BRICS is a formation based on geoeconomic targets, implemented in partnership with Brazil, Russia, India, China and South Africa. Established on 16 June 2009, BRICS is based on the principle of non-intervention of member countries in each other’s internal affairs.[1] Considering that the BRICS member countries constitute[2] 23% of the world’s total Gross Domestic Product (GDP), the importance of this formation for global geopolitics can be better understood.
In the future projections of BRICS, there is a rapid development of member countries. As a matter of fact, it can be argued that BRICS was basically established within the framework of the search for multipolarity. Because BRICS, in which Russia and China act together, basically aims to develop an alternative to the neo-liberal order, also called the Atlantic order, which was established by the United States (USA), NATO and the European Union (EU) after the Cold War. In this context, it is known that BRICS challenges and criticizes the G7 and United Nations (UN) based order.
On the other hand, BRICS tends to expand. It can be argued that the enlargement of BRICS will increase the geoeconomic influence of BRICS globally in every sense. The enlargement in question was also on the agenda at the summit held in Johannesburg, South Africa between 22-24 August 2023.[3] Before the summit, Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Cuba, Egypt, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, Venezuela and Vietnam It is known that made an official application to join the BRICS.[4]
At the end of the aforementioned summit, South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to the community.[5] Russian President Vladimir Putin used the following statements in a video message she published:[6]
“I would like to congratulate the new members who will be working in full scale format next year. And I would like to reassure all our colleagues that we will continue the work we started today to expand the impact of BRICS in the world. By these statements I mean practical work with new members and those who will work with and want to work with our partners under the BRICS. The common currency issue seems difficult for now, but we will continue to move towards the solution of the problems.”
BRICS was basically implemented with the aim of developing an alternative to the Western Bloc. It can be argued that the more BRICS grows economically, the more important it will become a center of attraction for “developing countries” that seek alternatives to the Western Bloc. Because in this context, it is very important both for the expansion of BRICS and with which actors it will expand. As a matter of fact, it is of critical importance that Saudi Arabia, the world’s largest crude oil exporter, and China, the world’s largest oil importer, will be in the same economic bloc. This means that Russia and Saudi Arabia, both major oil producers and also OPEC+ members, will join together in a new economic bloc. On the other hand, the disagreements that Riyadh had with Washington about oil production in the past are still in effect.
The expansion of the BRICS could also accelerate potential de-dollarization initiatives, a process in which members will gradually switch to using currencies other than the US dollar for trading. However, it can be argued that it is unlikely that BRICS will come to the point of using a currency of its own in the near future. This situation is very difficult due to the solid foundations of the dollar-based global system built by the USA after the Bretton Woods Agreement, which was signed after the United Nations Monetary and Financial Conference in 1944. Because there is no mechanism that BRICS can offer as an alternative to the system in question, at least in the current situation. On the other hand, it can be said that the invitation of a country like Iran that openly competes with the West to the BRICS, has a strong possibility of turning the BRICS into an anti-Western bloc.
As a result, it can be argued that BRICS will create a much stronger alternative to the Western Bloc with the said enlargement. Because, it can be read that the participation of states such as Saudi Arabia and Iran in the formation will pave the way for the BRICS to be more resistant to the USA, EU, World Bank (WB) and International Monetary Fund (IMF) and to follow more hawkish policies.
[1] “BRICS: Sources of Information”, Library of Congress, https://t.ly/dO53S, (Date of Access: 22.06.2023).
[2] “An Economic Overview of the BRICS Countries”, Nasdaq, https://www.nasdaq.com/articles/an-economic-overview-of-the-brics-countries, (Date of Access: 24.08.2023).
[3] “Building an Inclusive World: BRICS Summit to be Held August 22-24 in South Africa”, CGTN News, https://news.cgtn.com/news/2023-08-23/VHJhbnNjcmlwdDc0MTg2/index.html, (Date of Access: 24.08.2023).
[4] “Weighing Expansion, BRICS Increasingly Draws Membership Requests”, AA, https://www.aa.com.tr/en/economy/weighing-expansion-brics-increasingly-draws-membership-requests/2929541, (Date of Access: 17.08.2023).
[5] “Emerging Economies Group BRICS Invites 6 New Members, Including Saudi Arabia and Iran”, National Broadcasting Company News, (Date of Access: 24.08.2023).
[6] “Saudi Arabia, UAE and Iran Among Six Countries Invited to Join Brıcs Group”, Cable News Network Business, https://edition.cnn.com/2023/08/24/business/saudi-arabia-brics-invitation-intl/index.html#:~:text=The%20group%20currently%20includes%20Brazil,influence%20would%20continue%20to%20grow., (Date of Access: 24.08.2023).
