Does BRICS Expansion Challenging the Western Global Dominance?

The BRICS forum representing more than a quarter share of the world economy, has expanded its horizon with the inclusion of six new members, the United Arab Emirates (UAE), Iran, Saudi Arabia, Argentina, Egypt, and Ethiopia. The changes will come into effect from January 2024 and are expected to bring a fresh perspective to BRICS over the rising dominance of China. After inclusion, the forum will represent more than half of the world population which is now raising the voice of more than 40% population globally

This historic move will strengthen BRICS on the geopolitical and economic platforms and can make the voice of the Global South more louder than ever to counterbalance the supremacy of the West. It will also lead to support for reforms in the UNSC, WTO, G20, and various Multilateral Financial Institutions in favor of emerging economies.

The BRICS expansion will constitute 37% of the world’s GDP and influence world trade and energy generation globally. In comparison to Western-led financial institutions like the IMF and World Bank, BRICS has also introduced the New Development Bank (NDB) also known as the BRICS Bank and Contingent Reserve Arrangement (CRA). It will increase the lending powers of BRICS to its members in their local currency without posing any conditions causing a downgrade to their economic growth whereas CRA will assist BRICS members against short-term balance of payments.

This expansion will occupy the majority of the world’s oil and gas reserves and other natural resources aiding in increased GDP, for say the volume of trade between India and the remaining BRICS members will increase by twice in comparison to the US and UK, which might affect the trading pattern and dominance of the Global South for reforming policy-making and global market dynamics.

It will bring equality of rights and power distribution between the West and the Global South along with liberty in policy making and strategic decisions for BRICS nations. Based on the shared facts, the primary objective of having equality by having diverse views among the eleven BRICS members to counter the Western-led world order on a global platform will have an unparalleled impact on the emerging world order and global geopolitics over time.