The potential BRICS expansion has showcased a clear goal: for the Global South to shift economic power and increase its influence. Subsequently, as the bloc approaches the subject of growth at this annual summit, a greater shift in economic power balance is in play.
The BRICS nations have already surpassed the G7 countries in GDP (PPP) and have proven their formidable nature. Moreover, with countries lining up to join the economic bloc, its status is only beginning. Conversely, the global economy could bear witness to an alternative leader amid the worldwide agenda.
BRICS Expansion Aiding Pursuit of the Global South
The American Security Project, a public policy think tank, discussed the BRICS collective last year. They said that “the possible addition of these countries to BRICS should concern the West as all are significant players in the global economy.” Additionally, stating that the “Global South are losing faith in the Western world order as the US pays less and less attention to developing nations.”
This is the perfect representation of the rising prominence of the economic bloc. Specifically, showcasing that the BRICS expansion shows the global south is seeking to increase its overall influence. Subsequently, providing a haven for developing countries to contribute to the shifting power balance.
Speaking to Deutsche Welle, deputy director of the German Institute for International and Security Affairs, Gunther Maihold, discussed the power shift. “The BRICS countries are experiencing their geopolitical moment,” he stated.
Presently, the BRICS represent 42% of the global population and 25.7% of the world’s GDP. This alone signified the potential for global economic shifts, but potential expansion set that into overdrive.
Alternatively, a developing BRICS currency only increases that changing power. As the US dollar is the target of global de-dollarization efforts, the growth of the BRICS could accelerate the process. Subsequently creating a bloc utilizing the same internal trade currency, and more countries abandoning the greenback.