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How BRICS Will Reshape the World

By XUELIN MU|May 17,2023

Chongqing - According to data from Acorn Macro Consulting, BRICS has surpassed G7 in terms of GDP calculated on purchasing power parity. While the G7 group comprises the world’s most developed economies - Germany, France, the UK, Italy, Japan, Canada, and the United States - BRICS includes five emerging economies: Brazil, Russia, India, China, and South Africa. As per Acorn’s data, the BRICS nations now contribute nearly 31.5 percent of global GDP, surpassing G7 countries’ contribution of 30.7 percent. This remarkable performance on the global stage has garnered attention worldwide. DW News, a German outlet, stated, "BRICS nations offer an alternative to the West.” But how will BRICS influence the world? iChongqing interviewed experts from the BRICS Studies Institute of Sichuan International Studies University to share their insights on BRICS’ development and its global influence.

BRICS: A Champion of Multilateralism

BRICS is gaining popularity in the international community. Fox News of the United States reported that BRICS “shores up influence as countries eager to join, including US allies.” South Africa’s BRICS Ambassador, Anil Sooklal, was quoted by Bloomberg as saying, “Thirteen countries have formally asked to join, and another six have asked informally. We receive applications to join every day.” But what makes BRICS so attractive to many countries?

Zhang Qing, the BRICS Studies Institute Center for People-to-People Exchange Studies director at SISU, shared his insights. He believes that nations applying for membership stand to gain both politically and economically. As a group dedicated to multilateralism and international cooperation, BRICS stands against unilateralism and trade protectionism. Applicant countries are attracted by the opportunity to join such a group, promoting real multilateralism and amplifying their voices on the international stage.

Furthermore, BRICS members enjoy close cooperation in trade, investment, and infrastructure construction. Joining the BRICS group can strengthen these ties, thereby bolstering economic development. Additionally, BRICS countries have played a significant role in South-to-South cooperation. Developing nations aspire to join the group to realize common development and prosperity. The New Development Bank set up by BRICS, offering capital support to member states, also enhances its appeal to applicant countries.

Moreover, some applicant countries, including US allies, hope to reduce their economic and political reliance on the United States and seek diversified international cooperation.

BRICS: Shaping a Better Future

How will BRICS reshape the world? Zhu Tianxiang, the director of the BRICS Studies Institute Center for Political & Security at SISU, believes that BRICS has the potential to influence the international community and propel the world towards a better future in political, economic, and cultural dimensions. He highlights that the world is experiencing significant changes, with the development gap between the West and the East shrinking. He asserts that these changes in the international landscape enable BRICS countries to challenge existing unfair and unequal international economic and political orders.

Economically, the contribution of the BRICS nations to the global GDP, at nearly 31.5 percent, underscores their crucial role in supporting the global economy.

Furthermore, cooperation in culture and people-to-people exchanges among BRICS states exemplifies the benefits of mutual learning among civilizations.

Regarding whether BRICS members will adopt their own currencies instead of US dollars in trade settlements, Shen Huaqiao, the director of the BRICS Studies Institute Center for Economic & Financial Studies at SISU, thinks that advocating for their own currencies in trade settlements highlights BRICS’ enhanced international influence. He believes new settlement modes and currencies should be viewed objectively and positively.

In the face of changing global dynamics, BRICS is emerging as a significant force, challenging existing norms and shaping the international community's future. Whether economically, politically, or culturally, the influence of these emerging nations is becoming increasingly apparent. As BRICS continues to grow and evolve, its role in the global landscape will undoubtedly continue to be a topic of interest and importance.


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