BRICS: a new world order in the making

BRICS are the acronyms of Brazil, Russia, India, China and South Africa, the latter being the most recent to join this international forum in 2010. Created in 2009, its name or acronym was coined by the economist Goldman Sachs. The purpose of this bloc is to bring together major developing countries under one umbrella to highlight the economic problems facing the South Asian regions.

Furthermore, in these countries there is a perception and concern that the West, including the United States, leaves their countries aside in meetings such as the G8, G10 and G20. For this reason, they have emerged in the form of BRICS to keep the affairs of their countries on the agenda of international unions. The 15th Summit was held from August 22 to 24, 2023 in Johannesburg, South Africa, after this country assumed the rotating presidency in January of that year.

One of the main components of this forum is the NDB, New Development Bank (as a counterpart to the IMF), and de-dollarization is also part of its agenda. The emergence of a BRICS currency is also expected to address and mitigate the dominance of the US dollar. However, six other countries have been invited to join this union: Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates. The full and official accession of these countries will be effective from January 1, 2024.

Zimbabwe wants to be a member of the new BRICS Development Bank

This bloc can pave the way for sustainable development and growth in the region, fostering ties between rival countries, such as Saudi Arabia and Iran, and China and India.

The United States sees this union as a threat, given its commitment to de-dollarization and the aforementioned bank, which would not only finance developing countries but also grant soft loans to its partners. New doors for trade and investment will open under the supervision of developed countries such as China and Russia.

Asia occupies a relevant position in the world due to its large population, its strategic location, its rich mineral resources and its diversity.

The person who coined the term BRICS has predicted that the economies of these nations will dominate the world by 2050. A golden opportunity has presented itself for these advancing countries under the leadership of this group.

This block can pave the way towards sustainable development and growth in the region

Multilateralism, trade and investment, lending and a flourishing economy are the future moving in the right direction.

Pakistan, as an important partner in the region, should apply for membership to align with this trend. With its abundant natural resources, strategic location, fifth largest population in the world and its status as a nuclear power, Pakistan's absence from the BRICS could have repercussions in the future if not addressed.

Pakistani leaders should take BRICS into account when assessing ground realities. It could serve as an alternative to Pakistan if the nation wants to reduce its traditional dependence on the United States.