The BRICS bloc—comprising Brazil, Russia, India, China, South Africa, and five newly added members—represents a group of emerging economies aiming to reshape the global order.
Formed in 2009, BRICS emerged in response to a world system perceived as disproportionately dominated by Western powers, leaving developing nations underrepresented.
The bloc seeks to coordinate economic and diplomatic policies, create new financial institutions, and reduce reliance on the U.S. dollar, thereby challenging the existing international system.
Despite these ambitions, BRICS faces internal divisions on key issues, such as relations with the West and Russia’s invasion of Ukraine, and its expansion has brought both greater influence and new frictions.
While some experts argue that BRICS could eventually undermine the Western-led global order, others view its aspirations—such as the creation of a common currency—as facing considerable challenges.
As a loosely organized coalition rather than a formal entity, BRICS seeks to present a united front against the dominance of Western institutions, including the World Bank and the G7, while pressing for reforms in global governance frameworks such as the UN Security Council.
The expansion of BRICS in 2024 has significant geopolitical implications, bringing its membership to ten nations representing nearly half of the world’s population and a quarter of the global economy.
This growing clout positions BRICS as a potential influence over key global issues, such as the wars in Gaza and Ukraine, the global economic system, the West-China competition, and energy transitions.
However, the bloc also faces mounting challenges from both internal divisions and external pressures, particularly from Western countries that have downplayed the significance of its expansion.
BRICS’ origins date back to a 2001 report by Goldman Sachs economist Jim O’Neill, who predicted that the BRIC nations (Brazil, Russia, India, and China) would challenge the dominance of the G7 economies.
Russia convened the first BRIC summit in 2009, with South Africa joining the following year, forming the five-member configuration.
The bloc’s expansion at its 2023 summit saw six new invitations, with countries like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, though Argentina later declined due to a shift toward pro-Western policies under newly elected President Javier Milei.
While the bloc continues to emphasize economic coordination and de-dollarization efforts, such as using local currencies for trade and possibly introducing a common BRICS currency, these goals remain distant.
Sceptics argue that internal differences, particularly between democratic and authoritarian member states, as well as economic instability within some members, pose significant obstacles.
Further complicating matters are geopolitical tensions, especially between China and India, as well as divisions over Russia’s war in Ukraine, which has strained BRICS unity.
The future of BRICS will likely hinge on how it manages these internal dynamics while navigating an increasingly multipolar world order. The bloc’s expansion reflects a desire to challenge Western dominance, but whether it can overcome its divisions to present a cohesive alternative remains uncertain.
As BRICS looks ahead to integrating new members and expanding its influence, it will need to balance competing interests and address the growing pushback from Western nations wary of its long-term ambitions.