In 2009, the leaders of Brazil, Russia, India, and China convened their first summit in Yekaterinburg, Russia. At the time, the gathering didn’t make significant waves in Western media. Instead, attention was largely focused on the Group of 20, which had just begun its regular meetings a year earlier.
Two years later, in 2011, South Africa joined the group, transforming BRIC into BRICS. Critics were quick to dismiss the coalition, arguing that its members, spread across three continents, had little in common and remained heavily reliant on their established relationships with leading Western nations.
However, over the years, BRICS has demonstrated remarkable resilience and cohesion. Not only has the group survived, but it has also expanded its membership and launched a suite of affiliated organizations. These include the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA), alongside mechanisms for multilateral parliamentary exchanges and civil society interactions.
This gradual evolution has sparked both interest and concern in the West. The growing influence of BRICS raises questions about its potential impact on the global balance of economic and political power. Some observers suggest that the group, with China’s active participation, is striving to win the hearts and minds of the Global South by offering appealing cooperation models, even if some view these models as overly ambitious.
As BRICS continues to solidify its presence on the world stage, Western countries are beginning to take notice. The alliance’s efforts to create alternative financial institutions and foster South-South cooperation challenge traditional Western dominance in global affairs.
Should the West be concerned about the rising influence of BRICS? The group’s commitment to multilateralism and development suggests a shift towards a more multipolar world. For business professionals, investors, and global readers, understanding this shift is crucial. The dynamics within BRICS could reshape economic trends, create new business opportunities, and influence international relations in significant ways.
Reference(s):
cgtn.com
