Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Aoun, in a meeting with a US delegation: We stress the importance of renewing UNIFIL's mandate until Resolution 1701 is implemented
Aoun, in a meeting with a US delegation: We await the Israeli response to the joint proposals document that US envoy Tom Barrack will bring along
Lebanese President Joseph Aoun, in a meeting with a US delegation: We were not informed of circulated news about 'Israel's' intention to establish a buffer zone in southern Lebanon
The Israeli occupation targets Deir Keefa in South Lebanon with 2 surface-to-surface missiles
Philippe Lazzarini: The famine in Gaza is a direct result of banning food and other basic supplies for months including from UNRWA .
Philippe Lazzarini: The spread of famine can still be controlled by a ceasefire and allowing humanitarian organizations to do their work and reach starving people with aid.
The United Nations on the Israeli-induced famine in Gaza: The starvation of civilians for military objectives is a war crime.
UNRWA Commissioner-General Philippe Lazzarini: famine is now confirmed in Gaza city. This is starvation by design and manmade by the Government of Israel.
More than 30 people have been martyred in Gaza since Friday dawn in Israeli bombardment targeting refugee camps throughout the blockaded strip.
Al Mayadeen correspondent: The Israeli occupation forces are carrying out demolitions of residential buildings in Gaza's al-Tuffah neighborhood amid intensifying airstrikes.

BRICS+ remains credible counterweight to Western hegemony

  • Hamzah Rifaat Hamzah Rifaat
  • Source: Al Mayadeen English
  • 23 Jun 2025 15:22
  • 1 Shares
6 Min Read

It is irrefutable that on Palestine, sanctions fatigue in the developing world, and the weaponization of the dollar, BRICS+ has become a credible counterweight to Western economic hegemony.

Listen
  • x
  • BRICS + remains credible counterweight to Western hegemony
    BRICS+ remains credible counterweight to Western hegemony (Illustrated by Zeinab al-Hajj; Al Mayadeen English)

The acronym BRICS stands for the countries of Brazil, Russia, India, China, and South Africa, each of which is a founding member of an intergovernmental organization that prioritizes middle-income, emerging economies and economic cooperation. Founded in 2009, BRICS has now expanded to BRICS+ to include countries such as Iran, the United Arab Emirates, and Indonesia, adding high-income, emerging, and established economies in a framework geared at catering to the world’s largest markets in the absence of provocations and unilateralism.

The organization will be convening its newest summit in July 2025 in Rio De Janeiro, Brazil, with an agenda centering on enhancing political and socioeconomic cooperation, artificial intelligence governance, and promotion of multidimensional peace and security architectures, which are slated to benefit all at the expense of none.

Furthermore, evidence suggests that BRICS+ has established itself as a successful counterweight to American and Western hegemonic designs, which continue to damage multipolarity. This includes resilience in the face of brazen imposition of sanctions on countries such as Iran and Russia, the weaponization of the dollar to cripple regional economic giants such as China, and adoption of escalatory policies on regional conflicts such as "Israel’s" genocide in Gaza, Ukraine, and the latest conflagration between the Zionist entity and Iran. BRICS+ is also seeking realignment on Palestine, with member states calling for an end to Israeli barbarity while condemning attacks against member states such as Iran.

Global economic powerhouse

As western economies stagnate and face domestic pressures from immigration, inflation, to energy price shocks, countries in Asia, Latin America, and Africa are witnessing remarkable progress alongside generally better standards of living and the innate ability to become important financial players in the international system. This includes contributing to the overall health of the world economy. As of 2024, BRICS+ states encompassed 40% of international trade and 36% of global GDP in terms of purchasing power parity, which is higher than both the European Union and the G7 combined. Total oil production also stands at approximately 30% of total global output, with member states such as Iran having one of the largest proven oil reserves in the world.

Related News

How ‘Human Rights’ became a Western weapon

Why the US is cozying up to Pakistan once more

Also, the monopoly of the West on agriculture is crippling and being replaced with self-sufficiency in the developing world including member states of BRICS+. BRICS+ produces 42% of the world’s wheat, 52% of the world’s rice, and 46% of soybeans, which, alongside trade and oil production, makes it self-sufficient in terms of crop yields and food security. To complement this potential, close to 60 bloc institutions have been established among member states, including the Contingent Reserve Arrangement. The CRA is a framework for providing liquidity and contingent instruments to member states dealing with balance of payment pressures and domestic financial instability, and there is also the New Development Bank, which supports public and private projects in member states with loans and investments. These constitute viable alternatives to Western-led financial institutions, which have only served to contribute to rising sovereign debt, limited domestic and localized development, and minimal impacts on poverty alleviation.

Eschewing dollarization while ensuring financial sovereignty, security

Another aspect of BRICS+ that challenges Western monetary architectures is the pursuit of financial independence by the bloc. Recall that President Lula Da Silva of Brazil, who replaced authoritarian, pro-"Israel" Jair Bolsonaro, who was also close to US President Donald Trump, questioned the bloc's dollarized transactions and emphasized opting for viable alternatives such as trading in local currencies, such as the Yuan and the Iranian Rial instead. What is encouraging is that Da Silva’s vision has materialized for the bloc in the form of bonds issued by the BRICS Bank in the South African Rand (an important currency in Africa). China, too, is successfully managing to increase its use of the Yuan in trading transactions, with close to 16% of its export revenue coming from the Renminbi.

Apolitical expansion and rising clout 

Unlike Western economic hegemonic designs, which contributed to sovereign debt and declining credit ratings for the developing world, BRICS+ has expanded to include more dynamic members for peace and stability. This is exemplified in the bloc’s transcontinental appeal, where in the year 2023, new members Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates agreed to partake in it, thus expanding its influence. This also reflects acceptance of diverse countries, governance systems, and ideologies, which is in line with China and Russia’s willingness to counter unipolarity promoted by the US while working toward a more equitable international system.

Post-Palestine realignments

Given that Washington D.C.’s unconditional support to a genocidal regime has continued unabated and left Palestinians increasingly disillusioned, the leadership in Gaza and the West Bank looks toward and expresses support for BRICS+ given the bloc’s proclivity toward a "two-state solution". The advocacy for Palestinian sovereignty in BRICS+ marks a sharp departure from the Trump administration’s repeated threats against Iran and unacceptable ceasefire proposals in the occupied Palestinian territories, while urging "Israel" to maintain the status quo. For Palestine, engaging with different countries in the bloc can help it diplomatically and economically, given that China and Russia have supported its internal reconciliation efforts, and leaders of the member states reiterated their support for an independent Palestinian state at the 2024 BRICS Summit in Kazan.

Also, a closer association with BRICS+ allows Palestine to benefit from conventional wisdom against Israeli barbarity from states such as South Africa, which lodged a case at the International Court of Justice against the Netanyahu regime.

It is hence irrefutable that on Palestine, sanctions fatigue in the developing world, and the weaponization of the dollar, BRICS+ as a bloc, an organization, and an entity has become a credible counterweight to Western economic hegemony.

A lot is expected at the July 2025 summit in Rio.

The views expressed in this article are solely those of the author and do not necessarily reflect Al Mayadeen’s editorial stance.
  • United States
  • BRICS countries
  • western hegemony
  • BRICS
  • BRICS+
  • BRICS summit
Hamzah Rifaat

Hamzah Rifaat

A host/anchor, analyst, and visiting fellow at the Stimson Center in Washington D.C.,2016.

Most Read

All
Declassified: CIA’s covert Ukraine invasion plan

Declassified: CIA’s covert Ukraine invasion plan

  • Opinion
  • 16 Aug 2025
Those in Occupied Palestine, Lebanon, and Syria – directly affected by Israeli occupation and apartheid – can claim their right to armed struggle under a series of UN resolutions. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Resistance and regime change in occupied Palestine

  • Opinion
  • 17 Aug 2025
The positions of the current regime in Syria are indefensible, not even from a selfish materialist perspective. (Al Mayadeen English; Illustrated by Batoul Chamas)

Normalisation is death of Arab sovereignty, Syria is the best example

  • Opinion
  • 14 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025

Coverage

All
War on Iran

More from this writer

All
There is little doubt that many developing countries continue to be dismayed by reckless US adventurism as well as Europe’s indifference to the plight of their economies. (Al Mayadeen English; Illustrated by Mahdi Rtail)

Understanding the Global South: Missed opportunities or a rising force?

Beyond the United States are critical leftist perspectives which underline the reawakening of the Arab left. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

The Reawakening of the Arab Left: Amman to Tunis, new voices challenging empire and capital

Russia in Africa: Strategic Realignment and Open Embracement

Russia in Africa: Strategic Realignment and Open Embracement

Latin America’s leftward tendencies and lessons from its Middle Eastern counterparts

Latin America’s leftward tendencies and lessons from its Middle Eastern counterparts

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS