The BRICS group was established in 2006 by four countries: Brazil, Russia, India, and China. South Africa later joined in 2010. The name “BRICS” is derived from the initials of its founding members. This group is considered a significant economic coalition, contributing approximately 28.3% to the global economy in 2023, according to IMF data. Starting January 2024, the group has invited other countries, including Argentina, Saudi Arabia, Egypt, the UAE, Ethiopia, and Iran, to join. Regardless of whether these countries accept membership or are still under consideration, the inclusion of new members will undoubtedly increase the group’s contribution to the global economy.

While economic objectives are at the core of the group’s foundation, political goals also play a role. The founding countries, despite their varying levels of alignment with the United States, aim to achieve global economic balance by reducing the dominance of the US dollar. However, individual members pursue distinct political objectives alongside these economic goals.

Achieving such a strategic aim—reducing the dollar’s dominance—would inherently challenge the current global system led by the United States and the broader capitalist bloc since the collapse of the Soviet Union in 1991. At the 16th BRICS summit held in Kazan, Russia (October 22–24, 2014), with participation from representatives of 40 countries and organizations, political objectives were particularly emphasized. The summit coincided with UN Day and included participation from António Guterres, the UN Secretary-General, reflecting the importance of the UN’s role and objectives.

Key political statements at the summit included Russian President Vladimir Putin’s emphasis on the UN’s significance and Turkish President Recep Tayyip Erdoğan’s assertion that the global system requires reform, suggesting that BRICS could contribute to finding consensus solutions. The summit also addressed issues such as the Middle East and the Gaza ceasefire.

Although the group’s future actions remain unclear, the summit’s 43-page final statement outlined critical priorities, including:

1. Emphasizing new partnerships, with reports suggesting over 30 countries have formally applied to join BRICS.
2. Calling for the reform of international institutions to enhance the role of developing countries in the global economy.
3. Encouraging the use of national currencies in financial transactions among BRICS members and their trade partners.
4. Proposing the establishment of a new investment platform to ensure multimodal logistics services and supporting Russia’s initiative to create a grain exchange covering future agricultural sectors.
5. Supporting the group’s economic partnership strategy until 2025, which includes measures to reform the World Trade Organization.

These developments signal BRICS’ broader aspirations to reshape the global economic and political landscape.

Note: This article has been automatically translated, the full article is available in Arabic.

Source: Akhbar Al Khaleej