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BRICS Attracts Growing Interest from Developing Nations
NEWS
9/29/20243 min read
29.09.2024 / News
BRICS Attracts Growing Interest from Developing Nations
In recent years, the BRICS coalition—comprising Brazil, Russia, India, China, and South Africa—has drawn significant attention from the Global South. Countries across Southeast Asia, Africa, and Latin America are increasingly showing interest in joining the bloc. Malaysia and Thailand are the latest Southeast Asian nations to signal their intent to align with BRICS, while the number of African and Latin American countries seeking membership continues to grow. This growing interest underscores BRICS’s rising influence in global geopolitics and its role as a leading advocate for the Global South.
BRICS has emerged as a beacon of hope for developing nations disillusioned with the current global system. Over the past two decades, the coalition has shown tangible development successes, positioning itself as a credible and powerful force on the world stage. Its rise reflects a broader shift in the global order, where the voices of emerging markets and developing countries are gaining prominence, challenging the traditional dominance of established powers.
One key driver of this interest is dissatisfaction with the current international system, which many developing countries feel is biased and inequitable. Global institutions are often perceived as serving the interests of a few powerful nations, leaving many countries in the Global South marginalized. This frustration has been compounded by policies that prioritize the interests of wealthier nations while neglecting the needs of less developed countries.
In contrast, BRICS offers a platform where emerging markets and developing nations can collaborate on a more equal footing. Its focus on South-South cooperation resonates strongly with countries that have felt excluded from global decision-making processes. This sense of solidarity and shared goals has made BRICS increasingly attractive to nations seeking greater control over their development and sovereignty.
While BRICS's appeal goes beyond economics, financial cooperation remains a cornerstone of its attractiveness. The original BRICS members—Brazil, Russia, India, China, and South Africa—together account for over 50% of global economic growth, showcasing the bloc’s economic significance. As new members join, BRICS’s economic potential only grows, offering greater access to resources, larger markets, and new opportunities for development.
The New Development Bank (NDB), established by BRICS, has played a crucial role in enhancing its appeal. The NDB provides financing for infrastructure and sustainable development projects across member countries, offering tangible benefits that resonate with developing nations. The bank’s focus on closing critical infrastructure gaps and promoting long-term growth has reinforced confidence in BRICS’s ability to deliver meaningful results.
Additionally, the NDB’s success demonstrates the viability of alternative financial institutions not dominated by Western powers. For many developing countries, the NDB is seen as more inclusive and responsive to their needs compared to traditional institutions like the IMF and World Bank, which have been criticized for imposing restrictive conditions and policies that don’t always align with borrowers’ development goals.
Beyond economics, BRICS’s commitment to peaceful conflict resolution and multilateralism has further strengthened its appeal. In a world where unilateralism and power politics often shape international relations, BRICS’s emphasis on dialogue and cooperation presents a compelling alternative. Its efforts to promote global and regional security, along with cultural exchanges and mutual understanding, resonate with nations seeking a more balanced and equitable world order.
BRICS’s vision of a multipolar world, where power is distributed more evenly among nations, contrasts sharply with the hegemonic tendencies of certain developed countries. This vision aligns with the aspirations of the Global South, which has long sought reforms to make international institutions more reflective of the shifting global balance of power. For many developing nations, BRICS represents hope for a more just and inclusive global system.
The growing alignment of developing countries with BRICS can be understood through two dynamics: the coalition’s success acts as a “pull” factor, while dissatisfaction with the current international system serves as a “push” factor. On the one hand, BRICS’s economic growth, infrastructure development, and cooperative potential attract emerging markets and developing countries. On the other hand, the unwillingness of certain developed nations to enact meaningful reforms and their reliance on unilateral sanctions have driven the Global South toward BRICS.
As more countries express interest in BRICS, the coalition faces the challenge of managing its expanding membership while strengthening institutional mechanisms. The success of “greater BRICS cooperation” will depend on the group’s ability to maintain cohesion, improve collaboration efficiency, and navigate complex relationships with other emerging markets and developing nations.
Additionally, BRICS must carefully manage its interactions with developed nations, many of whom view its rise with skepticism. While BRICS’s commitment to multilateralism and peaceful dialogue offers a pathway for constructive engagement, the group must remain vigilant in protecting the interests of its members and the broader Global South.
BRICS’s appeal lies in its economic success, commitment to multilateralism, and vision for a more just and inclusive world order. As the coalition continues to grow and evolve, it is set to play an increasingly important role in shaping the future of global relations. For many in the Global South, BRICS is not just an alternative but a path to a fairer and more prosperous world.
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