BRICS, Way Forward for a Trust Based Multipolar World

The 16th BRICS Summit in Kazan, Russia is over now, but the buzz remains about its accomplishments and role in the larger geopolitical context. The summit took place amid significant geopolitical undercurrents, like the much talked about Russia’s alleged isolation, the India-China Border de-escalation efforts, the ongoing Russia-Ukraine & Israel-Gaza-Lebanon-Iran conflicts. the US elections, and an increasingly obsolete UN. As this dynamic unfolded, BRICS emerged as a promising force signaling a future where multilateralism could thrive and confidence in global governance could finally be restored. 

In geopolitics, it is said that there is no permanent friends or no permanent enemies, but only permanent interests. Just ahead of the summit, India and China, both made a landmark announcement to restore the pre-2020 status quo along their shared border. This significant move marked a breakthrough in the long pending de-escalation efforts, and set a positive tone for the summit.

This time, the BRICS gathering was more than just an economic dialogue and more of a statement of intent, reaffirming that the majority of the world population is not ready to accept the unipolar or bipolar world order, but instead very optimistic about a multipolar structure where more voices can be heard and their interests could be balanced. 

The summit echoed these sentiments and emphasised that a world order dictated by a single power is not only undesirable but also unsustainable. Such push for multilateralism reflects a deeper desire among nations for a system where they can trust each other to work together on an equal basis, without undue pressure or interference.

13 New countries were added as partner countries, including Algeria, Indonesia, Turkey, and Vietnam, expanding the scope and influence of the group. Expanding BRICS membership and promoting financial independence are not just strategic moves, they were a sign of a deeper shift towards a more credible and balanced global order.

Unlike traditional military alliances or geopolitical blocs, BRICS adheres to the principle of non-alignment and refuses to pressure countries to choose sides. The bloc’s approach stands in stark contrast to the conflicts between military alliances plaguing the world today, from NATO’s involvement in Ukraine to tensions in the South China Sea fueled by AUKUS. Instead of creating divisions, BRICS seeks to build bridges through economic cooperation, inclusiveness, and mutual respect. 

The message is loud and clear, US-led western hegemony is not the way forward, and a shift toward a more inclusive and representative global order is needed. For too long, the USA has enjoyed what many refer to as ‘excessive privilege’ thanks to the US dollar’s status as the world’s reserve currency. 

This dominance has allowed the US to wield unprecedented influence over the international financial system, particularly through mechanisms such as the SWIFT payment network, which is deeply embedded in global trade. The ability of the US to impose sanctions and unilaterally exclude countries from SWIFT has exposed the fragility of a system that places too much power in the hands of one nation.

The central role of the US dollar in international trade has long been a source of contention. Countries like China and Russia, both targeted by US sanctions, have a vested interest in exploring alternatives that reduce dependence on the dollar. While not aiming to dethrone the dollar, the BRICS bloc is actively promoting a framework in which member states can trade with their respective currencies and avoid unnecessary conversions and bank fees. 

This shift towards financial sovereignty is not just about bypassing the dollar, it is about regaining the ability to carry out commercial and economic exchanges without external pressures motivated by the interests of third parties. By promoting and seeking a potential de-dollarisation, BRICS is addressing the widespread demand for a fairer financial system and restoring confidence in the global economic order, a progressive step towards an international system where economic management is not tied to the interests of one nation or a select few.

The UN’s disastrous failure to effectively address global crises has made it outdated. Its structural flaws, particularly the veto power held by permanent member-states, make it ineffective in times of emergency. The world is increasingly looking for alternatives that can bring real solutions, and BRICS has successfully positioned itself as a potential answer. 

Unlike the UN, where decisions can be blocked by a handful of powerful states, BRICS operates on the principle of consensus and majority voting. This model ensures that no single nation can derail the collective will, thereby promoting a more democratic and responsive form of global governance. While BRICS currently focuses on economic cooperation, its framework has the potential to evolve into something much bigger, a forum for addressing broader geopolitical and development challenges.

As the world is increasingly tilting towards multipolarity, the need for trust in global institutions is paramount. BRICS, with its commitment to inclusiveness and multilateralism, offers a platform where nations can work together on equal terms. And, it is not about creating division, but about assembling a coalition that respects the sovereignty and aspirations of its members. BRICS is not just an economic bloc, as it has established itself as a symbol of the emerging world!