BRICS’ impact will remain limited. But the U.S. would still do well to look at where Western-led global institutions are falling short.
Chinese President Xi Jinping, top right, walks past Russian Foreign Minister Sergei Lavrov, seated right, and Chinese Foreign Minister Wang Yi, second from right, during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on Aug. 24, 2023.
BRICS held its annual leaders summit last month, and it was the most newsworthy event in the bloc’s 14 years. What began as an acronym coined two decades ago by a Goldman Sachs economist to highlightis now making a play for real global influence. Headlines are heralding a new rival to the Western-led global system.” narrative of democracies versus autocracies, many states that have tired of Western rule-setting are looking to strengthen their voice and role in global politics.
BRICS isn’t a formal multilateral organization, and it has no governing mechanism to guide decision-making or even agree on goals. Its most concrete deliverable was establishing the New Development Bank, intended to provide an alternative source for development funding outside the Western-dominated International Monetary Fund. BRICS has otherwise proved more symbolic than substantive to date.
But that symbolism matters. The bloc isn’t overtly anti-American, but its popularity signals dissatisfaction with the Western-run global order and a desire by its members to reduce dependence on a system that hasn’t always taken the priorities of the Global South to heart. These include greater trade opportunities and more effective economic development and financial support.
Those countries that are most at odds with the United States are set to reap the greatest reward. Russia and Iran see BRICS+ as an end-run around harsh Western sanctions. While BRICS rotates leadership, China is its undeniable powerhouse, begging the question of whether countries that join BRICS+ are merely trading dominance by one great power for another.Read the latest editorials and commentary curated by the Tribune Opinion team.
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