In the wake of BRICS (Brazil, Russia, India, China, and South Africa) expanding its membership, concerns are growing about the future trajectory and purpose of this international platform. Recent events, such as the contrasting approaches of Russia and India, highlight the divergent paths within BRICS.
BRICS originated in the early 2000s as an attempt to understand global economic transformations. However, it truly gained momentum in 2009 when leaders from Brazil, Russia, India, and China came together for the first BRIC Summit. Their joint statement emphasized support for multilateral rule-making, a multipolar world order, and democratic decision-making in international financial institutions.
Over the years, BRICS aimed to gain a stronger voice in the international financial system, leading to the establishment of the New Development Bank (NDB) in 2013. The NDB was seen both as a challenger to established institutions like the IMF and as a means to democratize global governance.
Despite these initiatives, BRICS has faced challenges, especially as the global balance of power shifts. Russia was once crucial in managing China’s growing economic dominance within the group, but today, fault lines within BRICS are becoming more pronounced. Russia and China are pushing for a more overtly geopolitical agenda, while India and China find it increasingly difficult to find common ground.
The recent expansion of BRICS, which includes Saudi Arabia, Iran, the UAE, Ethiopia, Egypt, and Argentina, raises questions about the group’s purpose. India’s presence is seen as a counterbalance to prevent BRICS-Plus from becoming an anti-Western platform. However, the lack of a clear direction has led some to question the authenticity and purpose of the group.
As BRICS faces these challenges and changes, it must redefine its role and purpose to remain relevant on the global stage.