Today’s capitalist economic order was founded after the Second World War and took its final form with the end of the Cold War. The capitalist system in which the United States of America (USA) in particular and the West in general was at the center meant the construction of a unipolar world system. However, in the relatively free environment created in the post-Cold War period, various regional powers emerged as new centers in world politics and economy. These forces, on the one hand, pursue policies on a national basis; on the other hand, they came together in a multilateral way to create an alternative to the Western-centered system.
In order to build an international structure, a structure known as BRICS was created in 2010, based on the first letters of Brazil, Russia, India, China and South Africa. One of the most important features of BRICS was that it was seen as an alternative to the existing international system. BRICS was also an option against the World Bank (WB). The New Development Bank was established within the BRICS in 2014 with a capital of 50 billion dollars against the WB and the International Monetary Fund (IMF).[1]
Along with the war in Ukraine, which reshaped the global conjuncture, the sanctions against Russia also affected various states. The states in question have started to adopt the strategic autonomy approach against the West. Because the USA’s prioritizing and imposing its own interests and values in global politics and bilateral relations has created discomfort in other states, especially Western actors. At this point, it has been understood that the state of being dependent on the West creates an important vulnerability in a process where interests conflict. In particular, the fact that Russia mainly sells its energy resources to the West, conducts trade in dollars, and uses the West’s SWIFT system was seen as an important weakness.
In this context, it is clear that the states opposed to the Western-centered system have adopted a common approach at the point of coming together. It is understood that countries are trying to bring dynamism to existing structures instead of going to new organizations. It is obvious that especially Russia, which is subject to sanctions, and the states that try to protect themselves against Western pressure are the driving forces in this process. It can be stated that BRICS is one of the prominent organizations at this stage. In addition, it is seen that international organizations such as Shanghai Cooperation Organisation (SCO), Collective Security Treaty Organization (CSTO) and Commonwealth of Independent States (CIS) have intensified their policies and activities.
In the process of reshaping international balances and dynamics, it is obvious that states trying to gain strategic autonomy act in two basic frameworks. These are safety and economy. For this reason, the SCO gave Egypt the Dialogue Partnership Status by going out of Asia during the fight against terrorism and radicalization. It is possible that Cairo, like Riyadh, will become a full member in the future.
On the other hand, BRICS comes to the forefront as the economic trivet. In this context, it is known that new states want to join the BRICS. Among them, Algeria, Argentina and Iran are mostly mentioned. However, it is known that states such as Saudi Arabia and Egypt will also apply for membership.[2] Moreover, its acquisition of shares in the New Development Bank makes Egypt the first new member of the expanded BRICS+, along with Bangladesh and the United Arab Emirates (UAE).[3] In his statement, Russian Foreign Minister Sergey Lavrov stated that about 20 countries are interested in joining the BRICS. In addition, it is thought that the realization of these memberships will increase the financial cooperation between the BRICS countries and accelerate the economic recovery.[4]
BRICS will significantly increase its geographical, demographic and economic capacity with new members. Although the sanctions imposed by the West on Russia negatively affected the capacity of BRICS at some point, the concern created by these developments on other states increased the interest in alternative sources.
As it can be understood, even though Russia is going through a troubled period, BRICS has the opportunity to continue its existence by increasing its capacity. In addition, the economic and political rise of China, India, Brazil and South Africa causes the BRICS to still be seen as a valuable structure despite Russia. On the other hand, it is possible that Russia’s test against sanctions will be seen as a test given by BRICS at some point.
As a result, it is possible to say that BRICS has entered the stage of transforming into an important economic structure with the Russia-Ukraine War. Today, it has been announced that BRICS countries have surpassed the 30% G7 with a share of 31.5% in the world’s gross domestic product. Also, if Mexico, which is included in the North American Free Trade Agreement (NAFTA/CUSMA), considers joining the BRICS, it will be a great loss for the West in general and the USA in particular.[5] In this context, it is obvious that BRICS will gain significant power and prestige. Especially against the interventionist attitudes of the IMF and the USA when providing economic, political and military assistance, the BRICS’ adoption of a different attitude makes this organization a stronger alternative. At this point, it can be said that BRICS has an important potential in global politics and economy.
[1] “BRICS Nations Offer a New World Order as Alternative to the West”, Front Line, https://frontline.thehindu.com/news/brics-nations-offer-a-new-world-order-as-alternative-to-the-west/article66667657.ece, (Date of Accession: 19.04.2023).
[2] “Algeria is One of Most Plausible Candidates to Join BRICS-Lavrov”, TASS, https://tass.com/politics/1570171, (Date of Accession: 19.04.2023).
[3] “Egypt Becomes A Member Of The BRICS New Development Bank”, Silk Road Briefing, https://www.silkroadbriefing.com/news/2023/03/23/egypt-becomes-a-member-of-the-brics-new-development-bank/, (Date of Accession: 19.04.2023).
[4] “There are 20 Countries Wishing to Become Part of BRICS and the SCO”, TV BRICS, https://tvbrics.com/en/news/there-are-20-countries-wishing-to-become-part-of-brics-and-the-sco/, (Date of Accession: 19.04.2023).
[5] Chris Devonshire-Ellis, “The BRICS Has Overtaken The G7 in Global GDP”, Silk Road Briefing, https://www.silkroadbriefing.com/news/2023/03/27/the-brics-has-overtaken-the-g7-in-global-gdp/, (Date of Accession: 19.04.2023).
