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Russia hosts biggest BRICS summit yet with ambition to rival West

Russia hosts biggest BRICS summit yet with ambition to rival West

 


Last week, President Vladimir Putin hosted the annual BRICS summit in Kazan, Russia. At the conference, the first since the group's major expansion last year, BRICS attempted to present itself as a rival economic force to the West.

BRICS stands for Brazil, Russia, India, China and South Africa. An investment banker coined the term in 2001 to refer to a group of rapidly developing economies. Brazil, Russia, India and China held their first summit in 2009 and were joined by South Africa in 2010. Egypt, Ethiopia, Iran and the United Arab Emirates all held their first summit in 2009. join the group in 2023, and dozens of other countries have been invited or expressed interest in joining. Today, BRICS represents 41.1% of the world's population and 37.3% of its gross domestic product.

This group of countries lacks a clear commonality. Some members are democracies, others are not. There is a wide range of friendly attitudes toward the United States among members, and some countries like Egypt and Ethiopia are in conflict with each other. This year, Putin has attempted to consolidate his interests as a coalition capable of countering Western unipolarity.

Alexander Gabuev, director of the Carnegie Russia Eurasia Center in Berlin, told New York Times that Putin sees the invasion of Ukraine as the main force to challenge the global status quo.

BRICS constitutes the most powerful and representative structure of this new world order, Gabuev said.

A primary suction for these countries is to challenge the International Monetary Fund and the supremacy of the US dollar, as well as to establish a alternative to SWIFT, a global banking messaging network, to circumvent sanctions. These goals reflect dissatisfaction with a global system seen as favoring the West, but do not yet constitute a credible challenge.

Mario Holzner of the Vienna Institute for International Economic Studies told Reuters that the creation of BRICS did not improve the per capita growth of its founding nations.

“They might be able to establish some sort of money transfer system that would work, at least at a low level, but probably wouldn't be much of a game changer,” Holzner said.

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