BRICS: The New Power of Multipolar Order
BRICSIt is noted as a block with a growing structure in the world economy. The BRIC representations, which emerged in 2001 by Goldman Sachs economist Jim O'Neill, were used for generations with rapidly growing economies such as Brazil, Russia, India and China. With the emergence of South Africa in 2010, this group, called BRICS, continues to defend the interests of developing countries and support a multipolar world order. Today, BRICS represents about 26% of the world's economy, with economic size in a total product range of 27.3.
The Expansion and Global Impact of BRICS
The impact of BRICS has been further strengthened by the screening of new members. In 2023, invitations were sent to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join the BRICS. Egypt, Ethiopia, Iran and the UAE became official members in 2024. With this expansion, BRICS countries make up about 43.7% of the world's offering, with a total population of 3.6 billion. It also has a significant share in the world trade of BRICS countries; It exports $4.6 in total.
Political and Economic Dynamics
Support of Multipolar Order: BRICS emerged as an alternative power increase against the dominance of the Western-based international organization. Member states are seeking a fairer administration, with the unification of reforms in international organizations such as the United Nations. This provides greater representation and influence in global decision-making.
Representation of Developing Countries: BRICS aims to help developing countries in particular increase their economic growth. Support for the development systems of these countries is provided through financial instruments such as the New Development Bank. Thus, the global economic system of these countries is in a stronger position.
Alternative Economic Structures: BRICS creates its own economic cooperation platforms as an alternative to Western financial payments, such as the World Bank and the IMF. In this way, new strategies are adopted, such as the realization of trade between member states with local currencies. In this case, the dynamics of global trade may arise.
Role in International Crisis: BRICS Members play a more effective role in international crises, especially with efforts by China and Russia to mediate. This increases solidarity within the group and emphasizes the need to address global security issues.
Geopolitical Balance Change: The willingness of countries like Turkey to join the BRICS has the potential to reshape global geopolitical balances. Such participations can be used to allow BRICS to have more ownership in the international arena.
Future Perspective
Global Power Dynamics: BRICS countries represent about 45% worldwide and 28% of the global economy.
This allows BRICS to have more say internationally. Noting their economic size and energy resources (44% of the world's crude oil production), BRICS supports the call for developing countries to have a greater representation.
Economic Cooperation and Institutionalization are supported by efforts to create economic cooperation, de-dollarization of trade, and alternative payment results, which play an important role in BRICS' future. In this context, work continues on projects such as the digital payment platform called BRICS Bridge.
In addition, steps such as the establishment of the BRICS Bank will contribute to the institutionalization of the celebration.
Role of Turkey: Turkey's presentation to BRICS can contribute to the multipolar world order, helping it to play a more effective role in the international arena. Turkey may have the opportunity to use BRICS as a leverage in the global trade market and sales with the European Union thanks to its relations with BRICS.
As a result, the rise of BRICS offers an alternative platform for inclusion in the formation of a multipolar world order. During this process, the maintenance of group integrity and the continuation of economic business units have critical expansion. The appearances of BRICS will depend on this freedom. With the change in economic growth and the participation of new members, the impact of this bloc will become stronger in the future. The role of BRICS is critical for the voice of developing countries, and this will create new dynamics in international markets.
References
IMMIB – BRICS' Global Impact Increasing
BBC – BRICS: Why Is Turkey's Proposed Community Important, What Is Its Purpose?
Bircan HASGÜL
