Understanding BRICS: Goals and Aspirations of the Emerging Economies

BRICS: Who Are They and What Do These Important Emerging Market Countries Want?

All is set for the summit hosted by Russia, commencing on Tuesday, October 22, in the city of Kazan.
This meeting presents a crucial opportunity for the group led by Putin, who is far from isolated, to showcase their ambition to establish themselves as a formidable economic and political force.

Given the heightened tensions between Washington and Beijing, it’s likely that the discussions will also stoke Western concerns over the group’s movement toward challenging U.S.
and EU influence.

Furthermore, the BRICS summit takes place while global finance leaders gather in Washington, against a backdrop of ongoing conflicts in the Middle East and Ukraine, a declining Chinese economy, and fears that the upcoming U.S.
presidential elections could ignite new trade battles.

In this context, interest in these “Global South” nations has reignited, particularly regarding their global impact.
Understanding what BRICS is and what they aim to achieve is essential for navigating today’s geopolitical landscape.

BRICS: What Are They and How Did the Bloc Start?

The BRICS group, originally coined as a catchy term by an investment bank, has evolved into a coalition of significant nations controlling a key development bank.

Today, BRICS includes Russia, India, China, Brazil, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia yet to formally join.

This initiative began as “BRIC,” a term introduced by economist Jim O’Neill in 2001, intended to highlight the robust growth potential in Brazil, Russia, India, and China—the objective being to create a sense of optimism during a time of market despair post-9/11 attacks.

These four countries embraced the concept, benefiting from shared interests and challenges as they collaborated across various international forums.
Their first meeting took place in 2006 at the UN General Assembly, and by 2009, they convened their initial leaders’ summit, integrating South Africa in late 2010.

Currently, BRICS nations represent 45% of the global population, 35% of its economy in purchasing power parity, and approximately 20% of global exports.

What Do BRICS Nations Do and How Do They Operate?

Financial cooperation has been BRICS’s significant success so far.
In 2014, they established the New Development Bank with an initial capital of $50 billion as a counter to the World Bank and the International Monetary Fund.
Since its inception in 2015, the bank has financed over $30 billion in projects, including $1 billion for South Africa to combat the COVID-19 pandemic.

This year, BRICS plans to deliberate on the feasibility of a common currency, a long-term project still in its infancy.

Economically, Brazil and Russia’s wealth in natural resources makes them vital partners for China’s growing demands, while India and China face more complex trade relations due to political rivalry and border disputes.

As with other multilateral forums, BRICS meetings produce united statements reflecting broad consensus, although they often lack depth on operational specifics.
A significant challenge remains divergent political interests and varying government ideologies among members.

Common Goals and Differences Within the Bloc

The diversity within BRICS is notable.
While Brazil and Russia are major commodity exporters, China is a net importer.
Democratic nations like Brazil, India, and South Africa contrast sharply with autocratic regimes like Russia and China.

Nevertheless, every BRICS leader has attended the annual summits, strengthening diplomatic and economic ties.
Membership has woven itself into the foreign policy identity of each nation.

BRICS members embrace the concept of multipolarity and seek a more significant role in shaping a post-Western global order, sharing skepticism towards U.S.
unipolarity.

Membership also provides essential access to China, enhancing ties for members like Brazil and South Africa, which previously had limited engagement with Beijing.

What Do BRICS Nations Want and Future Projects

In the current global context, BRICS ambitions center on amplifying their influence.
A key strategy includes expanding the bloc to include more nations.
China initially proposed this during its presidency last year.

At least 19 countries are interested in joining, with 13, including Saudi Arabia and Iran, formally applying.
Other interested nations span from Argentina to various African and Asian countries.

The objective is to enhance economic and political clout.
Since the onset of the Ukraine war, BRICS nations have distanced themselves from the West, showing no intention to partake in sanctions against Russia.

Diplomatically, the Ukraine conflict has delineated a clear divide between a Russian-backed East and the West, raising concerns that BRICS could evolve from an economic coalition to a politically nationalist entity.

Ultimately, BRICS nations aim for an independent, resilient forum to bolster their global standing while addressing both economic and political aspirations.