As the BRICS summit unfolds in Kazan, Russia, the significance of this gathering transcends mere diplomatic niceties; it serves as a litmus test for the evolving dynamics of global power.
The summit, attended by leaders from Brazil, Russia, India, China, South Africa, and newly invited members, comes at a time when Russia finds itself isolated due to its ongoing conflict in Ukraine. Yet, this meeting underscores a growing discontent among many nations with Western influence and the institutions that uphold it.
BRICS: A CHALLENGE TO STATUS QUO
Founded in 2006, BRICS aims to counterbalance Western dominance in global governance and finance. The alliance’s agenda has increasingly focused on fostering economic autonomy and reducing reliance on the U.S. dollar and the SWIFT system, particularly in light of the sanctions imposed on Russia. These measures have heightened apprehensions among nations in the Global South, leading them to seek multilateral partnerships and frameworks alternative to the traditional Western ones.
The recent invitations to countries like Egypt, Ethiopia, Iran, Saudi Arabia and the UAE signal BRICS’ desperate attempt to expand its influence, with the aim to not only broaden the group’s economic clout but also enhance its geopolitical relevance.
RUSSIA PORTRAYS IT’S NOT ISOLATED
For President Vladimir Putin, the summit is not merely a stage for international dialogue; it represents a crucial opportunity to reaffirm Russia’s standing on the world stage. Isolated by Western sanctions and facing an International Criminal Court arrest warrant, Putin’s presence in Kazan underscores a narrative of resilience. Angela Stent, a noted expert on Russian affairs, suggests that the summit will demonstrate Russia’s continued relevance by showcasing its partnerships with major powers like China.
The presence of leaders from nations traditionally viewed as adversaries of Western policies reinforces this narrative. Countries like Turkey and Vietnam, eager to deepen ties with BRICS, reflect a growing sentiment among nations that wish to navigate a world where allegiance to one bloc is increasingly seen as limiting.
CALL FOR FINANCIAL INDEPENDENCE
Central to the summit’s discussions is the theme of reducing dependency on Western financial systems. Proposals for a BRICS trading currency have been met with skepticism, yet there is a palpable push towards bilateral trade in national currencies. The aim is to insulate these countries from alleged economic coercion and currency fluctuations driven by Western policies.
This quest for financial autonomy speaks to broader aspirations among BRICS nations to construct a more equitable global economic landscape.
RESPONSES & IMPLICATIONS
While BRICS seeks to carve out a new path, the West watches with concern. The United Nations Secretary-General Antonio Guterres’ attendance at the summit has drawn criticism, highlighting the complexities of international diplomacy where moral stances can clash with pragmatic engagements. The rift between Western and BRICS nations is emblematic of a larger trend where nations increasingly reject binary choices of alignment.
This summit also raises questions about the future of international order. As BRICS continues to expand its membership and influence, the implications for global governance and economic systems could be profound. The desire among many countries to engage with BRICS reflects a growing unwillingness to choose sides, suggesting a world that is moving towards a more fragmented, multipolar arrangement.
This article was originally published on Oped Column Syndication.