BRICS IN TRANSITION: EXPLORING RECENT DEVELOPMENTS AND FUTURE PROSPECTS

BRICS IN TRANSITION: EXPLORING RECENT DEVELOPMENTS AND FUTURE PROSPECTS – 

Author:- Nalla Ruhita, a student of Damodaram Sanjivayya National Law University

In an ever-evolving global landscape, the BRICS alliance has emerged as a dynamic force, reshaping the geopolitical and economic contours of the 21st century. As we delve into the intricate web of international relations, it becomes evident that the recent changes within BRICS are nothing short of transformative. This article takes you on a journey through the pivotal shifts, challenges, and opportunities that have defined this influential bloc in recent times, offering insights into the evolving role of BRICS on the world stage. From economic reforms to geopolitical realignments, we explore the multifaceted dimensions of BRICS' transformation and what it means for the future of international cooperation and diplomacy.

BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China, and South Africa. This group of nations came together to foster cooperation on various fronts, including economics, politics, and culture. BRICS was initially known as "BRIC" when it included only Brazil, Russia, India, and China. South Africa joined the group later, expanding its scope and influence. 

Together the countries account for more than 40% of the world population and a quarter of the global economy. It represents around 41% of the global population, around 24% of the global GDP and around 16% of global trade. The BRICS countries have made significant contributions to global poverty alleviation. The BRICS summit declarations are mainly based on economic, political, regional, financial, and commercial approaches. The cooperation between ministries differs greatly from the inter-state work done at the top: where the latter attempts to influence global dynamics or governance reform, the former panders to the economic, political, and cultural integrations of BRICS countries.

Because of the economic power of the nations, as well as the idea of disentangling from the West to a degree, BRICS claims that over 40 countries seek to join the group. They view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment. 

With same line of thought, Leaders of the BRICS — Brazil, Russia, India, China and South Africa decided to expand the grouping and admit six new members. Saudi Arabia, Iran, UAE, Egypt, Ethiopia and Argentina who will become part of BRICS with effect from January 1, 2024. It was announced that the decision on the new members was agreed upon after firming up the guiding principles, criteria and procedure for the expansion process. 

The GDP share of the six new members being added to the BRICS shall increase the group’s share in the global GDP rising to 30 % from 26 %, it also covers global population of 46 per cent. The biggest impact will be on the share of global oil production which will increase to 40 per cent from the current 18 per cent while the oil intake will jump from 27 per cent to 36 per cent.

In conclusion, the recent changes within BRICS (Brazil, Russia, India, China, and South Africa) have brought forth a dynamic landscape of opportunities and challenges, resonating far beyond the boundaries of this diverse alliance. It becomes evident that BRICS remains a pivotal force in our ever-changing world. The recent changes within BRICS serve as a reminder that in a world characterized by rapid shifts and challenges, collaboration among emerging powers remains a linchpin for shaping a more equitable, balanced, and interconnected world order.