In recent years, more than 30 new countries have shown interest in joining the BRICS (Brazil, Russia, India, China, and South Africa) bloc to create BRICS+. This allows these nations to act in their respective economic and geopolitical interests. The global partnership group also has the purported capacity to assist and advocate for the Global South economically. The BRICS group from the outset was projected to overtake US dominance by 2050, and in 2024, the BRICS group looked into the impacts of launching its own currency. Additionally, the BRICS+ bloc is trialling using gold bullion to challenge the USD. It was announced in September 2024 that the BRICS+ national currency trade exceeds trade deals using the USD. Considering this, what are the economic, social, and cultural implications of this global partnership group on the world in the future?
Source: BRICS Summit
BRICS and Its History
The BRICS bloc was formed in 2009 and was established as a global partnership group of the most powerful developing nations globally. The purpose of BRICS from the outset was to enable mutual interest in balancing global, political, and economic power. Included as part of this was the creation of the New Development Bank, founded in 2014, to compete with Western financial systems, including the World Bank and IMF. The potential to challenge the pre-existent Bretton Woods Agreement, in which the US dollar is used as a global currency reserve, is a threat posed by BRICS+. In 2024, the Chinese Yuan officially took over the USD as the top currency traded in Russia. China also dumped the largest amount of US Treasuries in history in 2024.
Trump and the US election have caused some countries such as India to move away from ditching the USD. This is following Trump’s 100% tariff threat and India’s interest in retaining stronger diplomatic ties with Trump. The previous Biden administration did very little to actively curtail the growing power of the BRICS+ bloc by contrast to Trumps broader tarriff approaches.
Global Economic Influence and Power
Creating a new BRICS currency is another step in reinforcing the BRICS bloc and its competition with Western financial institutions. More than 30 new countries have expressed interest in joining BRICS recently as a global partnership group, and this was perceived as a threat to the US dollar by Joe Sullivan, a White House economist. Sullivan stated that a BRICS currency and facilitated trade between members in each country’s currency potentially renders the USD no longer dominant as a global currency reserve. Sullivan’s remark is in response to Russian leader Vladimir Putin, who announced at the BRICS summit that a BRICS global reserve currency will be created.
Economist Jim O’Neil, who coined the name BRICS, stated that a common BRICS currency would be impossible unless China and India were to cease their current geopolitical disputes and become allies. India said they have no plans to create a common currency, however, they see no harm in investigating the benefits. The group is actively promoting the use of local currencies to reduce the risk of relying on the USD. This was exemplified recently with a Russia-India arms deal worth 40 billion, traded in local currencies. However, the likelihood of outweighing the dominance of the USD has been slim for some time, according to analysts.
Different Currency Approaches
Replacing global dominance with several different currencies is more likely to occur imminently. BRICS+ also seeks to use gold bullion to challenge the USD to place less dependence on the USD. This development has gained traction among central banks globally, partially owing to USD weaponisation and fragility in macroeconomic circumstances. The use of cryptocurrency by BRICS+ in international trade acts as a further threat to the USD. China has recently unveiled a blockchain project to enable trade in local currencies between members, including lower exchange rates and fees to end the USD trade. Other factors are relevant to the discussion connected to the BRICS+ bloc more broadly.
BRICS share of global GDP, population, oil production, export of goods.
Source: VisualCapitalist
The Geopolitical Interests of The BRICS Global Partnership Group
Other factors are relevant to BRICS and global dominance. A significant one is in the area of geopolitical interests and international relations. This is between the BRICS+ nations internally and between BRICS members and the West. One of the biggest promises of the BRICS bloc is to act as a champion for the Global South, to mitigate inequality globally for developing countries.
The World Bank and IMF were set up in a way that was more immediately advantageous to the developed world. Western colonialism in the Middle East, Asia broadly, and Africa also had devastating impacts on colonised nations. This included the use of 20th-century slavery in many colonies within Africa, as well as parts of Asia. Significant debt repayments for loans in subsequent decades were expected of developing countries, sometimes at higher interest rates than many post-war Western countries. Many had already been subject to resource extraction and colonialism by Western powers. Such examples continued in different contexts in some Francophone ex-colonies until recently, as well as neocolonialism by multinationals (Dsekashu, 2021).
Many of the loans previously given to developing countries have been a consequence of economic and civil difficulties; these difficulties have often been caused by the West. Following examples of previous exploitation and subsequent dependency, BRICS+ seeks to break this dependency and the inequality born out of it.
Source: Global Finance Magazine
Political Contentions
One of the likelihoods regarding the BRICS bloc is political or ideological pluralism, given the more pluralistic political landscape that may emerge as a consequence. This is linked to many BRICS+ nations holding different political and cultural stances to that of North American and Western European countries’ more secular and liberal approaches to politics, despite some largely Christian cultural influences. Most BRICS+ nations have significant religious influences, including Islam, Hinduism, and other ideological influences, such as the Chinese Communist Party. There are, of course, also significant cultural differences between BRICS+ members. Therefore, how this plays out in international relations between BRICS+ nations and the West is significant. However, more important than this are the historical geopolitical realities and conflicts.
Historical Conflict
China and India have had significant geopolitical tensions over the years regarding disputed territory on India’s northern border. India’s conflicts with Pakistan have also played into this, with Pakistan being in an alliance with China for many decades. There is also historic tension between Putin and the West, that is until more recently with Trump’s presidency bridging this.
There have also been considerable ideological and cultural differences between the West and some countries in the Middle East. Yet again, this is significant concerning geopolitical interests and historical factors, both regional and global. This is exemplified by the closeness of Saudi Arabia and Israel to the United States and US conflicts with Syria, Libya, and Iran.
Again, geopolitically, this links back to further hostility with Russia. An example of a broader diplomatic conflict is the Arab Spring. Within the Arab Spring came the invasion of Libya and Syria in 2011, which pitted Russian interference against the West. Another example is China’s economic policy and expansion into Africa and South America. China has engaged in a non-kinetic economic war with the United States for many years. The presidency of Donald Trump has further increased competition, with Trump announcing 100% tariffs if BRICS nations decide to ditch the USD, furthering tension.
Is BRICS Aiding Equality or Enabling Global Dominance?
One of the biggest drawbacks to achieving this, according to many, is the dominance of China within BRICS. Potentially acting as a new global power, bolstered by BRICS+, this could merely substitute US dominance for China’s. The implications of this are concerning, given the overall diplomatic hostility between the United States and China, as well as China’s ongoing and extreme human rights abuses and aggressive expansionism. China’s imperialist interests do nothing in the way of supporting the Global South and could undermine this.
This is why 30 more countries joining BRICS+ may be required to mitigate the dominance of one power. BRICS+ members may find the issue of being dominated by China in the future mitigated since China’s economy is likely shrinking, and India’s economic potential in the years ahead is significant.
Trading between BRICS members with their own currencies also benefits each smaller BRICS+ member. With more developing countries joining BRICS+, the share of global power is at least more likely to be pluralistic. This will be more supportive of the Global South and reflective of the purpose of this global partnership group.
Source: New Global Currency
BRICS and Human Rights
Statements by different groups also point out that other BRICS nations face accusations of human rights abuses. In some cases, these are falling short of an acceptable standard, but severe breaches of human rights have also been seen by some Western nations.
Blatant human rights abuses like torture, police brutality and violence, imprisonment without fair trial, and the shutting down of freedom of speech are not acceptable. Unfortunately, some of these have existed within some BRICS countries like Russia, China, and many other smaller countries. In part, this stems from the regimes in place. As seen from examples of judicial proceedings in Russia, there is a lack of human rights checks and balances. In China, virtually no human rights exist, with 100 million religious followers facing high or very high levels of persecution.
Western Standards
This has also occurred within the West in recent decades, with Western countries domestically experiencing some of these issues to differing extents (Hirschfield, 2022). In the context of international relations, this has also occurred under Western European neo-colonial watch. Where torture, breakdown in civic structures, police and judicial systems, and extrajudicial punishment have occurred in many countries. Terrorist and rebel groups have also emerged in many cases facilitated by Western actions like the Arab Spring invasions.
One has to consider the neo-colonial economic policies and extractive approach to resources over many decades. This has occurred in Francophone Africa, where military coups have toppled leadership, sponsored corrupt leaders, and allowed for pro-French trade (Dzekashu, 2021). Naturally, this is at the expense of the developing nations, where civil wars have often manifested. The western invasion of Libya and Syria also demonstrates the impacts of these wars, creating increased violence and civil unrest. The subsequent outcome was the spread of terrorism and extreme human rights abuses. The violence, instability, and refugee crisis that have occurred as a consequence have been a result of Western interference.
The goal for BRICS+ has purportedly been to change the global economic landscape to support the Global South, which includes many of these countries affected so far. This would be a promising influence if this occurs.
Source: UN
Western and BRICS Human Rights Issues
When it comes to domestic issues, another example is the torture of accused terrorists by police in Russia. Added to this, political opponents and journalists have faced persecution in Russia, India, and China. We only have to consider examples of breaching US interests to see whistleblowers being prosecuted under the Espionage Act. Independent bodies like the UK’s Equalities and Human Rights Commission also face a downgrade by the United Nations for not being politically impartial or independent. This demonstrates the corruption of a UK Human Rights Watchdog. There are, of course, more wide-ranging issues with freedom of speech in the West. On the flip side are examples of inciting violence, hate speech, and fear-mongering. The requirement is for proper democratic human rights commissions and accountable institutions to mitigate this, prioritising civil liberties instead of institutions simply echoing differing political viewpoints.
There have also been examples of police brutality and excessively harsh judicial processes disproportionately harming vulnerable groups in the United States. This is alongside corrupt prison systems in the United States (Centre for the Advancement of Public Integrity, 2016). Suffice it to say, notwithstanding that some Western countries do have robust institutions to mitigate such issues, the West is nonetheless significantly afflicted by such issues at times. Addressing this is also hampered by much of the media.
Source: Pexels.com
The Potential of A Global Partnership Group Like BRICS
Perhaps the most important factor to consider is that the traditional tenets of a functioning democracy are upheld. Many BRICS+ nations purport to adhere to this, including Russia, India, and Brazil. They are perhaps more consistent with “liberal” expectations of this by the West than Russia, whose actions by authorities regarding the judicial process fall short of this—as do some Western countries. China has largely rejected the concept of democracy, which makes its dominance or influence challenging. If the remaining larger countries can uphold democratic principles, then this has other implications for the developing world.
Ideally, within the West too, countries should adhere more closely to the democratic principles upon which they were founded. This includes mitigating censorship, addressing the lack of independent media or media accountability, and ensuring better political and institutional accountability. This includes accountability within social media. Then, the world might be set to address many of the social issues it currently faces. If dethroning the USD should occur, it should not mean dethroning democratic global influence. Instead, greater international cooperation and balance of economic power between different nations is a core tenet of classical liberal thought. We must also consider the Enlightenment philosophies of Emmanuel Kant and Adam Smith, which, along with other Enlightenment thought embedded within early western idealism, significantly influenced the developed world. Domestic policies within BRICS+ nations should also reflect higher democratic and basic civil liberties standards.
Agitator of Change
The BRICS bank could act as an agitator of change, whereby global power is shared and global dominance mitigated. If shared values along the lines of living within planetary boundaries and doughnut economics exist, this is a start. By remaining within the safe optimal parameters of social and environmental well-being, a sustainable and prosperous world could emerge. This assumes that efforts towards green energy and industry are adopted. Furthermore, basic human rights and democratic standards should be employed for mutual benefit. The pursuit of higher democratic and human rights standards is something the world, including the West, needs to consolidate with greater responsibility and accountability.
Source: NewsClick
How A Global Partnership Group Like BRICS Can Achieve the United Nations’ SDGs
If human rights exist, then different cultural and political backdrops can exist globally without sacrificing these basic tenets. This can happen as long as accountable democratic processes and institutional accountability exist in adherence to SDG16. This goal states that effective progressive standards of individual protection are valued as paramount. This can also occur while addressing global inequality (SDG5 and SDG10) and areas like poverty and well-being (SDG1, 2, 3, and 4).
Source: UN
In the context of the climate crisis, the natural world is also significant, as exemplified by SDG13, SDG14, and SDG15. Many BRICS nations are looking to expand their development through renewable options. The expansion for many, as emerging economies, can also be heavily dependent upon and infused with green and sustainable industry. This includes less dependence on fossil fuels by turning to wind and solar power, greater investment in public transport, and plant-based agriculture.
Eradication of intensive animal farming and the threats it brings is also needed, as well as restriction on extractive industries from mining to fisheries and aquaculture. Ensuring the existence of circular and regenerative economies is also required while preserving clean water and promoting biodiversity. If BRICS+ nations and the Global North alike champion these SDGs and areas, there is great potential for the future.
A Thrivable Framework
THRIVE uses the best available knowledge to allow for the most effective democratic systems to preserve human interest. The THRIVE Framework can guide us toward the best science to understand what is required for living within planetary boundaries as well as enabling a prosperous future. A couple of the Foundational Focus Factors of the THRIVE Framework that can help guide this topic are Values-Based Innovation and Systems Thinking.
Values-Based Innovation and Systems Thinking
Values-Based Innovation holds that innovations ensuring democratic and human rights accountability exist within institutions connected to the BRICS+ global partnership group. This might occur in legislative approaches but also by private sector companies and independent regulatory bodies. BRICS+ members need to ensure proper human rights protection across different areas.
The geopolitical interests of developing nations can be realised by the systemic impacts of the BRICS+ group. This links to systems thinking, which recognises the different levels from the micro-community level to the macro-policy level. Through combating legacies of economic disparity, greater allowance for accountability through pluralised power structures is a possibility. This will impact the lived experience of individuals on a micro level.
The developing world and countries joining BRICS+, as well as the developed world, can benefit alike. The world is interconnected and interdependent systemically, and THRIVE promotes this. The THRIVE Framework seeks to educate people on what is required to facilitate a future that is thrivable. The THRIVE Framework examines issues and evaluates potential solutions, making predictive analyses using topics such as those discussed in this article. To learn more about how the THRIVE Project is advocating for a future beyond sustainability, visit our website. You can follow our informative blog and podcast series and view our video-recording series on YouTube.