The Paradox of BRICS: Prospects for Expansion and Internal Imbalance

Mysterious are the ways in which multilateral groupings prosper and wither away. The case of BRICS grouping is truly remarkable. Despite initial achievements, BRICS has started losing its sparkle due to various global and regional challenges. However, the paradox lies in the fact that numerous nations are eager to join the group, showcasing the continuing appeal of BRICS.

Origins and Evolution of the BRICS

The term BRIC was coined in 2001 by economist Jim O’Neill in a research study that identified Brazil, Russia, India, and China as rising economies with high growth potential.
BRIC formalisation: The first formal meeting of BRIC leaders occurred in 2009 on the margins of the G20 Summit in Russia, establishing the group as a platform for collaboration and debate.
South Africa was invited to join BRIC in 2011, increasing the group’s name to BRICS. China lobbied for South Africa’s admission, seeking larger representation in Africa and diversifying the group.
Economic Focus: Initially, BRIC was largely an economic grouping, emphasising these countries’ growing significance in the global economy as a result of their big populations, vast territories, and strong economic growth rates.
Geopolitical collaboration: BRICS has expanded over time to encompass geopolitical collaboration and shared viewpoints on global issues. Leaders began talking about politics and calling for a more equitable world order.
Annual Summits: BRICS began having annual summits when leaders from member nations assemble to debate and coordinate their stances on different global concerns, as well as to explore opportunities for cooperation.

Key achievements of the BRICS

Economic Cooperation: The BRICS initiative has encouraged economic cooperation among member countries, resulting in increased trade, investment, and business prospects. The group has developed initiatives to promote economic growth and development by expanding trade and investment relations.
New Development Bank (NDB): BRICS founded the New Development Bank, often known as the BRICS Bank, to give financial assistance to member nations and other emerging economies for infrastructure projects and sustainable development programmes. The NDB has made considerable investments in a variety of initiatives, assisting with infrastructure development and regional connections.
The Contingent Reserve Arrangement (CRA) is a financial mechanism developed by the BRICS to offer liquidity support during times of financial stress and to protect against global liquidity pressures. This agreement has assisted member countries in mitigating possible financial crises and improving financial stability.
Geopolitical Influence: BRICS has projected a non-western stance on global and regional issues, bolstering the world’s march towards multipolarity and limiting the West’s dominance. The group has established consensus perspectives on a wide range of global issues, including climate change, terrorism, and global governance reform.

Internal Imbalance and BRICS Challenges

Diverse Economic Systems: BRICS member countries have a range of economic systems, from state-controlled to market-based. These economic model variances can lead to differences in policy priorities, approaches to trade and investment, and economic issues, perhaps causing friction within the group.
Differences in Political Systems and Governance: The BRICS countries have diverse political systems and governance frameworks. While some members respect democratic ideas, others view governance and human rights differently. These distinctions can lead to diverse opinions on political and human rights concerns, thereby complicating efforts to reach consensus on specific topics.
Economic Vulnerabilities: BRICS member countries are vulnerable to economic vulnerabilities such as structural concerns, external shocks, and commodity price variations. Economic issues such as high inflation, fiscal imbalances, and currency instability can put a strain on the BRICS’ economic cooperation and stability.
Differences in Political Systems and Governance: The BRICS countries have diverse political systems and governance frameworks. While some members respect democratic ideas, others view governance and human rights differently. These distinctions can lead to diverse opinions on political and human rights concerns, thereby complicating efforts to reach consensus on specific topics.
Economic Vulnerabilities: BRICS member countries are vulnerable to economic vulnerabilities such as structural concerns, external shocks, and commodity price variations. Economic issues such as high inflation, fiscal imbalances, and currency instability can put a strain on the BRICS’ economic cooperation and stability.
Coordination and Decision-Making Processes: BRICS is a consensus-based organisation that requires member countries to agree on a variety of problems. Coordination and decision-making can be difficult due to member countries’ various interests, agendas, and institutional structures. Consensus on crucial issues can be time-consuming and difficult.
Institutional Development: Effective governance structures, operational frameworks, and decision-making procedures are required for BRICS institutional development, such as the New Development Bank and the Contingent Reserve Arrangement. Creating and managing these institutions while addressing the different requirements and interests of member countries can be difficult.

The BRICS countries’ desire for expansion

Global Influence: Many countries regard BRICS as a prominent grouping with global clout. Joining BRICS will allow countries to increase their global influence and have a say in determining global priorities.
Economic Opportunities: The BRICS countries account for a sizable share of the world’s population and GDP. Joining the group might provide countries with access to a big market as well as enhanced economic cooperation, including trade and investment opportunities among members.
Limited options: Some nations may perceive BRICS as an appealing choice for collaboration and participation, especially if they have limited options to join other large multilateral groups or regional blocs.
South-South Cooperation: The BRICS countries are viewed as a platform for South-South cooperation, fostering conversation and collaboration among countries in the Global South. Joining BRICS allows countries to enhance ties with like-minded countries and contribute to a collective voice for developing countries’ concerns.
offset to Western Influence: The drive for BRICS expansion may also originate from a desire to offset Western nations’ domination in global affairs. Countries may want to associate themselves with BRICS in order to reflect a non-western worldview and lobby for a more fair international order.

Prospects for expansion of BRICS and the criteria for new member admission

Prospects for Expansion:

A increasing number of countries are interested in joining BRICS, showing the group’s recognised importance and popularity.
As of present, 19 nations have shown interest in joining BRICS, including Argentina, Egypt, Indonesia, the United Arab Emirates, and Bangladesh.
The ambition to increase global influence, the fear of missing out on membership in a prominent group, restricted alternatives for joining other groups, and the desire to build a significant platform for the Global South all contribute to the drive to expand.

Admission Criteria for New Members

Economic Size and Potential: Potential new members should have a sizable and rising economy that can contribute to the group’s economic strength and cooperation.
Regional participation: BRICS has aspired for diversified regional participation, as evidenced by the inclusion of South Africa as Africa’s representative. New members may be considered based on regional representation and the intention to ensure a greater geographic breadth.
Political Stability and Compatibility: Political stability and compatibility with BRICS ideals and principles, such as democracy, human rights, and governance, may be crucial factors in accession.
Prospective members should demonstrate a real commitment to international cooperation, multilateralism, and the BRICS principles and aims.
Mutual Benefits: The admission of new members should benefit both present and prospective members, contributing to increased economic cooperation, geopolitical influence, and the fulfilment of joint goals.
Consensus Among Existing Members: The existing BRICS member countries’ agreement would be critical in determining the admission of new members. Existing members would have to agree on the enlargement and which nations would be accepted.

The BRICS Future: Key Aspects

Economic Cooperation: The BRICS group has the ability to strengthen economic cooperation and promote intra-BRICS trade and investment. Member nations can explore new areas of economic cooperation, such as digital economy, technology, sustainable development, and infrastructure investment, by utilising their collective market size and resources.
Institutional Development: BRICS built major institutions such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The group may concentrate on further enhancing and expanding the role of these institutions in addressing financial difficulties and supporting long-term development projects.
Member countries can enhance their collective voice and influence international dialogues and decision-making processes by coordinating their stances on global governance, security, and geopolitical problems. BRICS can also promote South-South cooperation and advocate for developing countries’ interests in global forums.
Expansion and Outreach: Other countries’ interest in joining the BRICS gives a chance for expansion and outreach. The group can carefully assess new member admission, ensuring that the expansion is consistent with the group’s aims, ideals, and standards. BRICS can extend its geographic coverage and potentially improve its collective power by welcoming new members.
Cooperation in Innovation and Technology Member countries can work together on artificial intelligence, renewable energy, space exploration, and digital governance, among other things. Sharing experience, research, and best practises can help the organisation improve technologically and create mutual growth.
Adaptation to Global Challenges: The BRICS countries should work together to solve global issues such as climate change, public health crises, and sustainable development. The group can help identify solutions and shape global agendas on crucial issues by coordinating efforts, sharing knowledge, and pooling resources.

@the end

The paradox of BRICS is that it is losing its attraction while drawing a large number of nations willing to join. Despite internal strife, the BRICS have made major contributions to global multipolarity and economic cooperation. BRICS may continue to play an important role in creating the international order and advancing the interests of emerging economies and the Global South by addressing internal imbalances, seizing chances for growth, and remaining sensitive to global dynamics.

Source: https://www.thehindu.com/opinion/op-ed/the-paradox-of-brics-its-new-pathway/article66885869.ece