The world is witnessing a remarkable transformation, and at its centre is BRICS—a group of nations striving to change the way the world works. This bloc, made up of Brazil, Russia, India, China, and South Africa, has been grabbing headlines for its ambitious goals, from reducing reliance on the US dollar to welcoming new members and amplifying the voice of the Global South. Here's how BRICS is shaking things up.
Challenging the Dollar: A Bold Move
One of the boldest moves by BRICS is its push to reduce dependence on the US dollar in international trade. This idea of “de-dollarisation” has caused a stir, especially in the US. Former President Donald Trump even threatened to slap 100% tariffs on BRICS countries if they moved forward with replacing the dollar in global transactions.
Despite these pressures, BRICS insists that its actions aren’t about targeting any specific country or currency. Instead, the group argues that the current dollar-dominated system doesn’t work for everyone, particularly for countries in the Global South. By exploring alternatives to the dollar, BRICS aims to create a fairer financial system that prioritises the needs of its members.
BRICS is Growing—Fast
If you thought BRICS was just about five nations, think again. Starting 1 January 2024, Egypt, Iran, Ethiopia, and the United Arab Emirates officially joined the bloc, making it bigger and more diverse. By adding two African nations, BRICS is showing its dedication to representing the Global South, where many countries feel overlooked by traditional global powers.
And the expansion doesn’t stop there. Over 30 countries have expressed interest in joining BRICS. In November 2024, Indonesia was granted “partner status,” allowing it to collaborate with the group without becoming a full member. This new category shows how BRICS is evolving, offering different ways for countries to get involved.
A Voice for the Global South
For many in the Global South, BRICS isn’t just a group—it’s a platform for change. The bloc is demanding reforms in global institutions like the UN Security Council, which many developing nations believe is outdated and unfair.
By pushing for de-dollarisation and expanding its membership, BRICS is giving a voice to countries that want greater independence and equality. These efforts are a direct challenge to the Western-dominated global system, signalling a shift in the world’s balance of power.
Making Things Happen at Home
BRICS isn’t just looking outward; its member nations are also focusing on big projects at home:
India’s Energy Boom: India is aiming to triple its nuclear power capacity by 2032. This plan could make the country more energy-independent and fuel its rapid economic growth.
Ethiopia’s Strategic Role: Ethiopia, with its fast-growing economy and key location in Africa, is shaping up to be a regional powerhouse. Its expanding infrastructure makes it a valuable partner for BRICS members.
Russia’s Leadership: As the 2024 president of BRICS, Russia hosted over 250 events, including a major summit in Kazan. It’s also spearheading projects like a mining infrastructure initiative, showing how BRICS can drive economic development in critical sectors.
What Does It All Mean?
BRICS is no longer just a club for rising economies—it’s a force for change. By challenging the dollar’s dominance, welcoming new members, and standing up for the Global South, BRICS is rewriting the rules of global politics and economics.
Of course, change isn’t easy. BRICS’s efforts have faced resistance from powerful nations, and it’s unclear how far these initiatives will go. But one thing is certain: BRICS is making waves, and the world is paying attention.
As this bloc grows and evolves, its impact on the global stage could reshape the future. Whether you see it as a beacon of hope or a disruptor of the status quo, BRICS is a story worth following.
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