New pole in a multipolar world?

The BRICS summit, recently held in South Africa, attracted particular attention due to its impact on the global landscape.

The 15th BRICS Summit took place from August 22-24 in South Africa. (Source: GCIS)

The recent BRICS summit in South Africa attracted particular attention due to its impact on the global landscape. While Russia and China actively leveraged the summit to expand their influence, the US and the West worried about the formation of an alliance that would challenge their power.

The BRICS leaders' meeting took place against the backdrop of member states—China, Russia, India, South Africa, and Brazil—striving for a greater voice in the current international system, which they perceive as favoring the West and the G7. As an emerging power, BRICS is seen by many countries, particularly developing nations in the Southern Hemisphere, as a potential alternative to the US-led alliance and partnership system.

Comprising 40% of the world's population and a quarter of its GDP, BRICS, with its members China, Russia, India, South Africa, and Brazil, forms a large economic bloc with significant potential. Against this backdrop, this BRICS summit seeks to strengthen the group's rising power.

First, there is the expansion of BRICS with the addition of six new members, including US allies such as Saudi Arabia and the United Arab Emirates (UAE). The participation of these leading oil-producing nations in BRICS gives the bloc special importance. In the future, when the list of nearly 40 countries wishing to join is complete, BRICS will account for 40% of global GDP.

Another ambition of BRICS is to discuss the creation of a common currency for the bloc. Along with promoting bilateral trade using the national currencies of member countries and strengthening the role of the New Development Bank, BRICS aims to gradually replace the influence of the United States on the global economy.

It's unclear how many new centers of power will emerge after the Cold War, but BRICS is certainly one pole in the increasingly multipolar world.

Source: https://baoquocte.vn/brics-cuc-moi-trong-the-gioi-da-cuc-239623.html