The leaders of the world's 16 per cent of economies have started accumulating in South Africa's national capital Johannesburg aiming to chair multiple meetings under the umbrella of the much-awaited 15th BRICS Summit.
This is the first in-person Summit since 2019 as the COVID-19 pandemic marred the three consecutive meetings. The whole world has been keenly watching the fusion of the leaders of five countries-- Brazil, Russia, India, China and South Africa-- amid the fact that all are encountering numerous domestic issues in the multipolar international setting.
Therefore, it is crucial to reminisce about what led to the formation of the multi-dimensional bloc.
Rise of the multipolar bloc
It is a group of five countries whose word was coined by an economist working with American company Goldman Sachs, Jim O'Neill. According to top economists, he minted the term in order to emphasise the strong growth potential of these countries and how they could dominate the global economy by 2050-- thus sidelining the dominance of the West in global trade.
In the early 2000s, the West had brutal economic turbulence but some countries like Russia, India and China remained pristine. Comprehending the opportunity, the trio-- Russia, India and China-- formed a dialogue under the umbrella of RIC.
According to economists, the trio came closer as they expressed their interest in a shift from a unipolar to a multipolar world with a more sympathetic global governance system. Later in 2009, the acronym RIC changed to BRIC with the induction of Brazil and subsequently to BRICS in 2010 with the inclusion of South Africa.
BRICS agenda: Establish an alternative to the West
During the meeting, it is expected that the world leaders will emphasise limiting the dominance of the United States in both shaping the economy and the world order. As of now, America monopolises the world order, where it retains itself in the top position and then Europe-- overlooking China's position.
However, amid the ongoing Russia-Ukraine war and the COVID-19 pandemic, world leaders including the Chinese President have been actively advocating for their counterparts to end the hegemony of the West and the dominance of dollar in the international trade.
"As a consortium of the world's five fastest emerging economies, the BRICS exudes profound economic optimism. It was touted to present an alternative global order that would act as a formidable response to the Washington consensus-driven Bretton Woods Institutions. The heft of the group springs from the fact that it comprises 3.2 billion people collectively, that is, 42 per cent of the total world population, "according to the statement released by the BRICS.
It noted that BRICS economies represent 27 per cent of the global Gross Domestic Product (GDP) and over 18 per cent of global trade. These countries also register 50 per cent of the total global economic growth, making them the most significant countries propelling global growth.
BRICS expansion
This year the bloc is expected the biggest expansion as nearly 40 countries tendered their interest in cohering the five-member bloc despite the fact nearly all have their own agendas and set of intresets. According to the 2023 summit chair in South Africa, countries including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining the forum.
China's biggest push for expansion
It is worth mentioning China has been advocating for the expansion since 2017 to constitute a BRICS Plus framework. According to Yogesh Gupta, former ambassador of India to Denmark, Beijing's main motive is to transform the bloc into a China-centric union. This would eventually help President Xi Jinping entrap new members to disburse loans under its Belt and Road Initiative.
This will create a new market for Beijing and will gradually hamper the West's hegemony in setting the world order in the Global South. Notably, the Global South is a term that broadly comprises countries in the regions of Africa, Latin America and the Caribbean, Asia (without Israel, Japan, and South Korea), and Oceania (without Australia and New Zealand), according to the United Nations Conference on Trade and Development (UNCTAD).
Besides, China also wants expansion amid the fact its economy has slowed down, as claimed by its own financial ministry.
India, Russia and Brazil's stance over expansion
On the other hand, Russia, which has been facing West-tailored economic isolation, exploring ways to evade sanctions and find new allies that will save Moscow from crisis.
Meanwhile, Brazil, which neither resisted widely nor agreed to take admission of new members, believes that the bloc has demonstrated good brand value. However, it always underscored that the process of joining new cadets in the group must be transparent, based on a balanced approach and consensus-based decision-making.
“Possibly, in this meeting, we can already consensually decide which new countries can join BRICS,” Brazilian President Luiz Inacio Lula da Silvatold international journalists in the capital, Brasilia. “I am of the opinion that as many countries want to enter if they are in compliance with the rules we are establishing, we will accept the countries’ entrance.”
India, which has demonstrated impressive economic growth despite facing the COVID-19 pandemic, believes in posing as a neutral player as it has mutual interests with the West and Russia. Moreover, it also fears if China's push for expansion works, it would pose a major threat to its domestic economy and its aspirations to become the world's third-biggest economy.
Will Pakistan join the BRICS bloc?
Cash-strapped Pakistan had expressed its interest in joining the BRICS, Pakistan Today reported in June this year. As per the Pakistani daily, Islamabad's aspirations will be deliberated upon at the group's summit in South Africa in August. Though the BRICS member states have expressed their desire to expand the membership of the grouping, there is hardly any appetite within the grouping to include Pakistan, despite China's presence.
There is fear among the grouping that any attempt to include Pakistan as part of the grouping could weaken the credibility of the BRICS with India withdrawing from any willing participation in the grouping.
Later, the list shared by the host country did not mention Pakistan's willingness to join the bloc.
