The BRICS alliance is a new development in international politics and the world economy. Significant events occurred during the most recent BRICS summit, which took place in Kazan, Russia, from October 22–24, 2024. Egypt, Ethiopia, Iran, and the United Arab Emirates joined the other five BRICS members at the meeting, bringing the total number of members to nine. Now much more powerful and influential than before, BRICS seriously threatens Western economic and political domination because of its recent growth. Since they were formed, the BRICS have been a powerful voice for the global South. In 2024, the alliance saw a major growth spurt, becoming a potent force. A new structure for escalating tensions with the Western alliance emerged due to the development of the BRICS. Western experts have held that the BRICS would eventually become irrelevant for quite some time. However, the present scene shows that the BRICS are a strong political and economic alternative to Western domination. In stark contrast to the G7’s 8.8% representation, the expanded BRICS membership includes almost 46% of the world’s population.
The BRICS countries include many of the world’s economies, including some of the fastest-growing economies. As a result, the BRICS and the Western alliance are becoming increasingly competitive in the global economic arena. While it is commendable that the BRICS has grown, the difficulty of promoting cooperation and harmony among its members remains. While Russia and China are actively working to undermine the US-led international system, Brazil and India are taking a more moderate stance toward reconciliation. Brazil and India are wary of challenging the Western alliance because they want to keep working with the same international organizations. To protect their interests and stay out of trouble with Western powers, Brazilian President Lula da Silva and Indian Prime Minister Modi are eager to use the BRICS alliance. As part of the BRICS alliance, Russia and China are attempting to increase their political and economic influence.
The fundamental objective of the BRICS is to counteract Western attempts to isolate Russia economically in the wake of the crisis in Ukraine. Vladimir Putin of Russia and Xi Jinping of China had to have a deep relationship during the meeting. Promising an independent economic framework to sidestep Western sanctions and economic pressure, an “unlimited” alliance has been announced. One of the BRICS’s planned initiatives is an innovative payment system to replace the SWIFT global financial network. As a result, Moscow may trade with its allies and avoid Western sanctions. By taking this step, Russia and China could set up a separate economic framework, which would challenge the economic supremacy of the West. As the BRICS continue to grow, a new pattern in the global political economy is taking shape. For the nations in the Global South, this coalition represents a fresh political and economic starting point. The BRICS alliance is poised to gain even more clout as member nations from the Middle East, Latin America, and Africa express interest in joining. Particularly appealing to nations in the Global South, BRICS provides an alternative to the Western bloc’s economic dominance. By sticking together as BRICS, these nations might have protected their political and economic interests and strengthened their ability to withstand sanctions and pressure from the West.
The West now faces a formidable threat from the rise of the BRICS. Specifically, the progress of the BRICS is overseen by the Five Eyes, an alliance of five nations collaborating on intelligence and security issues. The US, UK, Canada, Australia, and New Zealand are these nations. The Five Eyes and other Western allies are worried about the BRICS alliance that China has formed with South Asian nations. China and Russia’s growing economic and military partnership seriously threatens Western dominance. As the BRICS grows, members of the Five Eyes could have further difficulties maintaining international peace and obtaining information. Western intelligence agencies should pay close attention to developments involving the BRICS nations’ new payment systems or information flow networks. There was a sea change on the global stage as BRICS expanded and a new political and economic framework emerged. Nevertheless, the alliance’s survival is uncertain due to internal strife and competing agendas.
Russia and China, as BRICS leaders, want to use the organization to lay the groundwork for a new global order. India and Brazil, on the other hand, are keen on keeping ties with their Western friends. It raised new questions about the efficacy and internal cohesion of BRICS. However, the global political economy has undergone a sea change with the formation of the BRICS. The BRICS group’s efforts to challenge Western dominance in the global economy and politics are significant because they want to establish a new global order. Consequently, the BRICS expansion is not a stopgap measure. If a new global power were to emerge, it may profoundly impact the future of global stability, prosperity, and peace.
