SHAPING OF BRICS: AN EMERGING ALTERNATIVE GLOBAL REALITY

Despite the challenges and lack of consensus on some issues, the BRICS 2025 Summit in Brazil, with the Rio de Janeiro Declaration, concluded with greater strength and resolve—it is here to stay

- MANISH KUMAR JHA

THE BRICS GROUPING-ORIGINALLY COMPRISING BRAZIL, Russia, India, China, and South Africa—has evolved from a loose economic bloc into a geopolitical force with far-reaching ambitions. With its expansion to 11 members, including countries like Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the UAE, BRICS is no longer a niche coalition of emerging markets but a formidable consortium representing over 40 per cent of the global population and a rising share of global GDP.

At its core, this expanded alliance signals an emerging alternative to the Western-dominated world order and articulates a long-overdue demand: fairer representation for the developing world. The BRICS summit in Rio de Janeiro signifies the bloc’s continued efforts to strengthen cooperation among emerging economies. At the same time, BRICS countries have diverse geopolitical interests and have faced regional conflicts and disputes, which hinder cooperation.

RAISING DEMOCRATIC AND INCLUSIVE GLOBAL GOVERNANCE

There is no denying that institutions that govern the global economy, particularly the United Nations Security Council (UNSC), the International Monetary Fund (IMF), and the World Bank still playing the dominant role; their failure on multiple fronts and Western institutional approach are equally visible.

The developing world, despite being home to the majority of humanity, remains under represented. Africa, for instance, has no permanent seat at the UNSC, and voting power at the Bretton Woods institutions is still heavily skewed in favour of the United States and its allies.