BRICS Summit: A New Stage in Global Power Balance and Future Trends

BRICS Summit: A New Stage in Global Power Balance and Future Trends

Prof. Dr. Dr. Ümit Yazıcıoğlu

The recent BRICS summit, held on South African soil, has emerged as a defining moment in the realm of international relations. It signifies a momentous stride toward the establishment of a multipolar world order, notably accentuated by the active participation of major global players such as Russia, China, and several nations from the Global South. This article aims to dissect the political and economic ramifications of this critical international assembly by focusing on the summit's key outcomes and the current status of BRICS. The recent BRICS summit held in South Africa stands out as a significant step towards the construction of a multipolar world order, particularly with the participation of Russia, China, and Global South countries, shaping an important scene in international relations. This article aims to provide a more comprehensive analysis of the political and economic significance of this important international organization by focusing on the main outcomes of the summit and the current state of BRICS.

Expanding BRICS: Political and Economic Significance

The main outcome of the summit is the inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates into BRICS. This expansion demonstrates that BRICS has evolved beyond being merely an economic cooperation platform and has acquired a political dimension. In particular, the invitation of Middle Eastern countries, especially Iran, Saudi Arabia, and the United Arab Emirates, has the potential to increase their influence on the global economic balance due to their economies based on energy resources. With these new additions, BRICS has positioned itself to address political issues more effectively on the international stage.

BRICS and the Quest for a New World Order

BRICS aims to reshape the current international financial order. The organization advocates for the creation of a new world order taking into consideration justice after the inefficiency of the Bretton Woods system. African countries like Egypt and Ethiopia hold key importance, particularly in efforts to increase BRICS' influence on the continent. Argentina's inclusion in BRICS has enhanced BRICS' influence in Latin America and challenged the influence of the United States in the region. This demonstrates that BRICS is a step towards laying the foundation for a more balanced international order on a global scale.

Economic Cooperation and the BRICS New Development Bank

BRICS countries are taking significant steps in economic cooperation. Collaboration in the energy sector, especially between India, China, and African countries, is critical for energy and food security. Additionally, the BRICS New Development Bank (NDB) was established in Shanghai to finance infrastructure projects and sustainable development plans for BRICS countries and other developing nations. This bank represents a significant move emphasizing BRICS countries' commitment to economic cooperation and independence.

Roles of Member Countries and Relationships

Member countries play crucial roles in the success of BRICS. For example, Russia's support for BRICS countries during the Ukraine crisis has increased the organization's political significance. China is a major player within BRICS, and it's clear that China is striving to strengthen its leadership in BRICS, as demonstrated by Xi Jinping's visits. India aspires to a leadership role within BRICS but faces challenges due to economic and geopolitical issues with China. Brazil aims to increase its influence in Latin America through BRICS, with its economic relations with China holding significant importance. South Africa is an important member of BRICS, but its inability to secure the attendance of the Russian President has hindered the organization's potential for further strengthening in terms of security and political matters.

Conclusion: BRICS and Future Perspectives

BRICS is a significant player in international relations and reflects changes in the world order. The expansion of BRICS can be seen as a step towards laying the foundation for a new international order, and BRICS countries are striving to prove themselves as significant players in political, economic, and geopolitical fields. The future of this organization remains a significant question mark in the context of the dynamics of international relations and the evolving world order. However, it appears that BRICS will continue to hold its importance in terms of international cooperation and power balances in the future. 

BRICS has emerged as a significant player in international relations in recent years, reflecting shifts in the global order. The outcomes and expansion of the BRICS summit can be regarded as a significant step towards laying the foundations of a new international order, and BRICS member countries are actively working to establish themselves as influential actors in the realms of politics, economics, and geopolitics. The future of this organization remains a significant question mark in the context of the dynamics of international relations and the evolution of the world order.

However, it is reasonable to anticipate that BRICS will continue to hold its significance in terms of international cooperation and power balances. BRICS will play an ongoing role in global economic cooperation, political interaction, and the quest for a new world order. This organization will contribute to the establishment of a more stable global order, reflecting the cooperation and interdependence among its member countries. Additionally, BRICS will continue to address a wide range of issues on the international stage, actively seeking solutions to global challenges.

In conclusion, the evolution and expansion of BRICS will persist as a significant factor in shaping international relations. BRICS will continue to contribute to the construction of a more balanced and just international order worldwide. Therefore, closely monitoring the future of BRICS is of critical importance for understanding developments in global politics and economics.

August 24, 2023, Oxford