Brazil

Shifting Strategic Focus of BRICS and Great Power Competition

This article builds on extensive debates on the role of BRICS in world order. But instead of focusing on BRICS’ impact on the world order, the article takes a different methodological approach. It traces how much the evolution of BRICS’ rational was prompted by changes of the international system and Russia’s and China’s grand strategies. The key finding is that the BRICS does not determine major world developments, but acclimatizes to the evolving international situation.

The BRICS in the Era of Renewed Great Power Competition

The BRICS are at a turbulent crossroads as renewed great power competition intersects with countervailing tendencies in the emerging multipolar arena. Their success depends avoiding the external costs and domestic pathologies generated by great power friction. Emerging multipolarity provides opportunities for manoeuvre, but only if outsized China accommodates the other BRICS as it competes against the United States. The BRICS’ strongest common aversion concerns American hegemony and its weaponization of finance.

BRICS and Sovereign Internationalism

The article outlines four types of globalism contending for hegemony today. The struggle of what effectively represents different types of international order is one reason why international politics today looks so disordered. The BRICS association is firmly located as part of one of these orders, that of sovereign internationalism, but is challenged by the disruptive implications of the Trumpian mercantilist order. BRICS and its members as a result are drawing closer to the liberal internationalist model.

Sixth BRICS Summit: A step towards more equitable global order?

The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.