BRICS Multipolarity - Part.1

BRICS is an acronym for a group of major emerging economies—Brazil, Russia, India, China, and South Africa. The idea was first proposed by economist Jim O’Neill in 2001 (originally as "BRIC" without South Africa), to highlight the growing economic influence of these nations. The formal grouping began in 2006, with annual summits starting in 2009, and South Africa joining in 2010. BRICS was formed not as a military alliance but as a platform for cooperation among fast-growing economies seeking a greater voice in global governance, counterbalancing Western-dominated institutions like the IMF and World Bank.

As of 2025, BRICS has expanded to include several new members such as Egypt, Iran, Ethiopia, and the UAE, reflecting its shift toward becoming a broader global coalition. Economically, BRICS now represents over 40% of the world population and accounts for more than 30% of global GDP (PPP-adjusted), surpassing the G7 in some metrics. China and India are the economic engines, while Russia and Brazil contribute through energy and agriculture. South Africa and the new members bring strategic regional presence. Despite internal political and economic differences, BRICS has launched key initiatives like the New Development Bank (NDB) and the Contingent Reserve Arrangement to fund infrastructure projects and reduce reliance on Western financial systems. BRICS has also promoted trade in local currencies and expanded partnerships with the Global South.

While BRICS is not a formal security alliance, its members have increasingly discussed geopolitical issues, especially in response to Western sanctions, trade imbalances, and shifting global power dynamics. Joint military exercises, coordinated diplomatic positions, and emerging cyber cooperation signal a gradual broadening of the group’s strategic agenda. Economically, BRICS is exploring the development of a common digital currency and integrating central bank digital currencies (CBDCs) to facilitate trade within the bloc. This would allow BRICS nations to bypass the SWIFT system and reduce dependence on the U.S. dollar, potentially shielding member economies from external financial pressure. The proposed BRICS CBDC network could foster faster, cheaper, and more secure cross-border transactions while boosting regional financial autonomy. With its growing influence, BRICS is positioning itself as a challenger to existing global norms, advocating for a multipolar world where emerging economies have a stronger say in shaping the future.