BRICS 2024: The Shifting Power Dynamics in a Multipolar World

The world is gearing up for the BRICS summit in October 2024. This event marks a significant change in global power. The BRICS group, made up of Brazil, Russia, India, China, and South Africa, holds about 42% of the world’s population and 25% of its GDP¹.

This group of emerging economies is set to influence international cooperation and global governance. The 2024 BRICS conference, set for October 22-24, is a key moment in this shift. It will gather these influential nations, who are pushing against Western dominance and advocating for a more inclusive world¹.

India and China are leading this change, playing big roles in global affairs¹. Many developing countries, from ASEAN, Latin America, and Africa, want to join BRICS¹. This interest shows a growing desire for a global framework that gives more voice to emerging economies¹.

Geopolitical players like Serbia, Turkey, and Cuba also want to join BRICS¹. This could shake up the current global power structures¹.

Key Takeaways

• BRICS collectively accounts for 42% of the global population and 25% of global GDP.
• The 2024 BRICS summit is expected to shape future global power relations.
• Developing countries are increasingly interested in joining BRICS to reduce Western influence.
• The expansion of BRICS could challenge Western-led institutions like NATO and the EU.
• BRICS is seen as a platform to amplify the voices of emerging economies on the global stage.

Understanding BRICS Evolution and Historical Context

The BRICS alliance, made up of Brazil, Russia, India, China, and South Africa, has become a major force in the world economy². Together, these countries make up over a quarter of the global economy and nearly half of the world’s population². Their rise shows a move towards a more inclusive world, challenging the old Western-dominated systems.

Origins and Formation of BRICS Alliance

BRICS started in 2009 as a response to global financial crises and dissatisfaction with Western institutions. In 2011, South Africa joined, making BRICS a strong economic and political force². The idea of BRIC was first suggested by Jim O’Neill in 2001, predicting these four countries would greatly impact the world economy by 2050.

Historical Milestones

BRICS has hit many important milestones³. In 2024, it welcomed Egypt, Ethiopia, Iran, and the UAE, growing its influence³. If Saudi Arabia joins, BRICS could control 42% of the world’s oil, changing global energy³.

Initial Goals and Objectives

BRICS was created to offer a different path in the global scene, focusing on inclusivity and diverse views³. India, for example, wants to connect Western powers with emerging economies in BRICS³. The New Development Bank, started by BRICS, has funded over $32 billion for 96 projects, showing its dedication to growth and development².

As BRICS grows, it stays committed to working together, strategic partnerships, and economic progress³. Its expansion and use of local currencies in financing show it wants to change the global economic order³.

BRICS 2024: Summit Agenda and Key Priorities

The BRICS alliance, made up of Brazil, Russia, India, China, and South Africa, is gearing up for its 2024 summit. The focus will be on boosting economic ties, improving trade and investment, and tackling global issues like climate change⁴. The group will also welcome new members, expanding its reach and influence⁴.

Strengthening Economic Cooperation Among Member Nations

The 2024 BRICS Summit aims to deepen economic bonds among its members. With BRICS covering about 45% of the world’s population and 25% of the global GDP⁴, the summit will look into ways to grow trade, investment, and financial ties. This is to drive sustainable economic growth and development⁵.

Enhancing Trade and Investment Frameworks for Emerging Economies

The 2024 BRICS Summit will focus on the needs of emerging economies. It will work on expanding trade and investment frameworks within the alliance. This includes strengthening plans for energy and food security, the international monetary system, and interbank cooperation⁵.

Addressing Global Challenges: Climate Action and Sustainability Goals

The 2024 BRICS Summit will emphasize the need for climate action and sustainable development. Member nations will work together to develop strategies and initiatives. These will aim to tackle climate change, promote renewable energy, and support sustainable economic practices⁵.

The Expansion of BRICS: Integrating New Members into the Framework

The 2024 BRICS Summit marks a significant moment for the alliance. It welcomes new members like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates⁶. This growth shows the increasing interest in the BRICS framework, with over 20 countries showing interest⁵. The inclusion of these new members will be a priority, aiming to amplify the voices of the Global South and promote a more inclusive global governance system⁶.

“The 2024 BRICS Summit will be a key moment, welcoming new members like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This growth shows the increasing interest in the BRICS framework, with over 20 countries showing interest.”

New Member Integration and Expansion Strategy

The BRICS alliance is growing and becoming more important on the world stage. Adding new member nations is a key strategy⁷. This expansion helps BRICS grow its influence and gives a chance for different countries to work together⁸.

Selection Criteria for New Members

BRICS picks new members based on where they are and their economic power⁸. Argentina, Egypt, and Ethiopia have joined to make BRICS stronger in certain areas⁷. Iran, Saudi Arabia, and the UAE have also joined, making BRICS more powerful in the Middle East⁷.

Impact of Geographic Diversity

The new BRICS members make the group more diverse and representative⁸. Now, BRICS covers 34% of the world’s land and 45% of its people⁸. This diversity helps BRICS speak for more countries, making global talks more inclusive⁸.

Strategic Benefits of Expansion

BRICS’ growth brings many benefits. It makes the group more influential and gives non-Western countries a stronger voice⁸. Adding countries like Iran and the UAE also boosts BRICS in the energy field⁷. This growth helps BRICS trade and invest more among its members⁷.

As BRICS grows, it will play a bigger role in global talks. It will help non-Western countries have a stronger say and create a more inclusive world⁸.

Economic Power and Market Influence

The BRICS alliance is growing in economic power and market influence worldwide⁹. These countries now make up 45% of the world’s population and 28% of the global economy⁹. Their trade among themselves has jumped 56% from 2017 to 2022, beating trade with G7 nations⁹.

This shows BRICS economies are doing better than G7 ones⁹.

Addressing Inflation and Economic Stability Challenges

The BRICS alliance is tackling big economic issues like inflation and keeping finances stable¹⁰. With 37% of the global economy, they’re using their strength to support economic growth and stability¹⁰.

Foreign Direct Investment Trends in BRICS Nations

BRICS countries are now more appealing for foreign investment, thanks to their strong economies and good investment climate¹⁰. Adding six new members has made BRICS even more attractive, with countries eager to invest in this economic group¹⁰.

BRICS and the Green Economy: Investing in Sustainable Development

The BRICS alliance is pushing for green economy and sustainable development¹¹. BRICS+ now controls a big share of global oil and gas, from 8% to 40% for oil and 27% to 53% for gas¹¹. This power helps BRICS invest in a greener, more sustainable future¹¹.

The BRICS alliance is making a big impact on the global economy and politics¹⁰. As it grows and changes, its influence on the world will only get stronger⁹.

De-dollarization Initiatives and Financial Reform

The BRICS nations are working hard to use less U.S. dollar in international trade and finance. They want to boost economic growth, improve global cooperation, and change how the world is governed¹².

Alternative Payment Systems

BRICS countries are creating new payment systems to trade and do business without the U.S. dollar. For example, Russian President Vladimir Putin announced the BRICS Pay system at a summit in Kazan, Russia¹³.

Currency Cooperation Framework

BRICS nations are also building a strong currency cooperation framework. This will help use BRICS+ currencies like the ruble and yuan for trade and investment within the group¹³. The group has grown to include more countries, with plans to add even more after the October 2024 summit¹³.

Impact on Global Trade

The BRICS de-dollarization plans will change how the world trades. In March 2024, over half of Chinese payments were in the renminbi, while 42.8% were in U.S. dollars¹². China’s gold reserves have also increased, showing its effort to diversify its reserves¹².

BRICS countries are pushing for more local currency use in trade. For example, 53% of China’s trade is in yuan, and over 90% of Russia-China trade is in yuan or ruble¹⁴. This trend is spreading, with 80 countries and Southeast Asian states moving towards local currency trade¹⁴.

These efforts will deeply affect global trade. BRICS nations and their partners aim to use less U.S. dollar and gain more financial freedom¹²¹³¹⁴.

Geopolitical Implications for Global Order

The BRICS+ bloc is changing the world by giving a voice to emerging economies and the Global South¹⁵. This group is challenging the old Western-led world order. It could lead to a more balanced world where more countries have a say¹⁶¹⁵.

BRICS and the Global South: Amplifying Voices of Emerging Economies

BRICS+ now makes up 45.5% of the world’s population, more than four times the G7¹⁵. This change gives the Global South more power in international decisions¹⁵. BRICS+ countries are using their strength to help developing nations on the world stage.

Geopolitical Risks and Opportunities in a BRICS-Centric World Order

The rise of BRICS+ as a counter to Western powers like the IMF and World Bank brings both risks and chances for the world¹⁵. With a combined GDP of $28.5tn and 25% of global exports, there are new chances for cooperation¹⁵. But, dealing with rivalries among big powers is a big challenge¹⁶¹⁵.

The growth of BRICS+ could lead to a more inclusive world system. Yet, it also makes international relations less stable and less predictable.

Technology and Cybersecurity: Geopolitical Leverage for BRICS Nations

BRICS+ countries are using technology and cybersecurity to show their strength globally¹⁶¹⁵¹⁷. They are creating their own digital systems and improving their cyber security. This move aims to lessen their reliance on Western tech and finance¹⁵.

This shift is changing the balance of power and the future of digital cooperation worldwide.

“The rise of BRICS+ challenges the Western-dominated global order, potentially leading to a more multipolar world that provides greater representation for nations outside the traditional power centers.”

Strategic Partnerships and Regional Cooperation

The BRICS alliance is growing stronger by forming strategic partnerships and boosting regional cooperation. It’s working to improve trade between its members and share technology and innovation. This effort aims to make the group a powerful force in global affairs¹⁸.

Intra-BRICS Trade Relations

The 2024 BRICS Forum on Partnership on New Industrial Revolution (PartNIR) was a big event. It brought together leaders from BRICS countries and others to talk about trade and investment¹⁸. UNIDO launched projects like the BRICS Centre for Industrial Competencies to help BRICS countries grow their industries and trade with each other¹⁸.

Technology and Innovation Exchange

BRICS countries are working together on science, technology, and innovation. They see technology as key to boosting their economies and improving society¹⁹. At the PartNIR event, UNIDO’s AIM Global got more members, making the BRICS group stronger in tech and innovation¹⁸.

Cultural and Educational Initiatives

The BRICS alliance also focuses on cultural and educational exchanges. These efforts aim to deepen understanding and build connections between the diverse populations of BRICS countries²⁰.

The BRICS alliance is set to grow its influence through these efforts. It’s committed to cultural exchange, innovation, and strategic partnerships. These goals will help shape the future of the world²⁰.

Challenges and Opportunities in the Multipolar Era

As the world shifts to a multipolar era, BRICS nations face both challenges and opportunities. They aim to shape global governance. They need to use diplomacy and strategic thinking to navigate complex geopolitical rivalries.

Multilateralism and inclusive global governance are key for BRICS. They want to make sure emerging economies have a voice in international forums²¹.

Navigating Geopolitical Rivalries

The multipolar landscape is complex for BRICS. They must balance the interests of diverse member nations. They also need to manage tensions with established global powers.

BRICS must navigate these rivalries carefully. They use their collective economic and political strength to protect their member states’ interests²².

Embracing Multilateral Diplomacy

The BRICS group sees the value of multilateral diplomacy in today’s world. They work to have constructive dialogue and collaboration. This is key for tackling shared challenges and achieving common goals.

By using the diversity of perspectives within BRICS, they can strengthen their voice globally²².

Toward a More Inclusive Global Governance

BRICS wants to change the global governance system. They aim for a more inclusive system that represents emerging economies better. By expanding the BRICS+ framework, they want to increase the influence of the Global South.

This shift to a multipolar world order offers both opportunities and challenges for BRICS. They aim to redefine the global rules²¹²².

Decentralized Power: Strengthening Resilience

BRICS believes in a decentralized power structure for resilience. They diversify economic and political partnerships. This reduces reliance on dominant global powers.

They aim to create a robust, interconnected network of nations. This ensures BRICS members are protected against external shocks. It also promotes a more equitable distribution of power internationally²¹²².

“The multipolar era presents both challenges and opportunities for BRICS. The group must navigate geopolitical rivalries and complex multilateral diplomacy while pushing for a more inclusive global governance system.”

Western Response and Global Realignment

The BRICS alliance is growing, changing the global scene. Western powers like the G7 and NATO are thinking about what this means. Some see it as a threat, while others see it as a chance for better cooperation.

G7 and NATO Perspectives

The G7 and NATO have mixed feelings about BRICS. Some worry it might upset the current world order²³. But others think it’s a chance to work together better on big global problems.

Diplomatic and Economic Reactions

Western countries are reacting in different ways to BRICS’ growth. Some are tough, while others want to work together²⁴. Talks on things like climate change are starting, showing we can solve problems together.

Future of International Cooperation

The rise of BRICS makes us wonder about the future of working together globally. Experts say we need to find a balance between different world views²⁵. Talking openly, working together, and solving problems together could lead to a better world.

“The expansion of BRICS represents a significant shift in the global balance of power. While it presents both opportunities and challenges, it is vital that we engage constructively and build a more inclusive system of international cooperation.”

As we move into a world with more powers, working together is key. BRICS and Western groups need to find common ground. This will shape the future of alliances and global governance²³²⁴²⁵.

Conclusion

The 2024 BRICS summit is on the horizon, marking a big change in world power. The BRICS alliance, made up of some of the biggest emerging economies, is now a strong force²⁶. It challenges the old Western dominance. With new members like Argentina and Saudi Arabia²⁶, BRICS wants a more diverse and inclusive world.

The BRICS+ framework brings both chances and challenges. It shows a big change in the world order. As BRICS works on a shared plan for cooperation²⁶, we’ll see a more balanced world. BRICS will help the Global South have a bigger say in global affairs.

The future of world relations will depend on BRICS’ success in diplomacy²⁶. They must balance their growing group’s needs and tackle big issues like climate change. If BRICS succeeds, it will change global alliances, economic power, and balance for years to come.