The BRICS+ is an extension of the conceptual form of the BRICS group, representing a potentially daunting unit transformed to question the superiority of the US dollar in the global order. Increasingly influential in this bloc, member countries including Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, brought great attention to BRICS+.
Several factors make BRICS+ attractive. First, the group represents a large proportion of the population(45%), GDP(37.3%), and oil production(30%). Members are endowed with an abundance of natural resources, especially energy resources, which are paramount in the global economy. Secondly, BRICS+ offers a platform from which countries can voice their issues and aspirations on the world stage, especially countries usually overlooked in mainstream Western-led organizations.
Perhaps, the greatest challenge this would pose to the hegemony of the dollar lies in challenging it. The group has patiently been working on building other means of payment and currencies such that they eventually reduce their dependence on the dollar for international trade and finance. Perhaps, it could challenge the status of the dollar as the world's reserve currency and contribute further to creating a more multipolar global financial system, which will be an alternative to the global payment system SWIFT.
Further, BRICS+ countries have already begun cooperation in the form of infrastructure projects, developing and researching technology, and trade agreements. This might heighten economic cooperation among the member nations as new opportunities for development and growth emerge.
Although BRICS+ is strong in all aspects, it simultaneously faces many problems. Sometimes the political ideologies and economic systems of member countries become a problem. Further, the solidarity of this group in coordination and effectiveness in carrying out joint action is also in question.
Despite these issues, it is undoubtedly a growing power in world politics and economics. Increasing influence and an attraction to non-Western countries predict well for the group's desired role in forming a future global order.
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1 Comments
Taiyyab
December 17, 2024hui