The recent BRICS summit in South Africa has received special attention due to its impact on the global situation.
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| The 15th BRICS Summit took place from August 22-24 in South Africa. (Source: GCIS) |
The recent BRICS summit in South Africa has been of particular interest due to its impact on the global situation. While Russia and China actively used the summit to expand their influence, the US and the West are worried about forming an alliance that would challenge their power.
The BRICS leaders’ meeting comes as member states China, Russia, India, South Africa and Brazil are pushing for greater say in the current international system, which they see as favouring the West and the G7. As an emerging power, BRICS has been hailed by many countries, especially developing countries in the global south, as an alternative to the US-led system of alliances and partnerships.
Accounting for 40% of the world's population and a quarter of its GDP, BRICS, with members China, Russia, India, South Africa and Brazil, form a large economic bloc with great potential. On that basis, this BRICS summit seeks to strengthen the group's rising power.
First of all, the expansion of BRICS with the appearance of six new members, including US allies such as Saudi Arabia and the United Arab Emirates (UAE). The participation of the world's leading oil countries in BRICS gives the bloc special importance. In the future, when the list of nearly 40 countries wishing to join is completed, BRICS will account for 40% of global GDP.
Another ambition of BRICS is to discuss the introduction of a common currency for the bloc. Along with promoting bilateral trade by using the local currencies of member countries as well as strengthening the role of the New Development Bank, BRICS aims to gradually replace the influence of the United States on the global economy.
It is not yet known how many new power centers there will be after the Cold War, but BRICS is certainly one pole in a multipolar world that is gradually taking shape.
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