WHAT IS THE BRICS ALLIANCE

The world stage is constantly shifting, and one of the most significant developments in recent years has been the rise of the BRICS alliance. The aim of the alliance is to challenge the economic and political monopoly of the West. Southeast Asian countries have recently expressed an interest in joining the alliance. At the BRICSBut what exactly *is* the BRICS alliance? BRICS is an informal alliance of emerging economies that seeks to challenge Western influence in global institutions and create a counterweight to the U.S. dollar. Learn about its origins, expansion, priorities, and divisions in this comprehensive overview by the Council on Foreign Relations.It's more than just an acronym; it represents a powerful and evolving coalition of emerging economies aiming to reshape the global order.Originally comprising Brazil, Russia, India, China, and South Africa, BRICS has recently expanded to include Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia, solidifying its position as a major player in international affairs.This informal organization is driven by a desire to challenge the dominance of Western-led institutions and foster a more multipolar world.

The growing economic might of the BRICS nations, their significant populations, and abundant natural resources have positioned them as key drivers of global economic development.This alliance serves as a political and diplomatic coordination forum for countries in the Global South, working together on a wide range of issues.Join us as we delve into the origins, expansion, priorities, and challenges of the BRICS alliance, offering a comprehensive overview of this increasingly influential force.

The Origins of BRICS: From Acronym to Alliance

The term ""BRIC"" was first coined in 2001 by Jim O'Neill, then an economist at Goldman Sachs, in a paper highlighting the growth potential of Brazil, Russia, India, and China. Saudi Arabia has joined Brics, the alliance of major developing countries, along with four other nations. The Saudi membership was due to start on 1 January, but there was a delay before it wasThese countries, he argued, were poised to become dominant forces in the global economy. The BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24.This wasn't initially conceived as a political alliance, but rather an observation about economic trends.

However, the idea resonated, and in 2006, the foreign ministers of the four countries held their first meeting. BRICS Senior Officials Responsible for Safety Issues have already met twice. The topics of food security, agriculture and energy have also been treated within the group at ministerial level. The Supreme Courts signed a cooperation document and, on this basis, a course for BRICS magistrates was held in Brazil.This marked the beginning of the formalization of the BRIC group.The leaders held their first summit in 2009, signaling their intention to act as a cohesive force on the world stage.South Africa was invited to join in 2010, officially transforming the group into BRICS.

BRICS Expansion: Welcoming New Members

For years, the BRICS group remained constant.However, the desire to increase the alliance's global influence and economic power prompted discussion about expansion.In August 2023, at the 15th BRICS summit in Johannesburg, South Africa, the group announced a historic expansion, inviting six new countries to join: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.While Argentina subsequently declined the invitation, the other five nations officially became members on January 1, 2024. The BRICS coalition has evolved significantly since its inception, growing from a group of four emerging economies to a diverse and influential alliance of ten nations.This expansion significantly broadened the group's reach and influence.

Here's a look at the new BRICS members:

• Egypt: A strategically important country in North Africa with a large population and a growing economy.
• Ethiopia: A rapidly developing East African nation with significant potential for growth.
• Iran: A major player in the Middle East with substantial energy resources.
• Saudi Arabia: The world's largest oil exporter and a key player in global energy markets.
• United Arab Emirates: A wealthy Gulf nation with a diversified economy and a significant financial hub.

This expansion is a clear indication that other nations are eager to join the BRICS alliance, seeing the benefits of having economic and diplomatic influence.

The Goals and Priorities of the BRICS Alliance

The BRICS alliance has several key goals and priorities, all geared towards creating a more balanced and equitable global order:

• Promoting Multilateralism: The BRICS countries advocate for a more multipolar world, where power is distributed more evenly among different countries and regions, rather than being concentrated in the hands of a few Western powers.
• Reforming Global Institutions: A central aim is to reform international organizations like the International Monetary Fund (IMF) and the World Bank to give emerging economies a greater voice and representation. The BRICS alliance has catalyzed a significant shift away from US dollar debt and toward RMB bonds, and at the same time, Japan buys Russian oil despite various major international sanctions. This represents an accelerated currency shift within BRICS nations, spearheaded by concerns over global economic survival and the need for alternativeThey argue that these institutions are currently dominated by Western interests and do not adequately reflect the realities of the 21st century.
• Enhancing Economic Cooperation: The BRICS countries seek to increase trade, investment, and financial cooperation among themselves. What is the BRIC alliance? BRICS stands for Brazil, Russia, India, China and South Africa, who are the original members of the intergovernmental organization that first aimed to highlightThis includes exploring alternative payment systems and reducing reliance on the US dollar.
• Promoting Sustainable Development: The alliance is committed to promoting sustainable development and addressing global challenges such as climate change, poverty, and food security.
• Strengthening Political Cooperation: BRICS also serves as a platform for political coordination, allowing member states to discuss and address common challenges and concerns.

The New Development Bank (NDB)

One of the most concrete achievements of the BRICS alliance is the establishment of the New Development Bank (NDB), also known as the BRICS Bank. BRICS is an acronym for the group of leading emerging market economies of the world, namely Brazil, Russia, India, China and South Africa. BRICS is an international organisation that has recently sought to expand its influence through the accession of new countries. Iran, Argentina and Algeria haveThe NDB was founded in 2015 with the aim of financing infrastructure and sustainable development projects in BRICS countries and other emerging economies.It provides an alternative source of funding to the World Bank and the IMF, which are often criticized for imposing strict conditions on their loans.The NDB has already approved numerous projects in areas such as renewable energy, transportation, and water infrastructure.

For example, the NDB has financed projects like the construction of a solar power plant in India, the development of a port in Brazil, and the improvement of water infrastructure in South Africa. The BRICS alliance is no longer just a headline. It is a wake-up call. With new members joining, more countries lining up to apply, and a growing push to reduce reliance on the dollar, the balance of global power is shifting quietly but steadily.By providing financing for these projects, the NDB is helping to boost economic growth and improve the quality of life for millions of people in BRICS countries and beyond.

Challenging Western Influence and the US Dollar

The BRICS alliance is often viewed as an attempt to challenge the dominance of Western powers, particularly the United States, in global affairs.The group has been vocal in its criticism of the existing international order, which it sees as being unfair and biased towards Western interests.One of the key areas where BRICS is seeking to challenge Western influence is in the financial system.

The US dollar has long been the world's reserve currency, giving the United States significant economic and political leverage. In early September, the BRICS group of countries with emerging economies an informal alliance among Brazil, Russia, India, China, and South Africa announced it would expand its ranks by six nations. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE are now set to join the BRICS group in the near future.The BRICS countries are exploring ways to reduce their reliance on the dollar and promote the use of their own currencies in international trade.This includes initiatives such as establishing a BRICS payment system and promoting the use of local currencies in trade settlements.It's important to note that these efforts are not necessarily aimed at replacing the US dollar entirely, but rather at creating a more diversified and balanced global financial system.

Divisions and Challenges Within the BRICS Alliance

Despite their shared goals and aspirations, the BRICS countries also face divisions and challenges. It s not a formal alliance, but instead an informal group largely focused on economics. Leaders of the BRICS countries meet annually and a decade ago established their own development bank.These include:

• Divergent Interests: The BRICS countries have diverse economic and political interests, which can sometimes lead to disagreements and conflicting priorities. The BRICS, a bloc comprising Brazil, Russia, India, China, and South Africa, has in its short existence rapidly expanded its diplomatic activities, advocated a larger voice in global economic andFor example, India and China have a long-standing border dispute, which has occasionally strained their relationship.
• Economic Disparities: There are significant economic disparities among the BRICS countries. The BRICS organization is commonly understood as an attempt to form a geopolitical bloc capable of counterbalancing the influence of Western-dominated global institutions such as the International Monetary Fund (IMF) and the World Bank. However, the genuine cohesion and alignment of the BRICS countries, and the actual value of the alliance, isChina is by far the largest economy in the group, while South Africa is the smallest.These disparities can create tensions and complicate efforts to achieve common goals.
• Geopolitical Competition: The BRICS countries are also engaged in geopolitical competition with each other and with other major powers.This can limit their ability to cooperate effectively on certain issues.
• Internal Challenges: Each BRICS member faces its own internal challenges, such as corruption, poverty, and inequality.These challenges can divert attention and resources away from the BRICS agenda.

Despite these challenges, the BRICS alliance has demonstrated a remarkable ability to overcome its differences and work together on issues of common interest.The group's continued growth and influence suggest that it will remain a significant force in global affairs for years to come.

The Economic Impact of BRICS

The collective economic weight of the BRICS nations is substantial.They represent a significant portion of the world's population, GDP, and trade.Their growing economies have the potential to reshape global trade patterns and investment flows.The addition of Saudi Arabia, in particular, brings significant influence over global energy markets.

Consider these statistics:

• BRICS countries account for approximately 40% of the world's population.
• They represent around 25% of global GDP.
• Their share of global trade is steadily increasing.

These numbers highlight the significant economic clout of the BRICS alliance. The primary goal of Brics is to promote peace, security, and development in the world. The alliance focuses on enhancing economic cooperation among member states, increasing trade and investmentBy promoting trade and investment among themselves and with other emerging economies, the BRICS countries are helping to drive global economic growth.

BRICS and Global Trade

The BRICS alliance is actively promoting trade and investment among its member states. Through BRICS s membership, South Africa aimed at four levels of engagement: 1) the domestic level to strengthen political and economic relations; 2) on the regional level to enhance the African agenda and to promote Africa s sustainable development with emphasis placed on continental and regional infrastructure development programs; 3) toThis includes efforts to reduce trade barriers, simplify customs procedures, and promote the use of local currencies in trade settlements.The BRICS countries are also seeking to expand their trade relationships with other emerging economies, particularly in Africa and Latin America.

Recent statistics reveal that BRICS countries have boosted their trade volume by 21% over the past two years, demonstrating the growing economic integration within the alliance. With the addition of Iran, the UAE and potentially Saudi Arabia, the BRICS group could control nearly half of oil production worldwide and account for an estimated 35% of total oil consumption, according to an analysis by S P Global. With Saudi onboard the BRICS grouping would be a commodities powerhouse, the report states.This increased trade is helping to boost economic growth in BRICS countries and is creating new opportunities for businesses and investors.

BRICS's Influence on Geopolitics

Beyond economics, the BRICS alliance is also playing an increasingly important role in geopolitics.The group serves as a forum for member states to coordinate their foreign policies and address common challenges. BRICS is an informal group of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa. The growing economic might of BRICS countries, their significance as one of the main driving forces of global economic development, their substantial population and abundant natural resources form theThe BRICS countries have been particularly active in advocating for reforms to the United Nations and other international organizations.

The BRICS countries are also seeking to promote a more inclusive and representative international order. This year's BRICS summit has kicked off in Johannesburg, South Africa, where world leaders are expected to discuss adding new members to the group. What is BRICS and why do countries want to join?They argue that the existing system is dominated by Western powers and does not adequately reflect the interests of developing countries. Recent analyses from PwC indicate that BRICS nations are increasingly collaborating across various sectors, from trade to technology. Regarding its members, the BRICS nations strive to promote mutual growth and development. Recent statistics reveal that BRICS countries have boosted their trade volume by 21% over the past two years (sourceThe BRICS alliance is working to create a more balanced and equitable global order, where all countries have a voice and a role to play.

What Does the Future Hold for BRICS?

The future of the BRICS alliance is uncertain, but several trends suggest that it will continue to be a significant force in global affairs. The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respectiveThese include:

• Continued Economic Growth: The BRICS countries are expected to continue to experience strong economic growth in the coming years, which will further increase their economic and political influence.
• Increased Cooperation: The BRICS countries are likely to continue to deepen their cooperation in various areas, such as trade, investment, and security.
• Further Expansion: The BRICS alliance may continue to expand its membership, further increasing its global reach and influence.

However, the BRICS alliance also faces challenges, such as internal divisions and geopolitical competition. The original member states of BRICS, an international organization of world economies, consisted of Brazil, Russia, India, and China. South Africa formally joined in 2025 and attended the 3rd BRICS summit.Whether the group can overcome these challenges and achieve its goals remains to be seen. The BRICS alliance was a deliberate move to unite these emerging economic giants, providing them with a stronger collective voice and influence in international affairs. Over the years, BRICS has evolved from an economic cooperation group to an influential player in global politics, with common objectives and shared interests.Nevertheless, the BRICS alliance is undoubtedly a force to be reckoned with, and its future development will have a significant impact on the global order.

BRICS 2024 and Beyond

Looking ahead, the BRICS alliance will continue to focus on promoting economic cooperation, reforming global institutions, and strengthening its political influence. BRICS is an intergovernmental organization comprising ten countries Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.The upcoming BRICS summits will provide opportunities for member states to discuss key issues and set priorities for the future. The BRICS is a group formed by eleven countries: Brasil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. It serves as a political and diplomatic coordination forum for countries from the Global South and for coordination in the most diverse areas.With its growing economic and political weight, the BRICS alliance is poised to play an even more important role in shaping the global landscape in the years to come.

How to Stay Informed About BRICS

Given the growing importance of the BRICS alliance, it's essential to stay informed about its activities and developments.Here are some tips on how to stay up-to-date:

• Follow reputable news sources: Stay informed by reading news from reliable sources that cover international affairs and economics.
• Read reports from think tanks and research organizations: Many think tanks and research organizations publish reports on the BRICS alliance, providing in-depth analysis and insights.
• Attend conferences and seminars: Attending conferences and seminars on the BRICS alliance can provide valuable opportunities to learn from experts and network with other interested individuals.
• Follow official BRICS channels: Stay informed by following the official BRICS websites and social media channels.

Conclusion: The BRICS Alliance - A Shifting Global Landscape

The BRICS alliance is a dynamic and evolving force in the global landscape.Starting as an economic observation, it has transformed into a significant political and economic alliance, aiming to reshape the global order and challenge Western dominance.The expansion of BRICS to include new members further solidifies its position as a major player in international affairs.

While internal divisions and challenges exist, the alliance's commitment to multilateralism, economic cooperation, and sustainable development positions it as a key driver of global change.Whether it’s reducing reliance on the US dollar, establishing the New Development Bank, or advocating for reforms in international institutions, BRICS is actively working to create a more balanced and equitable world. BRICS, the economic group of America s rivals and friends alike, explained. Brazil, Russia, India, China, and South Africa: Could they change the way the global economy works?As the BRICS alliance continues to evolve, its impact on the global economy and geopolitics will undoubtedly be significant. BRICS is an acronym for the combined economies of Brazil, Russia, India, China, and South Africa, which some claimed early in this century were poised to dominate the world economy by 2025.Staying informed about BRICS is crucial for understanding the shifting dynamics of the 21st century. What BRICS is and who founded it. The acronym BRICS stands for Brazil, Russia, India, China, and South Africa. It is an international alliance that unites the largest countries by area andThe BRICS alliance is not just a headline; it's a wake-up call to a changing world order. How does the BRICS work? The BRICS is an informal grouping, it has no founding treaty, secretariat supporting it or headquarters. The Chair of the group, which rotates every year through the different members, manages the agenda and focus for that year, and organises the annual leaders summit which is the centrepiece of the BRICS efforts.Are you ready to understand and adapt to it?