Reasons why BRICS is needed and a good competitor to G7 and the West

BRICS is an association of five major countries including Brazil, Russia, India, China, and South Africa. The BRICS Bloc is an important competitor and force needed to challenge the G7 and the West and provide alternatives to countries that are not comfortable with the US and its allies.

On Aug. 24, 2023, BRICS announced that it would formally accept six new members at the start of 2024. The countries are Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and UAE.

Have you asked yourself the reasons why BRICS is needed and a good competitor to G7 and the West?

Well already, the following data prove their importance in global politics, business, and power

1. BRICS+ looks like the future name of the Bloc if other countries join.
2. The BRICS Bloc currently controls 46.0 of the global population.
3. The BRICS Bloc’s share of global GDP is 29.3%
4. The BRICS Bloc’s share of global oil production is 43.1%
5. The BRICS Bloc’s share of global exports: 25.1%

The more countries that join the more powerful and relevant it becomes.

READ: BREAKING: BRICS to invite 6 new members in January 2024 (Check the countries)

There are valid reasons why BRICS is needed as a good competitor to G7 and the West.

• To represent the interests of the Global South in the global economy. The BRICS countries are home to over 40% of the world’s population and account for a significant share of global GDP. They are also major exporters of commodities and raw materials. By banding together, the BRICS countries can have a greater say in global economic decision-making.
• To promote economic cooperation and development among its members. The BRICS countries have a lot to offer each other in terms of trade, investment, and technology. By working together, they can boost their economies and improve the lives of their citizens.
• To provide a counterweight to the West. The G7 countries, led by the United States, have long dominated the global economy. The BRICS countries are seeking to challenge this dominance and create a more multipolar world order.

BRICS can be a good competitor to the G7 and the West in the following ways:

• It has a larger population and market. The BRICS countries have a combined population of over 4 billion people, which is more than the G7 countries combined. They also have a large and growing middle class, which is a major driver of economic growth.
• It has a growing economy. The BRICS countries are growing at a faster rate than the G7 countries. This is due to a number of factors, including strong domestic demand, rising investment, and favorable demographics.
• It is more united. The BRICS countries have a common interest in challenging the dominance of the West. This gives them a stronger bargaining position in the global economy.

However, there are also some challenges that BRICS faces, such as:

• The different political systems of its members. The BRICS countries have different political systems, which can make it difficult to reach consensus on common goals.
• The economic disparities between its members. The BRICS countries have different levels of economic development, which can also make it difficult to achieve common goals.
• The rise of protectionism. The rise of protectionism in the West could make it more difficult for BRICS countries to export their goods and services.

Despite these challenges, BRICS has the potential to be a major force in the global economy. If the countries can overcome their differences and work together, they can create a more prosperous and equitable world order.

As for India, BRICS is useful to it in the following ways:

• It provides India with a platform to engage with other major emerging economies. This can help India to balance its strategic interests between the United States and China.
• It gives India access to new markets and investment opportunities. The BRICS countries are growing at a rapid pace, and India can benefit from this growth by exporting its goods and services to these markets.
• It helps India to promote its own development agenda. The BRICS countries are committed to promoting economic development and poverty alleviation. This is an agenda that India shares and BRICS can help India to achieve its own development goals.

The expansion of BRICS to include six new members is a positive development for India. This will give India a greater say in the group and will help it forge closer ties with other emerging economies. It will also help India to counter the influence of China in BRICS.

Overall, BRICS is a valuable forum for India. It helps India to engage with other major emerging economies, access new markets and investment opportunities, and promote its own development agenda. The expansion of BRICS to include six new members is a positive development for India and will further strengthen its ties with the group.

Do you think given the reasons given as to why BRICS is needed and a good competitor to G7 and the West, other countries should join them?