President of Russia Vladimir Putin highlights BRICS as a response to global aspirations for greater representation and influence. Picture: Alexei Danichev / Sputnik
At the BRICS summit in Kazan on Wednesday, Russian President Vladimir Putin emphasised the significance of the group’s expansion, framing it as a pivotal step in creating a “multi-polar world” that challenges the US-dominated global order.
With the addition of the United Arab Emirates, Iran, Egypt, and Ethiopia, BRICS now counts nine members, including Brazil, Russia, India, China and South Africa.
Putin stated that BRICS “meets the aspirations of the main part of the international community, the so-called world majority,” highlighting its relevance amid global changes.
He said this showed that many countries want an alternative to Western-led organisations and systems.
Notably, the interest in joining BRICS has surged, with over 30 countries, including countries from the Global South and East like Thailand, Algeria, and even NATO member, Turkey, expressing a desire for membership.
This unprecedented interest reflects a significant shift in the geopolitical landscape, as many countries seek to strengthen ties within a framework that promises greater equity and representation.
“It would be wrong to ignore the unprecedented interest of the countries of the Global South and East in strengthening contacts with BRICS,” Putin remarked, emphasising the importance of this momentum.
However, he also cautioned that “it is necessary to maintain a balance” as the group considers future expansions.
Moreover, existing members remain divided on the prospect of further growth. While some advocate for broadening the coalition to include more nations, others, including India and South Africa, caution against perceptions of BRICS as an anti-Western bloc.
These members are wary of alienating the US and its allies, suggesting a complex dynamic as BRICS seeks to navigate its identity on the global stage.
The economic clout of BRICS is notable, with its nine members accounting for 26% of the global economy and 45% of the world’s population.
This contrasts sharply with the Group of Seven (G7), which comprises 44% of global GDP and only 10% of its population.
The upcoming G-20 summit in Brazil, following India’s presidency last year and South Africa’s planned leadership in 2025, further cements BRICS’ growing influence in international affairs.
Putin’s push for BRICS nations to reduce reliance on the US dollar as a global reserve currency, promoting trade in national currencies instead, aligns with this strategic goal.
However, the varying incentives among member countries complicate this effort. Many members, including India and the UAE, have shown reluctance to fully embrace a shift away from dollar dependence, reflecting a cautious approach to economic restructuring.
The three-day summit marks the largest gathering of world leaders in Russia since the onset of its invasion of Ukraine in February 2022, with the Kremlin positioning it as evidence that Putin remains relevant on the world stage, despite Western sanctions and isolation efforts.
IOL