Can Brics counter the influence of richer industrialised nations?

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Brics is seen as a mechanism for Global South countries to strengthen cooperation and collectively withstand pressure from richer industrialised nations.

Malaysian Prime Minister Datuk Seri Anwar Ibrahim views Brics as a significant tool for reducing global dependence on the US dollar and fostering greater collaboration among countries of the Global South. He stated that Brics serves as a vehicle to lessen the impact of dollar dependency, a strategy that aligns with past initiatives involving local currency usage with nations like China, Indonesia, and Thailand, and ongoing discussions with India. The grouping, which expanded in January 2024 to include Iran, Egypt, Ethiopia, and the United Arab Emirates, alongside its founding members Brazil, Russia, India, China, and South Africa, is considered crucial for empowering these nations.
Brics as a Tool for Reducing Dollar Dependence

Anwar highlighted that Brics plays a role in mitigating the reliance on the US dollar for international transactions. He cited Malaysia's experience in utilising local currencies for trade with China and Indonesia, and similar discussions with India, as evidence of a broader trend towards de-dollarisation. The establishment of Brics in 2009, initially comprising Brazil, Russia, India, and China, and later expanded, provides a platform for these economic alignments.
Strengthening Global South Cooperation

The Prime Minister emphasised that Brics is a vital instrument for enhancing cooperation among Global South countries. He articulated that this collaboration is not necessarily about antagonism but rather about creating a collective force to "contain the onslaught of richer industrialised countries" and withstand external pressures. This perspective underscores a desire for greater autonomy and resilience within the developing world.
Collective Strength to Withstand Pressure

Anwar stressed the importance of the Global South organising itself to become stronger and more capable of managing pressures beyond their direct control. He expressed appreciation for an invitation to attend the Brics meeting in Kazan, indicating Malaysia's engagement with the bloc's objectives. The underlying sentiment is that by uniting, these nations can achieve a more balanced global economic and political landscape.

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Can Brics counter the influence of richer industrialised nations?

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