The World is Waiting for Sustainable Solutions

Analytics - two days ago

Will BRICS Provide What the World Need (Especially The Developing Countries)?

South Eye | Analysis - Exclusive

In a world increasingly defined by shifting power dynamics and the rise of new economic giants, the BRICS alliance—Brazil, Russia, India, China, and South Africa—has quietly but steadily emerged as a formidable counterweight to the traditional dominance of Western-led institutions. What began as an acronym coined by an economist at Goldman Sachs has grown into a coalition representing over 40% of the global population and a quarter of the world’s GDP. Yet, as the global order fractures under the weight of geopolitical tensions, economic inequality, and climate crises, BRICS stands at a crossroads. Its future relevance hinges not just on its economic clout but on its ability to evolve into something far greater: a platform for reimagining global governance, fostering sustainable development, and bridging divides in an increasingly polarized world.

The story of BRICS is, at its core, a story of ambition. When the group held its first formal summit in 2009, it was seen by many as little more than a symbolic gathering of emerging economies. But over the years, it has proven its critics wrong. The establishment of the New Development Bank (NDB) in 2014 was a watershed moment, signaling BRICS’ intent to create alternatives to Western-dominated financial institutions like the World Bank and IMF. The NDB, headquartered in Shanghai, has since funded infrastructure projects across member states and beyond, from solar energy plants in India to urban development initiatives in South Africa. It’s a tangible manifestation of BRICS’ promise: a new model of cooperation that prioritizes the needs of the Global South.

Yet, for all its achievements, BRICS remains a work in progress. Its members are a study in contrasts—united by their shared aspirations but divided by their divergent political systems, economic priorities, and geopolitical alignments. China and India, for instance, are locked in a tense border dispute that occasionally spills over into their diplomatic engagements. Russia’s aggressive foreign policy, particularly its invasion of Ukraine, has strained its relationships with other members and drawn international condemnation. Brazil and South Africa, while influential in their regions, often struggle to assert themselves on the global stage. These internal tensions have at times undermined BRICS’ cohesion, raising questions about its ability to act as a unified force.

But perhaps the greatest challenge facing BRICS is not internal discord but the rapidly changing global landscape. The world is grappling with a cascade of crises—climate change, pandemics, food insecurity, and widening inequality—that demand collective action. Traditional institutions like the United Nations and the G7 have often been criticized for their inability to address these challenges effectively, particularly from the perspective of developing nations. This is where BRICS has an opportunity to step in and redefine its role. It can no longer afford to be just an economic alliance; it must become a platform for addressing the pressing issues of our time.

Imagine a BRICS that leverages its collective influence to mediate in conflicts where Western interventions have failed. Picture a BRICS-led initiative to combat climate change, pooling resources and expertise to develop renewable energy projects and sustainable infrastructure across the Global South. Envision a BRICS that champions reforms in global governance, pushing for a more inclusive and equitable international order. These are not far-fetched ideas but logical next steps for an alliance that has already demonstrated its potential to challenge the status quo.

To achieve this vision, BRICS must first confront its own limitations. It lacks a formal institutional structure, relying instead on annual summits and ad hoc working groups. Establishing a permanent secretariat could provide the stability and coordination needed to implement its ambitious agenda. Expanding its membership to include other emerging economies—Indonesia, Mexico, Nigeria, or Turkey—could further enhance its global influence and diversify its perspectives. And perhaps most importantly, BRICS must find ways to bridge the divides within its own ranks, fostering trust and collaboration among its members.

The road ahead is fraught with challenges, but the stakes could not be higher. In a world increasingly defined by fragmentation and polarization, BRICS has the potential to serve as a bridge—between North and South, East and West, rich and poor. It can be a voice for the voiceless, a champion of the marginalized, and a catalyst for a more just and sustainable world. But to do so, it must dare to dream bigger, to move beyond the confines of an economic alliance and embrace its role as a transformative force in global affairs.

As the sun sets on the old world order, BRICS stands on the brink of a new dawn. The question is not whether it has the potential to shape the future—it clearly does—but whether it has the courage and vision to seize the moment. The world is watching, and the time to act is now.