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The BRICS bloc's Desire for Alternatives Should Be Regarded Seriously

The BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - will hold its 15th heads of state and government summit in Johannesburg from August 22-24. And the rise of the BRICS bloc is more significant than many in the Global West may be ready to acknowledge in the complex world of international relations.

The description "talk shop" that is frequently applied to BRICS hardly captures the organization's expanding function and the need for alternatives to the established US-led global order. As the next BRICS meeting draws near, it's critical to understand the significance of this group and the reasons why it would be a mistake to ignore it.

It is impossible to overlook the reality that the BRICS agenda is growing, demonstrating a strong determination among its members to challenge the constraints of the US-led international system. The primary needs of many countries in the Global South - economic development and the preservation of sovereignty - have continually been unmet by the dominant global order. The BRICS and the Shanghai Cooperation Organisation (SCO) have developed as key responses to these failures, which have prompted the establishment of alternative frameworks.

These organisations are bringing together Eastern and Southern countries in ways that go against the West's historical hegemony. Their very presence serves as a reminder of the rising need for a multipolar world order, one that values the impact and viewpoints of emerging countries from the Global South. It is inaccurate to characterise the BRICS as a resurgence of old-style Southern solidarity or to reject it as insignificant.

The middle ground represents the truth. Having passed its formative years and formed the New Development Bank (NDB) in 2015, BRICS is at a critical moment. The NDB offers an alternative to financial organisations with a US bias, such as the World Bank. It is an important step towards financing sustainable development and infrastructure.

De-dollarization is one of the main areas where BRICS is making progress. Because of the US dollar's dominance in the present global financial system, countries are exposed to the whims of US interest rates and sanctions policies. The idea of de-dollarization entails identifying alternate routes for funding development and currency settlements, giving countries more autonomy and defence against extraterritorial fines.

The issue of expansion is one that the BRICS are debating as well. Over 20 countries from the Global South have applied for membership, indicating the interest of many of these countries in the group. This increase in interest underlines the fact that BRICS is now seen as a platform that presents a real chance to diversify geopolitical ties and accomplish shared objectives.

One of BRICS' most important accomplishments is its capacity to promote communication and cooperation amongst nations with various geopolitical objectives. These countries have managed to come together within BRICS despite persistent geopolitical difficulties and the border conflict between China and India. The platform offers a special chance for discussion in a multilateral setting, fostering harmony and understanding even in the midst of conflicts.

The goal of the BRICS grouping is to create alternative power and influence structures, not to challenge or supplant Western powers. Global South nations can negotiate more effectively with the US-led West by building alliances. This strategy promotes multipolarity and balance in the world, which is in line with the long-held desires of many middle-class people.

It is crucial for the Global West to acknowledge the significance of the BRICS bloc as it develops and grows and to engage in productive discussion. In the dynamic world of international relations, ignoring these trends would be both myopic and unproductive. The BRICS bloc's desire for alternatives and its influence on the direction of global governance should be regarded seriously.


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