The BRICS group represents a significant shift in global power dynamics, aiming to establish a multipolar world that challenges US dominance.
Internal divisions within BRICS, particularly regarding relations with the US, may hinder its effectiveness as a cohesive bloc.
The potential for a BRICS currency could disrupt the current financial system, but achieving this goal will require overcoming substantial challenges.
If BRICS successfully navigates its internal differences, it could emerge as a formidable alternative to Western-led institutions.
The ongoing decline of Western influence may accelerate the adoption of alternative currencies and financial systems by BRICS nations.
Increased collaboration among BRICS members could lead to a redefined global order that emphasizes sovereignty and economic independence.
The BRICS group, comprising Brazil, Russia, India, China, and South Africa, has emerged as a significant counterforce to the Western-dominated international system. Established in 2009, BRICS aims to challenge the unipolarity led by the United States, which has faced criticism for its global military interventions and economic policies. The group's recent expansion to include countries like Saudi Arabia and the UAE highlights its growing influence, as it now represents 45% of the world's population and holds substantial economic and natural resources.
Despite its strengths, BRICS faces internal challenges due to political diversity among its members. Countries like India maintain ties with the US through alliances like the Quad, which complicates the group's unified stance against Western hegemony. Additionally, the group's attempts to create a unified currency and reduce reliance on the US dollar are met with significant obstacles, given the dollar's entrenched position in global finance since the Bretton Woods Agreement in 1944.
The decline of Western influence is echoed by various scholars and analysts who argue that the liberal order is faltering. Factors contributing to this decline include industrial stagnation, educational shortcomings, and a growing disillusionment with Western foreign policies, particularly in conflict zones like Ukraine and Gaza. The BRICS group seeks to capitalize on this decline by promoting a new world order that prioritizes multilateralism and equitable global governance.
