The BRICS group, comprising Brazil, Russia, India, China, and South Africa, has been making significant strides in reshaping global governance and economic cooperation. Recent developments, including the expansion of the bloc and calls for reform in international institutions, highlight the growing influence of this coalition of emerging economies.
BRICS Expansion and Parliamentary Cooperation
The BRICS economic group has recently expanded its membership, welcoming Egypt, Ethiopia, Iran, and the United Arab Emirates as full members. This expansion marks a significant milestone in the bloc’s evolution since its founding in 2006.
Russian President Vladimir Putin, speaking at the 10th BRICS Parliamentary Forum in St. Petersburg, emphasized the importance of this expansion and Russia’s commitment, as the current chair, to ensuring the effective integration of new members. Putin also floated the idea of establishing a BRICS parliament in the future, stating, “Thus far, BRICS does not have its own institutionalized parliamentary structure. But I believe that in the future this idea will definitely be realized.”
The forum, which saw participation from 400 delegates representing 18 countries, underscores the growing global interest in BRICS and its parliamentary dimension. Putin stressed that parliamentary tools are often the only means for establishing dialogue among parties interested in addressing various issues, highlighting the crucial role of inter-parliamentary cooperation in overcoming international challenges.
Push for Global Governance Reforms
India, a key BRICS member, has been vocal about the need for reforms in global governance structures. Om Birla, the speaker of the Lok Sabha (the lower house of the Indian parliament), called for reforms to the UN Security Council and the World Trade Organization (WTO) during the BRICS Parliamentary Forum.
Birla emphasized that BRICS, representing the interests of the developing world, stands for greater democratization of the global governance system. He stated, “We should share our best practices, our experiences, to bring prosperity for everyone.” Birla also highlighted the potential for parliaments to play a crucial role in solving regional and global problems through enhanced inter-parliamentary cooperation and the use of modern technologies.
Economic Initiatives and De-dollarization
BRICS countries are actively working on economic initiatives to strengthen their position in the global financial system. Russian Finance Minister Anton Siluanov recently announced that BRICS finance ministers are exploring the possibility of launching a common blockchain-based system for financial settlements. This system could potentially serve as an alternative to the Western-dominated SWIFT system.
Furthermore, there’s a growing trend among BRICS nations to move away from using the US dollar and euro for trade settlements. The share of national currencies in Russia’s settlements with BRICS countries has significantly increased, jumping from 26% to 85% over the past two years. This shift towards de-dollarization reflects the bloc’s efforts to reduce dependence on Western financial systems and promote greater economic sovereignty.
Strengthening Diplomatic Ties
The BRICS forum has also provided a platform for strengthening bilateral relationships among member states. For instance, the Lok Sabha speaker Om Birla noted the positive outcomes of the recent bilateral summit between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin. Birla emphasized the traditional and longstanding relationship between India and Russia, stating that the two countries have always discussed “the common interests of the world” and how to achieve global peace.
Conclusion
As BRICS continues to expand and evolve, it is clear that the bloc is playing an increasingly significant role in shaping global economic and political dynamics. The push for reforms in international institutions, coupled with initiatives to create alternative financial mechanisms, signals a shift towards a more multipolar world order. The potential establishment of a BRICS parliament could further solidify the group’s influence on the global stage.
The coming years will likely see BRICS continuing to advocate for the interests of emerging economies and pushing for a more equitable global governance system. As the bloc grows and strengthens its cooperation, its impact on international affairs is set to increase, potentially reshaping the landscape of global power dynamics.
