front with multiple centers of political power focusing on the reduction of dependence on the IMF World Bank system which is often dominated by the west.For this reason, BRICS was founded in 2014 the New Development Bank (NDB) that was located in Shanghai, China. The NDB was made to fund infrastructure as well as sustainable development projects in BRICS and other developing countries. This organization was crafted to serve the purpose of competition to IMF and World Bank by granting member countries easier access to finance. By the year 2023, the NDB has targeted additional countries to its membership beyond the BRICS including Bangladesh and UAE and Egypt cementing its status as a financial institution. In line with such policy is the fact that another major economic project is the BRICS Contingent Reserve Arrangement (CRA), which was created to offer assistance to the members in case of extenuating circumstances affecting their balance of payments.
It can be considered that the CRA is a protective bicycle – a mechanism aimed at monitoring liquidity crises and insulating the member nations from external shocks.2. Political Cooperation and Global Governance Reform Apart from the economic motives, the BRICS nations work on political ideas too, such as the need for changes in the international organizations where some powers are gained by some countries and other countries are marginalized in vengeance of growth. According to them, every international bank, organization and united nation security council duplicates door procedures at the service of certain Western countries while ignoring developing nations. BRICS has been reiterating the need to reform the UNSC through which a fair share of its activities is carried out in favor of developing countries. As an example, India and Brazil have been staking the claim for permanent members in the security council which has the support of some countries in BRICS. From the perspective of this bloc, reforms of the international governance are an important aspect and has to push for equal representation of the member states.3. Geopolitical Strategy BRICS acts as a coordinating centre for its members concerning the geopolitical schemes that are mostly directed against such western-oriented alliances as NATO and the G7. In addition to political cooperation, BRICS aims to increase its apposite influence round the globe by constructing a power base around issues such as international peacekeeping, counter-terrorism and cyber security. The bloc is also supportive of the core principle of sovereignty and non-interference in the domestic matters of the nation.
This is especially important for the member countries of BRICS, Russia and China in particular, who have suffered from the West’s scrutiny of their domestic policy and their actions in international relations.Outside of the economy and politics, BRICS also focuses on cultural activities and exchanges.This group holds all kinds of meetings for members of academic communities, youths, the arts and outside organizations of the member countries. Such engagement helps to create a feeling of belonging to the community of BRICS states and develops relations which go beyond the scope of formal political exchanges.Annual events like the BRICS Youth Summit and the BRICS Business Council promote interaction and the exchange of ideas between young leaders and business entrepreneurs from member countries and in the process, create closer ties between the countries. Expanding Membership: The BRICS+ ConceptIn recent years, the further element of the expansion of BRICS, which includes Egypt, Ethiopia, Iran, and UAE is indicative of the group’s desire to seek additional geographical representation and increase its influence. This enlargement is an important milestone in the development of the “BRICS+” strategy, which suggests the integration of additional economies from several representative regions of the world.Several countries, including Argentina, want to be members of BRICS and other countries such as Indonesia, Turkey and Saudi Arabia want to align with BRICS more closely.
This expansion would provide further power and influence to BRICS, allowing it to compete even better in the international arena.” BRICS+ as a consolidation of the south – Global South – is inclusive of the philosophy of South-South collaboration. By broadening its membership and intensifying the cooperation of other emerging economies, BRICS also aims to break down the hegemony through the Global North (mostly western- industrial countries) in worldwide politics. BRICS countries and Global economy – role and significance of BRICS countries in the world economy. While contributing equally and beneficially to the economy, the BRIC assumption from the Early Growth model 3 is now assumed to be less important. Up until 2023, the share of the group in global gross domestic product does not exceed 23%, which is worth mentioning considering in 2010 this figure was only about 16%. This growth itself is the equivalent of two-thirds of the rise registered in complexities. On top of that, BRICS countries possess a lot of solvable foreign currency and are very important for invigilating heavy duty industries especially manufacturing, power, and agriculture. The Indomitable weight assigns a chance for outward investment and growth from some of the most attractive markets in the world. BRICS member states have been implementing the policy of developing mutual trade, thus minimizing dependence on Western countries and their currencies.
Even there have been debates on carrying out business within local currencies it may be an option to replace American dollar by the member states’ currencies, a decision that can further reduce Western control in international trade. BRICS Challenges and Criticisms However, BRICS in its expansion is not without a number of challenges that will thwart any prospects of sustained growth. Internal Differences: First, there are pronounced internal differences that exist among the BRICS nations, regarding the political systems, the economies and strategic priorities. For example, it can be noted that China and India have long stood off on many territorial issues, and this competition can be an obstacle to the group's cohesion. In much the same way, Brazil developed quite recently and quite pro-Western leaders who may disturb relations within BRICS. Economic Disparities: There is also the issue of economic imbalance as it relates to China, the hegemon in the BRICS bloc. It is quite evident that the Chinese economy is of a bigger size as compared to any of the other member countries and this disparity leads to concerns whether the group functions as an equal partnership. Geopolitical Tensions: The foreign policy situation has vast global polarization developing a wedge between the west, and foreign dramatics entities like Russia and China. Such tauts especially with such a crisis as that of Russia against Ukraine may affect how BRICS is viewed by outside countries where the focus is on internal happenings. Western Criticism: Analysts in the West almost unanimously treat BRICS as an antiwestern structure oriented against the institutions dominated by Western countries.
As a result, critics also state that the main purpose of the group is aimed at undermining Western dominance instead of seeking feasible cooperation.Conclusion: The Future of BRICSIn regard to foreign relations and interactions with other groupings, BRICS members will in the foreseeable future be at the centre of such developments. With its agenda on economic integration coupled with re-evaluation within the system of global governance and geopolitical concerns, this group is crafted towards taking a central seat in the multipolar world that is taking shape in the 21st century. The addition of Egypt, Ethiopia, Iran, and the UAE to BRICS enhances the powers and range of the bloc and enables it to take into consideration comprehensive views and perspectives from various parts of the globe. Such initiative not only helps enhance the stakes of BRICS in global political processes but also proves intentions of that such cooperation in relations with numerous countries is possible.However, internal differences and external problems must be properly addressed in order for BRICS to remain as a desirable and working coalition.
These fervent aspirations certain as they are, challenges that hinder the bloc’s efficiency in fulfilling these visions will allow the pursuing of these goals to become compromised and thus bring in violent unrest and chaos. Of course, with time such organizations which attempt to manage economies on intergovernmental levels would eventually transform into unions. However, if viewed according to its broader inclusion and expansion, BRICS are emerging as a political and economic community or institution which glances furiously towards the collective west. These much anticipated challenges are expressing how ready Biotica’s Sustainable Future will be and will measure how progressive Qatah’s Sustainable Development will be in effects. Well, unfortunately, BRIC keeps marching on as an administrative structure if one may call it so.
