The quiet, yet dramatic rise of the BRICS coalition represents a key element in global economic, financial and political transformation. This phenomenon calls into question the American supremacy that has prevailed since the Second World War.
The BRICS bring together Brazil, Russia, India, China and, since 2011, South Africa. These countries redefine the global geopolitical landscape through diplomatic conferences and an annual summit held alternately in each of the member states.
The economic weight of the BRICS
Since the economic sanctions linked to the Ukrainian crisis, interest in the BRICS has increased. Now, about 20 influential countries want to join them, such as Egypt, Turkey, Saudi Arabia, United Arab Emirates, Indonesia, Argentina, Mexico and several African nations.
The economic importance of the BRICS is considerable, with China as a major force and main contributor. Their combined gross domestic product is nearly $25 trillion, and their foreign exchange reserves are impressive.
Representing 41% of the world’s population, almost a quarter of its wealth and two-thirds of its growth, the BRICS surpass the G7 in terms of economic weight, according to Acorn Macro Consulting.
BRICS objectives
Some believe that the BRICS seek to affirm their preponderant role on the international scene and to highlight their economic and political influence vis-à-vis actors such as the United States or the European Union.
Others consider that the BRICS are creating their own financial institutions to challenge the World Bank and the International Monetary Fund, thus circumventing the use of economic sanctions as a weapon by Western countries.
Finally, some see the BRICS as a politico-economic alternative to American unipolarity, whose influence on the world stage is weakening.
Nevertheless, we are witnessing the emergence of a multipolar world order, whose short, medium and long-term impacts on the global economy, particularly for the United States and the European Union, remain to be determined.
Issues and implications
Faced with this new geopolitical reality, it is essential to analyze the issues and the implications for the various stakeholders.
One of the main challenges for the BRICS is coordination and economic integration between these countries with heterogeneous economies and political systems.
Moreover, this transition to a multipolar world order is not without risks. Geopolitical tensions could intensify, economic rivalries could exacerbate, and conflicts of interest could lead to regional and global instability.
It is therefore crucial that international actors demonstrate pragmatism and cooperation to avoid the escalation of tensions and promote sustainable and balanced development.
Global citizens must also be aware of the changes taking place and prepare for an uncertain future.
They will have to adapt to new economic players, market fluctuations and potentially different employment and investment opportunities.
The ability to adapt to these challenges will depend on the flexibility and resilience of individuals, businesses and governments.