BRICS Alliance: Global Economic Potential and Navigating the Dark Side of BRICS

BRICS Economic Potential: Geopolitical Fault Lines Within the Alliance

BRICS organization The bloc, which was formed in 2009 with Brazil, Russia, India, and later South Africa, joined in 2010. BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa, formed in 2010. BRICS was created by Goldman Sachs as an analytical grouping of emerging market countries that witnessed strong economic growth and were promised to dominate the world with economic growth by 2050. BRICS countries now operate organizations seeking to further economic growth.

Founders of BRICS

• Brazil

• Russia

• India

• China

• South Africa

BRICS Alliance’s 15th Summit in August 2023 South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to join the bloc, and full membership will take effect on January 1, 2024. If Saudi Arabia accepts the invitation to join the BRICS, the world’s largest crude oil exporting country will find itself in the same economic bloc as the world’s biggest oil importer, China.

Russia and Saudi Arabia are both members of OPEC+. A group of major oil producers will join together in a new economic bloc. The BRICS Alliance provides a platform for India to put efforts into fighting terrorism, and the alliance takes a stand with India to fight terrorism. BRICS provides an opportunity for India to end its disputes with China.

Facts about the Positive side of the BRICS Organization

• The BRICS countries are experiencing the fastest economic growth rates in the world after the formation of the organization.

• The BRICS Alliance countries have over 3 billion people, which helps create a huge potential market for goods and services.

• The BRICS countries are rich in natural resources like oil, gas, minerals, and metals. This gives them significant advantages in the global economy.

• The BRICS countries are becoming competitive in technology innovation by investing heavily in research and development.

• The BRICS countries established the New Development Bank and several institutions to promote global cooperation and development.

The New Development Bank (NDB) was previously referred to as the BRCS Development Bank. It is the multilateral development bank established by the BRICS states (Brazil, Russia, India, China, and South Africa). The bank’s headquarters are located in Shanghai, China.

Also Read: NATO Alliance: Spotlighting Hidden Issues and Their Dark Side

Facts about the Dark Side of the United Nations Organization

• The BRICS countries are home to some of the world’s most unequal societies. As you will see in Brazil, 1% of the rich control 40% of the wealth.

• The BRICS countries are the way to human rights abuses; it will be seen in China that the human rights abuses include the mass detention of Uyghur Muslims in Xinjiang Province.

• The BRICS countries have a major impact on the degradation of the environment because China is in the first place and emits greenhouse gases, and India is in the third place. This will cause climate change and pose a threat to the world.

• The BRICS countries have corruption. It will be seen in Brazil that the Lava Jato corruption led to the imprisonment of several high-profile politicians and businessmen.

• The BRICS countries have geopolitical tensions because India and China have border disputes, and their different political systems make it difficult for them to agree on common goals.

• The BRICS countries are not economically integrated, but still, these countries are on the list of developing countries, and these countries have to face poverty, inequality, and corruption.