via Great Game India, 30 October 2024
The 16th BRICS Summit, held in Kazan, Russia, from October 22 to 24, wasn’t just another meeting of world leaders. It marked a turning point in global politics. For the first time, this summit was viewed as more influential globally than the meetings of the G7 or G20, which typically dominate world discussions.
This year's summit was more worthy of our attention than usual because four new countries—Egypt, Ethiopia, Iran, and the UAE—joined as official BRICS members in January. This move expanded BRICS beyond the original membership of Brazil, Russia, India, China and South Africa. As Russia hosted a gathering of 36 world leaders, the expanding BRICS+ initiative looks to be a growing obstacle to the hegemony US and its allies hoped to exercise.
Established in 2009, and later expanded in 2024, the BRICS+ geopolitical bloc draws its name from its original members (Brazil, Russia, India, China and South Africa) but now also includes Iran, Egypt, Ethiopia and the UAE.Significantly Saudi Arabia has been invited to join and has slready abandoned its committment to accept payment for oil exports only in US dollars, while others, such as Turkey, are also expected to join. Its members already constitute 45% of the world’s population and 28% of its economic output.
As such, it is often described as a geopolitical counterweight to the G7. Russia and Iran and China are alrady collaborating to challence challenging the dominance in international trade of the dollar. The most important country is of course China, and China has been sitting on the fence over US led sanctions of Russia and Iran. The most likely reason China has held back from fully supporting the US against Russia and Iran is because Chinese state-controlled banks also do not want to be cut off from the US dollar and Wall Street.
And as long as China remains integrated in the global financial system centered on the US dollar, China is effectively the largest foreign funder of everything the US does, including sending weapons to Ukraine that are used against Russia and Taiwan that are pointed towards China.
China is of course also deeply integrated in global supply chain and trade networks,having become the wokshop of the world as net - zero obsessed wesern leaders have deindustrialised their economies, thus offshoring not only their CO2 emissions but jobs and revenue into the bargain. With the Chinese economy stuggling, any serious moves to decouple from this global dollar system could back fire disastrously.
BRICS+ is a reltively young organisation integration and coherence is rocky at best which should caution us to make any future projections based on current relationhips rather than deeper structural forces. strained relations between China and India, which significantly hampers collective BRICS action to the point of incoherence. Also, it is notable that Saudi Arabia has not yet joined along with UAE even though they said they would, and detente between the Shia Musim government of Iran and the Saudi Sunni Muslim monarchy has only taken place recently.The original BRICS members were never as united as the G7 even without these new members.
The first step for the BRICS+ to challenge the West would be to build consensus for such a project to replace or at least seriously challence the Dollar, which does not exist, and most importantly to sell more oil in a currency other than the US dollar. And as this publication has reported extensively in the past that project is already well under way.
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