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As far as international groupings are concerned, the BRICS have always been considered strangely bizarre: a disparate group of nations with very few links between them, be it geographical size, language or form of governance. What Brazil, Russia, India, China, and late-coming South Africa had in common was a shared status as economies moved from development to development. But was that still enough to keep this group afloat?
Since the creation of the BRICS in 2006, the block has been marked by predictions of its impending demise. But 12 years later, it is clear that the BRICS must be ignored or rejected at risk because they are an important group – to the point that other developing countries would not have a problem with being admitted to the club.
More than ten years later, the block begins to realize some of its first ambitions.
In 2016, the BRICS contained 41% of the world's population, just under 30% of the world's territory, 23% of world GDP and 18% of its trade. In a context of instability in the global order, it is fair to say that the BRICS are gaining popularity and, potentially, influencing.
Last week was the 10th annual BRICS summit in Johannesburg, South Africa. For three days, leaders and representatives of the five members met to discuss how best to strategically and pragmatically cooperate with their differences. In particular, BRICS aims to boost multilateral trade, investment and financial connectivity between developing countries – perhaps, one could say, to reduce their dependence on the West.
The summit was closely followed by the international community. The Chinese movements and the words on trade face the potential threat of a US-induced trade war on tariffs. Observers also wanted to see if China would work to badert itself as the dominant state of the bloc whose members have, perhaps so far, benefited from equal billing. Chinese media might believe this is the case, with magazine covers such as this one featuring President Xi Jinping dominating his counterparts, even Russian President Vladimir Putin.
This Chinese magazine cover is revealing of how China views BRICS, as well as the positions of the five (for example,
Putin slightly higher than Modi) in the grouping pic.twitter.com/ hBdsSQyHqE– Ananth Krishnan (@ananthkrishnan) July 23, 2018
Xi was not disappointed. Presenting the keynote address of the summit, he emphasized the importance of developing countries and the need to cooperate in the face of rapidly changing global systems. He said:
A trade war should be dismissed, because there will be no winner. The economic hegemony is even more reprehensible because it undermines the collective interests of the international community, those who pursue this path will only end up hurting themselves.
Later, Xi called on BRICS countries to support the voices of emerging markets and developing countries.
His counterparts took note. At the end of the summit, all leaders signed the Johannesburg Declaration, reaffirming their commitment to fight against unilateralism and protectionism, stressing the importance of an open global economy that would allow all of share the benefits of globalization. members to abide by the rules and to honor their commitments in the multilateral trading system. The statement also reaffirmed the joint commitment of members to cooperate on sustainable development, energy, agriculture, terrorism, climate change, international peace and security and even a race to armaments in space.
How important is this document? Despite the presence of Putin's signature, it is unlikely that it has a real impact. (However, it should be noted that the United States and the EU agreed last week to begin talks that could avoid a potential trade conflict.)
What will have more than enough? impact is China's strategic spending on the African continent. Last Tuesday, Xi pledged $ 14.7 billion in investments in South Africa, among other investments across Africa. South Africa has returned the favor, pledging $ 300 million to China for a new subway line in Luoyang City, a move that Beijing undoubtedly appreciates.
Indeed, the loan between BRICS members is a key element of the Union's raison d'être. The New Development Bank, formerly known as the BRICS Development Bank, now has a loan portfolio covering 23 sustainable infrastructure projects totaling $ 5.7 billion. These include roads and water supply in rural areas, energy projects, etc., which emphasize the commitment of developing countries
. Last year, China invited a few guests under the "BRICS Plus" banner, sparking speculation that Beijing wants to expand the block further. This year, several African leaders were invited as guests, including those from Uganda, Angola, Namibia and Togo. At the same time, BRICS Plus was formalized, with representatives from Argentina, Indonesia, Egypt, Jamaica, Turkey and the United Nations
BRICS Leaders with Chiefs of African guest states and presidents of international badociations (Photo: Kremlin, ru) Since its indeterminate beginnings, BRICS has imposed itself as a significant global block: more than ten years later, he begins to realize some of his first ambitions.
What will be interesting to see as the group wants to do next. Does it remain focused on financial connectivity, or does it want to play a bigger role in global governance? Is it enough to allow China to badume a leadership role? And, more importantly, will this bloc become yet another channel through which China will exert its influence?
For a group that could provide a solid against Western hegemony, it would be a sad result.
Aarti Betigeri
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