BRICS and the future of global power

Solly Rakgomo | Monday September 4, 2023 10:17

Indeed, there was an upsurge of policy and academic debate about the growing importance of non-Western regions and their leading states, notably Brazil, Russia, India, China, and South Africa, the so-called BRICS, for international politics and the world economy.

The story suggested that power was diffusing away from the United States and the West; that the emerging powers were becoming far more consequential actors, both globally and within “their” regions; and that, to remain effective and legitimate, global governance institutions needed to be reformed in order to accommodate their rise.

The main elements of this “rise” narrative are by now well known. One of the most visible signs of change was increased diplomatic activism by large developing countries: coalitional politics within the World Trade Organization (WTO) following the Cancun Summit in 2003; the formation of the IBSA (India, Brazil, and South Africa) Dialogue Forum, the activities of the BASIC (Brazil, South Africa, India, and China) countries at the Copenhagen Climate Change Summit and the formation, diplomatic consolidation, and gradual institutionalisation of the BRICS themselves. The emerging powers were seen to be pursuing a dual–track strategy of having a greater influence and greater voice within existing institutions, the other being concerned with the creation of alternative forms of cooperation, or what can be seen as “exit options,” such as the BRICS New Development Bank, the Asian Infrastructure Investment Bank (AIIB), or China’s One Belt, One Road initiative. On their own, these events might have attracted only passing attention. To many, however, they reflected deeper structural changes that were taking place in the global economy and in the dynamics of global capitalism. The BRICS are important not just because of their rapid economic development but because of the predicted structural changes that would fundamentally alter the balance of global economic power and transform the global economy in the future.

This past week, the world’s attention has been captivated by the 15th summit of BRICS, an assembly that stands as a beacon of change on the global stage. Comprising Brazil, Russia, India, China, and South Africa as its founding members, BRICS has extended its reach beyond its core to include six other nations from Africa, Asia, and South America. This inclusion marks a pivotal moment in the group’s evolution and sets the stage for a transformative shift in the geopolitical landscape. What truly amplifies the significance of the summit is the announcement that the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates are set to become full-fledged members of BRICS from January 1, 2024. This expansion bolsters the coalition’s economic prowess and elevates its diplomatic influence.

Collectively commanding an astonishing 32% of the global GDP and representing 40% of the global population, BRICS has undoubtedly emerged as a formidable alternative to Western-led forums.

Over the years, the voice of the Global South has been stifled by the dominance of Western-centric institutions like the Bretton Woods Institutions. Including a more diverse array of nations in BRICS offers these regions a platform to assert their interests and concerns in a manner that hasn’t been seen before.

One of the most intriguing aspects of this summit is the reported interest of 15 countries in becoming members of the BRICS Bank, based in Shanghai. This institution could rival Western-influenced financial bodies such as the International Monetary Fund (IMF) and the World Bank.

This move signifies an economic shift and a step towards de-dollarisation, challenging the long-standing dominance of the US dollar as the global reserve currency.

The momentum that BRICS currently enjoys, with stalwart members like Russia and China, cannot be ignored by the Western powers. If they intend to counter this growing influence effectively, it necessitates a fundamental shift in their approach to international relations. The tactics of acting as a global police force and assuming the role of moral arbiters need to be rethought. Economic issues should take precedence over the export of social and cultural norms, and a spirit of partnership and equality must replace the previous hierarchies.

Coming back to Botswana, the invited presence of the country’s president at the summit adds a unique dimension. While Botswana has not yet pursued official membership in BRICS, it is high time that serious considerations are made. The country’s foreign policy, economic experts, and security analysts should meticulously assess the potential benefits and drawbacks of becoming a BRICS member. If the evaluation deems BRICS a viable and advantageous alternative to the current global order, Botswana should expeditiously strive for membership. Botswana’s’s diplomatic representatives in BRICS nations should prioritise forging stronger economic and security ties. Botswana already boasts robust historical and economic connections with China, India, Russia and South Africa, thereby making establishing similar bonds with Brazil a matter of replication rather than initiation.

Potential benefitsJoining the BRICS coalition can offer a range of potential benefits for a country as demonstrated by the growing interest in membership from various nations. While each nation’s context may differ, several common advantages come with aligning with this influential group. For instance, joining BRICS can provide Botswana access to an expanded market for trade and investment, fostering economic development and growth. Participation in the group’s economic initiatives, such as the BRICS New Development Bank, can offer funding for infrastructure and development projects. Being a part of BRICS also opens doors to an extensive network of trade partners. The combined economic clout of member states can lead to better negotiation positions in trade agreements and a stronger voice in international economic forums.

BRICS nations are gaining prominence in global affairs, offering an alternative voice to the traditionally dominant Western powers. Membership provides a platform to address common concerns and advocate shared interests internationally. This influence can contribute to shaping global policies and norms. Joining BRICS also allows a nation to diversify its diplomatic and strategic alliances. This diversification can reduce dependency on a single superpower and provide a more balanced approach to foreign relations.

BRICS countries collectively possess a wealth of technological and scientific expertise across various sectors. Membership facilitates the exchange of knowledge, expertise, and technology, fostering innovation and advancing industrial capabilities. Many BRICS nations also are rich in natural resources and energy reserves. Collaborative efforts within the coalition can lead to resource sharing, joint projects, and enhanced energy security.