BRICS Expansion: Confrontation Won’t Help

The decision to expand the five-nation BRICS by inducting six more nations has generated a considerable amount of heat with some western countries seeing this move as a threat to their hegemony over the world, especially after the collapse of erstwhile USSR. But the fact remains that among the six new entrants in BRICS, only Iran can be termed as anti-West, while the rest of the countries have so far shown inclination to follow middle-of-the-road foreign policy. Moreover, countries like Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and UAE cannot be blamed for being pro-China. So, the perception that China is hijacking BRICS through this expansion is completely unfounded. All these countries are proud independent and sovereign nations that have not joined BRICS to challenge any nation but to strengthen its respective economies by opening new trade avenues.

As a matter of fact, the ambition of the BRICS countries has become a headache for the West. Firstly, the New Development Bank (NDB) has already appeared as a competitor to the World Bank, International Monetary Fund (IMF) and the Asian Development Bank (ADB) as it is set to provide loans on easy terms to member nations, instead of the onerous terms and conditions imposed by these international lending institutions as per the western agenda. The rise of NDB will effectively blunt the most potent weapon of the West to increase its influence over the third world. Also, BRICS is pondering over the thought of allowing member nations to trade with each other in their respective national currencies. If the proposal materializes, it will definitely be a severe blow to the US Dollar, which has so far remained the most sought-after currency. The very thought of the dollar losing its sheen has actually made the West apprehensive about the move.

Another allegation is that through the expansion, BRICS is actually trying to recreate the Bandung spirit of 1955. BRICS member-nations have so far remained silent regarding this and indicated that it is more interested in providing trade and commerce a much-needed fillip, especially in the post-pandemic era. Besides this, the global situation has undergone a sea change since the 1950s; new ideas for peace and sustainable developments are required. The biggest challenge before the world today is global warming. Reviving the world economy is another daunting task before the nations. Both these issues require collective effort. Clearly, this is not the time to pose challenge to each other to prove supremacy. Any step towards this direction will spell doom for the world. So, instead of being skeptical about an eleven-nation group, other nations should examine how they could also be benefitted from the latest initiative taken by BRICS. The governments across the world should know that consensus, not confrontation, is the key for building a better, peaceful world.