BRICS is charting a new path towards a multi-polar world: And the restoration of diplomatic relations between Iran and Iraq who if successful in their bids to become members of BRICS would in time make it the world’s preeminent political, economic and trade bloc. Mehmood Ul Hassan Khan, Director of the Center for South Asia, explains.
Interestingly, a new “continent “of multiculturalism is in the making in the shape of a strategic expansion of the BRICS grouping of emerging economies — Brazil, Russia, India, China and South Africa — with more countries keen to join. The role of China will be important in achieving this goal.
It seems that geopolitics and great statesmanship would be changed by the expected expansion of BRICS in the future. Its multiculturalism and joint contribution would be a driving force in the converging of countries, communities and commodities to make a new continent through shared prosperity and the China-proposed Global Development Initiative, Global Security Initiative and Global Civilization Initiative.
BRICS, which currently accounts for nearly 42 per cent of the world’s population and nearly 32 per cent of global GDP, has always been committed to multilateral cooperation and a multipolar world order.
Recently, United Kingdom-based media pointed out that the BRICS collective surpassed the Group of Seven nations in GDP regarding purchasing power parity. Its share of the world’s GDP was 31.5 per cent, surpassing the G7 nations’ 30.7 per cent.
About a dozen countries have sent applications to join BRICS. Obviously, its growing economic power and unity are creating new dynamics for global governance.
Specifically, the BRICS nations have united in developing the New Development Bank. It seems that various countries, exhausted by the political actions and unnecessary requirements of the World Bank and International Monetary Fund, are ready for a constructive change.
Moreover, BRICS has helped to make the New Development Bank attractive to other countries. This unifying approach is immensely valuable because of its potential expansion.
An expanded BRICS would vividly reflect the true spirit of multilateralism, which could guarantee the survival of emerging markets and developing countries and promote regional and global cooperation, social justice, stability, peace and harmony among different communities.
By following the principles of the United Nations and opposing coercion against developing countries, an expanded BRICS could enhance global security governance and safeguard world peace and security in an new era of cooperation, coordination and compassion among all member countries.
Furthermore, an expanded BRICS would promote the true spirit of solidarity and mutual assistance for the benefit of human cooperation, security and development. South-South cooperation would also be easily implemented on a larger scale, which would subsequently enhance the power of international discourse, agenda setting and rule making, and promote the development of a global governance system in a more just and reasonable direction.
Chinese policymakers have already shown keen interest in BRICS’ strategic expansion, which would further promote democracy in international relations, make the world economy more inclusive and rationalize global governance, in order to jointly create a bright and better future.
The role of China would be a balancing act. Chinese policymakers are pushing for BRICS to pursue sustainable development goals and implement the mission of global governance. In this regard, developing countries should work together to improve global governance and strive for greater space for development under the flagship of BRICS.
President Xi Jinping has urged BRICS members to reject the Cold War mentality, shun confrontation and work together to build a global community of security for all.
It is hoped that BRICS would play a constructive role in dealing with emerging socioeconomic, geopolitical and geostrategic challenges and would be a positive force in the international community. Emerging economies under the flagship of BRICS should brave tough winds to promote peace and development, uphold fairness and justice, and advocate democracy and freedom in the world.
The next BRICS summit will be held on June 2 and 3 in Cape Town, South Africa. Several African countries have shown keen interest in joining the group. The potential addition of members could undeniably reshape the global economic landscape and inherently update the group’s dynamics, reinforcing its importance on the international scene.
This year’s BRICS meeting is also expected to further consolidate the China-proposed global initiatives for development, security and civilization, encourage economic recovery, fight climate change, and oppose unilateralism and the widening digital gap between the advanced and developing economies through rational global governance.
Hopefully, BRICS’ representation and promotion of the spirit of multiculturalism, economic equality, socioeconomic prosperity, economic sustainability and fair play will bring fair and just order to the realms of power politics.