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
Lebanese Ministry of Health: Final toll from airstrike on car in Zebdine, Nabatieh District: Two martyrs, four injured
Egyptian media: Indirect talks between Hamas and Israelis begin in Sharm el-Sheikh.
AFP: France's new PM Sebastein Lecornu resigns just hours after unveiling cabinet.
Trump: Technical teams will meet again on Monday in Egypt to discuss and clarify the final details, and the first phase is scheduled to be completed this week
US President Donald Trump: Talks with Hamas have been very successful and are moving at a rapid pace
Local sources in Aleppo: Violent clashes erupt between the SDF and factions affiliated with the transitional authority on the Deir Hafer and Tishrin Dam fronts in the eastern Aleppo countryside
Israeli media: Interceptor missiles fired in an attempt to shoot down the drone
IOF Spokesperson: Sirens sounded amid suspected "enemy aircraft" infiltrating the Eilat area
Israeli media: "Israel" won the battle but lost the war strategically and politically
Israeli media: Ben Gurion Airport's airspace closed to air traffic following missile launch from Yemen

The BRICS, countering Western centuries-long hegemony

  • By Ahmad Karakira
  • Source: Al Mayadeen English
  • 24 Aug 2023 00:38
8 Min Read

Accepting French President Emmanuel Macron’s request to attend the BRICS summit would have contradicted the whole idea behind the establishment of the BRICS group.

  • x
  • BRICS article

On August 22, the BRICS group kicked off its 15th summit in Johannesburg, South Africa, eyeing to present a number of world-impacting projects as part of plans to shift the global political scene from Western centuries-long hegemony.

The summit, scheduled from August 22 to 24, brings together the emerging economies of Brazil, Russia, India, China, and South Africa. Collectively, these nations represent over 40% of the world's population and around 23% of its GDP. Around 50 leaders from non-member countries are also attending.

In late June, French Foreign Minister Catherine Colonna said President Emmanuel Macron aspires to be the first Western leader to be invited to a BRICS summit.

In response, Russian Deputy Foreign Minister Sergey Ryabkov said the leaders of states that adopt a hostile stance toward Russia should not be included at the summit.

Later, South Africa's Foreign Minister Naledi Pandor pointed out during a news conference that no invitation had been sent to Macron to attend the August summit.

Perhaps Macron’s request was rejected simply because the French President represents the West that imposes harsh sanctions against defying, sovereign countries; the West that has colonial and imperial aspirations and the same West that imposes diktats on weaker countries. In other words, accepting Macron’s request to attend the BRICS summit would have contradicted the whole idea behind the establishment of the bloc.

Read more: Xi refused Macron's attendance at BRICS summit: Intelligence Online

The BRICS has emerged as a significant force in global politics and economics. The group was initially known as BRIC when it was formed in 2009, with South Africa joining in 2010 to become BRICS. The main objectives of this bloc were to promote mutual cooperation, economic growth, and political influence among its member nations. The core idea was to challenge the traditional hegemony of Western powers in global affairs.

BRICS members collectively represent a substantial portion of the world's population, landmass, and economic output. China, as the world's second-largest economy, plays a pivotal role in the group. Together, member nations have become engines of global economic growth, contributing significantly to international trade and investment.

Beyond economics, the group seeks to reform international institutions to better reflect the changing global power structure. Intra-BRICS economic cooperation has led to initiatives like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These institutions aim to provide an alternative to the Western-controlled World Bank and International Monetary Fund (IMF) by offering loans and financial support to member nations.

The most compelling aspect of BRICS is its collective economic might. The combined GDP of BRICS countries makes up a substantial portion of the global economy.

BRICS plays a pivotal role in international trade. The group's sheer size and economic prowess make it a vital trading partner for many countries. Intra-BRICS trade has surged in recent years, leading to greater economic integration among member states. Additionally, BRICS has advocated for trade in local currencies, reducing dependence on the US dollar in international transactions.

In his Tuesday video address to the BRICS Business Forum, Russian President Vladimir Putin stressed that the de-dollarization process among BRICS members is irreversible and that the share of the US dollar in trade is decreasing.

During the BRICS summit, South Africa's ambassador-at-large for Asia and the BRICS, Anil Sooklal, revealed that the five emerging economies eye strengthening trade using their respective local currencies, aiming for reduced dependence on the US dollar rather than pursuing a common currency.

However, Sooklal clarified that the discussions do not pertain to establishing a BRICS currency and emphasized the objective of fostering greater financial inclusion in global transactions and payments.

"The currency is being discussed but let me correct: It’s not about a BRICS currency. It is too early to talk about a BRICS currency," Sooklal said.

"What we are talking about is creating more financial inclusion in terms of global financial transactions, global financial trade, and how we conduct our payment," he added.

BRICS has established financial institutions to bolster its economic influence. The New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) provide financial support to member nations and act as alternatives to traditional Western-dominated financial institutions like the IMF and World Bank. These institutions empower BRICS nations to address economic challenges independently.

Dilma Rousseff, former Brazilian President and head of the NDB, emphasized the bank's goal to establish a more multipolar global financial system by implementing lending in local currencies.

Related News

Putin warns Europe on militarization, calls Gaza war a tragedy

Pezeshkian slams US proposal to trade uranium for sanctions relief

Rousseff stated that around 30% of the bank's lending would be conducted in local currencies, particularly the South African rand and Brazilian real. Loans would be provided in the respective national currencies.

Headquartered in Shanghai, the NDB was founded in 2014. It was subsequently joined by Bangladesh, the United Arab Emirates, and Egypt, with Uruguay currently in the process of becoming a member.

The NDB's primary objective is to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing nations. The bank has approved financing estimated at $30 billion, with 40% of the funds allocated to initiatives contributing to climate change mitigation, adaptation, and energy transition.

Learn more about the bloc that countries in the Global South are applying to join.#BRICS pic.twitter.com/at0aKzzBEq

— Al Mayadeen English (@MayadeenEnglish) August 23, 2023

While the BRICS group has gained significant prominence in recent years, another term has started to surface in discussions of global cooperation: BRICS+.

BRICS+ is an extension of the BRICS alliance that seeks to broaden its scope by engaging with other emerging and developing economies worldwide. It envisions the inclusion of additional countries and regions to promote greater economic and political cooperation.

BRICS+ aims to create a more interconnected global economy by bringing together a diverse group of nations. This can lead to expanded trade opportunities, investment, and economic growth for both BRICS and participating nations.

By inviting countries from different regions, BRICS+ seeks to rebalance the geopolitical landscape. It strives to offer an alternative to the traditional Western-centric world order by creating a more multipolar system.

Enlarging BRICS has been one of the top priorities of the bloc summit.

So far, over 40 countries expressed interest in joining and 22 have formally asked to be admitted. "Twenty-two countries have formally approached the BRICS countries to become full members of the group, and there is the same number of countries that have informally enquired about becoming BRICS members," highlighted South Africa's ambassador-at-large for Asia and the BRICS, Anil Sooklal.

Countries such as Saudi Arabia and Iran submitted applications to join BRICS, and countries that showed interest include Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, and Bangladesh.

It is noteworthy that aiming to stir sedition between member nations, Western media recently suggested that Brazil and India may be hesitant to allow new member countries to join BRICS, raising concerns of potential disagreement over the admission criteria during the summit.

Reuters claimed that "Brazil has resisted gathering momentum in the Brics group of major emerging economies to add more member countries," adding that "India has reservations about the expansion." However, both Brazil and India refuted these claims.

Brazilian President Luiz Inacio Lula da Silva emphasized the importance of admitting countries like Saudi Arabia, Argentina, and other developing nations to the group, pointing out that such a step would not only bolster BRICS but also counter Western narratives and their attempts to undermine the bloc.

Similarly, the Indian Foreign Ministry rejected reports suggesting India's opposition to BRICS expansion. "We've observed some unfounded speculations... that India is hesitant about [BRICS] expansion. This is simply untrue," the ministry's spokesperson Shri Arindam Bagchi underlined.

In a major blow dealt to Western aspirations of division, South Africa confirmed during the BRICS summit on Wednesday that the bloc leaders have indeed agreed on mechanisms for considering new members.

South African Foreign Minister Naledi Pandor stated on Ubuntu Radio, "We have agreed on the matter of expansion," adding, "We have a document that we've adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS...That's very positive."

All that is left are the details highlighting the criteria for considering candidates, which the members are expected to make an announcement about before the summit ends on Thursday.

Read more: BRICS attracting nations aiming for a non-Western dominated system

  • BRICS
  • BRICS+
  • Russia
  • India
  • BRICS summit
  • Brazil
  • South Africa
  • Emmanuel Macron
  • China

Most Read

Hamas fighters stand in formation ahead of a ceremony to hand over Israeli captives to the Red Cross in Nuseirat, Gaza Strip, Feb. 22, 2025. (AP)

Hamas reviews Trump’s Gaza ceasefire plan as PIJ rejects

  • Palestine
  • 30 Sep 2025
Iraq at a crossroads: A new war front?

Iraq at a crossroads: A new war front?

  • West Asia
  • 30 Sep 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Hezbollah's representative in Iran, Sayyed Abdullah Safieddine, during an interview with Al Mayadeen which aired on October 6, 2025 (Al Mayadeen)
Politics

Tehran never interferes in Hezbollah decisions: Representative in Iran

Smoke billows over the Gaza Strip following an Israeli bombardment, as seen from southern Palestine, Sunday, Oct. 5, 2025. (AP)
Politics

Indirect talks for a ceasefire in Gaza begin in Sharm El-Sheikh: Egypt

Fighters from the Syrian Democratic Forces (SDF) prepare to attend a military parad in Qamishli, northeastern Syria, Tuesday, August 12, 2025 (AP)
Politics

Security forces seal Aleppo’s Sheikh Maqsoud, Ashrafieh districts

Amsterdam Captain Mohammed Ali Mohiuddin, who took part in the Global Sumud mission to Gaza, talks to Al Mayadeen on October 6, 2025 (Screengrab)
Politics

GSF captain says despite abuse, 'Israel weaker than spider's web'

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