How Emerging Powers Are Redefining Global Influence
The BRICS summit held in Kazan, Russia, in October 2024 marked a significant milestone in the alliance of Brazil, Russia, India, China, and South Africa. As the international order faces pressures from geopolitical conflicts and economic instability, this gathering was pivotal for BRICS countries, emphasizing collaboration in the face of Western dominance and proposing alternative frameworks for financial, political, and technological cooperation.
BRICS Expansion and Member Aspirations
Over recent years, BRICS has attracted considerable attention from countries interested in expanding the alliance. This year, several countries, including Saudi Arabia, Iran, and the UAE, took part as prospective future members. The BRICS bloc’s potential growth raises questions about its evolving role in counterbalancing Western institutions like the G7 and the International Monetary Fund (IMF), as many emerging economies seek alternatives that better address their needs.
Russia’s vision of BRICS aligns with strengthening alliances among Global South nations, particularly as it seeks to expand beyond the current membership into a broader “BRICS+.” This framework is intended to offer flexible partnerships with non-member states that align with BRICS goals, giving emerging economies an option to participate in the BRICS agenda without formal membership.
The Ukraine Conflict and China-U.S. Rivalry
The BRICS summit provided a platform for Russia to reinforce its global position amid the Ukraine conflict, emphasizing its resilience despite sanctions and isolation from Western powers. Russian President Vladimir Putin, who virtually attended the summit, highlighted the need for an independent system that could offer developing nations autonomy from Western-led systems. The summit addressed conflicts directly impacting BRICS member countries, such as the crisis in Ukraine, underscoring Russia’s strategic pivot toward cooperation with China and other allies.
China, a central figure within BRICS, views the alliance as a way to consolidate its influence among emerging economies and reduce its dependency on Western financial structures. President Xi Jinping underscored the importance of cooperation that transcends national boundaries, emphasizing BRICS as a mechanism to offer alternatives to U.S.-led international policies. As the U.S.-China rivalry intensifies, the BRICS framework provides China with a platform to promote its Belt and Road Initiative (BRI) while strengthening economic bonds within BRICS
Economic Cooperation and BRICS Currency Proposal
One of the most discussed topics was the proposal for a shared BRICS currency. Initially championed by Russia, this idea aims to establish a financial mechanism that could reduce reliance on the U.S. dollar. While the technical and logistical challenges of launching a new currency are significant, especially given the differences among BRICS economies, the prospect highlights the bloc’s desire to foster a financial ecosystem that reduces dollar dependency.
China and Brazil, both leading economies within the BRICS framework, have expressed cautious optimism regarding this currency initiative. A BRICS currency could provide emerging economies with a means of conducting trade independently of Western financial systems, potentially insulating them from future sanctions or economic pressures.
Technological and Infrastructure Collaboration
With technology a core component of the 2024 summit, BRICS leaders discussed enhancing digital infrastructure and cybersecurity across member states. Russia, for instance, has been investing heavily in domestic technology to reduce its dependence on Western technology giants. The alliance discussed creating a BRICS-led digital ecosystem that could support secure communication, financial transactions, and AI research. China and India, both major technology players, are likely to contribute resources and expertise to this vision, while smaller economies such as South Africa benefit from technological partnerships and infrastructure investments.
The BRICS nations also emphasized joint development initiatives for renewable energy, intending to address climate change while promoting sustainable economic growth. The bloc has identified sectors like solar energy, green hydrogen, and electric mobility as priorities for future collaboration, with each country contributing its strengths toward a cohesive, sustainable agenda.
Humanitarian and Cultural Cooperation
Beyond economic and political cooperation, the BRICS summit placed a renewed focus on cultural and educational exchange. Russia and South Africa emphasized the importance of cultural partnerships, with South Africa advocating for initiatives that reflect the diversity within the BRICS alliance. Educational exchange programs were also discussed, aiming to foster closer relationships between youth in member countries and prepare them to continue BRICS’ collaborative agenda in the coming decades.
In particular, the summit underscored the importance of healthcare cooperation, especially in response to challenges from the COVID-19 pandemic. As global health security remains a key concern, BRICS leaders agreed to strengthen healthcare frameworks and share resources, especially in pandemic preparedness, to ensure member states can respond effectively to future health crises.
The Road Ahead for BRICS
The 2024 BRICS summit emphasized unity in the face of global challenges, proposing a collective path toward resilience, financial autonomy, and sustainable development. The outcomes signal a gradual but steady shift in global influence toward emerging economies, with BRICS positioning itself as a formidable counterbalance to Western-led alliances.
As BRICS expands its initiatives and membership, it promises an alternative global structure. The continued progress of BRICS will likely hinge on the member states’ ability to navigate their national interests while fostering a unified agenda that prioritizes economic growth, technological innovation, and political autonomy.
