What is BRICS and Its Purpose? A Deep Dive (Part 2)

Building on our previous exploration of BRICS, we delve deeper into the intricacies of this powerful intergovernmental organization. But first, let's recap: BRICS is an intergovernmental organization comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. These nations represent a significant portion of the world's population, economic output, and landmass, making BRICS a force to be reckoned with on the global stage.

In Part 1, we touched upon the organization's foundational goals. Here, we explore how those goals translate into concrete actions and evolving purposes.

The Evolving Purpose of BRICS

While initially focused on economic cooperation, BRICS's purpose has broadened considerably. It aims to promote:

• Economic Development and Cooperation: This remains a core tenet. BRICS nations collaborate on trade, investment, and infrastructure projects, seeking to reduce their dependence on Western-dominated financial institutions. The New Development Bank (NDB), headquartered in Shanghai, is a prime example of this, providing financing for sustainable development projects within BRICS and other developing countries.
• Multilateralism and Global Governance Reform: BRICS advocates for a more multipolar world order, challenging the dominance of the United States and its allies in international institutions like the IMF and the World Bank. They seek greater representation and influence in global decision-making processes.
• Political Coordination: Beyond economics, BRICS nations coordinate their positions on various global issues, from climate change to counter-terrorism. They aim to present a united front on matters of mutual interest.
• South-South Cooperation: BRICS promotes collaboration among developing countries, sharing knowledge and resources to address common challenges. The expansion to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates signifies a further deepening of this South-South agenda.

The Origins of BRICS: From Acronym to International Power

Understanding the origins of BRICS sheds light on its current trajectory. BRIC was originally a term coined by economist Jim O'Neill in 2001 to highlight the growth potential of Brazil, Russia, India, and China. The first BRIC summit took place in 2009, formalizing the group. The inclusion of South Africa in 2010 transformed BRIC into BRICS.

The seeds of this cooperation, however, were sown even earlier. The idea of a BRICS-like group can be traced back to Russian Foreign Minister Yevgeny Primakov and to the two forums RIC (Russia, India, China) and IBSA (India, Brazil, South Africa). These earlier initiatives demonstrated the potential for collaboration among these emerging powers.

BRICS Challenges and Future Outlook

Despite its potential, BRICS faces several challenges. Internal divisions, varying levels of economic development, and geopolitical tensions can hinder cooperation. The effectiveness of the NDB and the pursuit of a common currency are also subjects of ongoing debate.

Looking ahead, BRICS's future hinges on its ability to overcome these challenges and solidify its role as a major force in global affairs. The expanded membership suggests a renewed commitment to South-South cooperation and a more assertive role in shaping the international order. Whether BRICS can truly realize its potential remains to be seen, but its impact on the world stage is undeniable.