BRICS is a group of states comprising the world’s five major emerging economies (Brazil, Russia, India, China, and South Africa). In 2001, Goldman Sachs came up with the acronym BRIC in an article he wrote, and in 2009 they organized the first summit.[i] Within a year after the summit, South Africa was invited to join the grouping, and in 2010 it became BRICS.
These five countries, which have a significant impact on the global economy and politics, came together to increase economic cooperation, strengthen the place of developing countries in the global market, and create a counterbalance to the Western-centered liberal economy.
The post-Cold War world order has long been characterized by a unipolar system led by the United States. In recent years, however, there has been a growing consensus that this system is weakening and giving way to a multipolar world order. The BRICS countries in particular are at the center of this new balance of power. While the multipolar world order refers to a system in which global powers are diversified and the distribution of power is more balanced, BRICS plays an important role in this transformation.
Over time, BRICS has not been limited to just five countries and has aimed to open the door to other emerging economies with its expansion strategy. The expansion goals, which emerged to increase economic cooperation and global political influence, have gained momentum since 2020. At the 15th BRICS Summit held in Johannesburg, South Africa on August 22, 2023, the expansion policy was the main topic of discussion.[ii]
Enlargement discussions proceeded with reservations from China, support from Russia, and skepticism from Brazil, India, and South Africa. The relatively heterogeneous distribution of the members revealed political, economic, and military differences and complicated the situation. Nevertheless, the evolution of world politics into a multipolar order and the ambitions of middle-power countries to challenge Western hegemony have motivated the group to both stay together and expand. BRICS also referred to as the “Global South”, is seen as an emerging tool for more independent foreign policies due to recent international events such as the tension between the West and China and the Russia-Ukraine war.[iii]
On January 1, 2024, BRICS accepted four new members. These are Egypt, Ethiopia, Iran, and the United Arab Emirates. The admission of the new members will increase BRICS’ share in the global economy and enable it to gain greater power in world trade. A larger global footprint is desired, especially in the areas of oil, energy, mineral resources, and agriculture. By encouraging increased trade among themselves, these countries aim to create an alternative to Western financial systems. In particular, attempts to weaken the dominance of the US dollar are steps that reinforce the economic dimension of the multipolar world order.[iv]
The expansion, not only in economic and political terms but also geographically, has the potential to change the strategic balances in Africa and the Middle East with the accession of new states covering different regions. BRICS aims to go beyond the unipolar order shaped under the leadership of the West and build a multipolar world. In this context, by establishing their own banks and development organizations, they offer new financing options, especially to developing countries. Established in 2014, the BRICS New Development Bank was developed as an alternative to Western-based financial institutions such as the International Monetary Fund (IMF) and the World Bank.
BRICS shows that the multipolar world order is not only an economic entity but also seeks to strengthen it politically and militarily. With its growing influence in the South China Sea and Asia, China has moved beyond being a regional power to become a global actor. Russia, on the other hand, is seeking to reshape the strategic balance with the United States by increasing its influence in the Middle East, Eastern Europe, and Africa. India, on the other hand, is trying to maintain its independence as a regional power while improving its relations with the West. Brazil and South Africa are seeking to consolidate their economic and political leadership in their respective continents.
The transition to a multipolar world order is not only fraught with advantages but also with challenges. There are differences of economic and political interests among the BRICS countries. They can bring potential conflicts to the group and make it difficult to reach a consensus on common political positions. The possibility of a deterioration in the balance of interests among member states is hypothesized, taking into account the states of Egypt and Ethiopia. In addition, historical border disputes and regional rivalry between India and China could challenge cohesion within BRICS.
[i] “The BRICS bloc is riven with tensions”, Economist, https://t.ly/zI1Jz, (Access Date: 05.10.2024).
[ii] Ibid
[iii] Ibid.
[iv] “Expansion of BRICS: A quest for greater global influence?”, Europarl, https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2024)760368, (Access Date: 05.10.2024).
