What is BRICS good for?
The Ambitions of BRICS
When Jim O’Neill coined the term “BRIC” in 2001, he aimed to identify the four emerging economies that would dominate global economic growth by 2050. However, the label soon acquired a political significance, and in 2006, the group became an informal diplomatic grouping at the United Nations General Assembly. The first BRIC Summit was held in 2009, with the focus on advancing a multipolar world order.
The Evolution of BRICS
In 2010, South Africa joined the group, and in 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates were added as new members. The 16th BRICS summit, held in Russia, was the first to include these new members. The event saw the participation of 36 national leaders, as well as representatives from various international organizations, including the UN Secretary-General António Guterres.
Limitations of BRICS
Despite its growing membership, BRICS faces significant challenges. Its largest and most important members – China, India, and Russia – are all located north of the equator, and they have competing interests. Russia and China have declared an “alliance without limits,” but this alliance masks significant differences in their strategic perspectives. China’s economy is now ten times larger than Russia’s, and the two nations are vying for influence in Central Asia.
Rivalries within BRICS
The admission of new members has brought more rivalries to the group. Egypt and Ethiopia are in a dispute over a dam on the Nile River, and Iran has long-standing disputes with the UAE and Saudi Arabia, a prospective member. These internal rivalries will hinder BRICS’s efforts to achieve its goals.
What is BRICS Good For?
BRICS is useful as a means of escaping diplomatic isolation for Russia, as a device for projecting leadership of the developing world for China, and as a channel for India to counterbalance China. It has also been useful for Brazil and South Africa as a stage for touting national development. However, these functions do not make it a new fulcrum of world politics.
Conclusion
In conclusion, while BRICS has its uses, it is unlikely to succeed in formally organizing the “Global South” or becoming a leader of the resistance to US-dominated international order. The group’s internal rivalries and competing interests will hinder its ability to achieve its goals.
Frequently Asked Questions
Q: What is BRICS?
A: BRICS is a group of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
Q: What is the purpose of BRICS?
A: The primary goal of BRICS is to advance a multipolar world order and foster cooperation among its member countries.
Q: Who are the new members of BRICS?
A: The new members of BRICS are Egypt, Ethiopia, Iran, and the United Arab Emirates.
Q: What are the limitations of BRICS?
A: BRICS faces significant challenges, including internal rivalries, competing interests, and lack of cooperation among its member countries.