In an era of alliances, BRICS is in the spotlight by the Global South as they endeavour for an independent voice of their own. The Summit in Johannesburg, titled ‘BRICS and Africa’ is all set to lay the foundation stone of a robust multilateral forum that is pro-economics and development, and has little to cater to realpolitik. At the same time, BRICS, which accounts for the world’s one-third of GDP and almost half of inhabitants on Planet Earth, will be expanding its membership, as it reviews 25-odd new member states eager to join its ranks. This will be a tectonic power shift, particularly impacting the Western decorum in vogue, as China, Russia and India go on to cement new arenas in sustainable development and inclusive multilateralism.
BRICS has big plans to execute and a common currency is one its wish-list. This at a time when the US dollar is contested on global trading markets, putting Chinese yuan, Russian rouble and Indian rupee in a trajectory of strength. Coupled with this is the growth projectile of these emerging economies alongside Brazil and South Africa. This is why, perhaps, Saudi Arabia wants to join the bloc, as it increasingly becomes a robust leader in the Middle East and North African region by virtue of its resounding diplomacy and buoying economic muscles.
Chinese envoy to Pretoria Chen Xiaodong was apt as he observed that the traditional global governing system has become “dysfunctional, deficient and missing in action” and called upon for resurrecting a new world order. This is where the stress is on empowering international organisations, especially the justice system and for cobbling a momentum of participation by the underdeveloped South-South nexus.
The forum launched in 2009 is in need of walking the talk in terms of harbingering peace for development. The foremost on its table should be to broker a deal for cessation of hostilities in Ukraine, come up with a roadmap to usher in investment portfolios in developing states and shun prejudice in addressing world disputes. China and India will be wanting to broker a thaw with their troubled neighbours.
Published in The Express Tribune, August 22nd, 2023.
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