Information Bulletin of the BRICS Trade Union Forum

Monitoring of the economic, social and labor situation in the BRICS countries
Issue 26.2023
2023.06.26 — 2023.07.02
International relations
Foreign policy in the context of BRICS
BRICS++: the ultimate platform? (БРИКС++: идеальная платформа?) / Russia, June, 2023
Keywords: expert_opinion, brics+

The process of building international alliances has progressed inexorably throughout centuries to encompass the greatest possible number of cities, states, countries and regions. Almost invariably such pacts were predicated on a certain ideology, allegiance to a dynasty, or other unifying themes. In almost all cases such alliances were inward-oriented or exclusive, with value-based conditionality underpinning the allegiance to the block. But what if a new global platform for countries and regional groupings were open-ended, allowing for differing ideologies as well as political and economic systems? Would that not finally constitute the ultimate platform with the greatest flexibility and scope to attain development goals?

At first, the emergence of BRIC appeared to be yet another block seeking greater influence on the international arena. It was widely seen as yet another amalgamation of heavy-weights aspiring greater recognition. Then something started to change with the addition of South Africa and the formation of BRICS – this was no longer just about scale, but also the inclusiveness of the platform to comprise the main regional centers of the developing world. Next came the creation of BRICS+ and the possibility of the emergence of the most extensive platform for all of the Global South. This transformation from an introvert BRIC into an extrovert BRICS+ that is open to cooperation with all parts of the developing world triggered a whole series of requests from developing economies to join the platform.

But does this expansion process stop with BRICS+ or are there further possibilities to widen the scope of this platform? Indeed, the way to keep it in "ascension mode" is for the inclusiveness and openness themselves to become the subject of innovation. One possible further step in this direction may be to bring on board developed economies and their institutions. Indeed, some of the key elements for the dynamism of any modern platform such as innovation, technology, markets continue to be dominated by Western economies. And if the BRICS and BRICS+ principles of openness/inclusiveness are to be observed, it would be only logical for the BRICS to create a platform of outreach to the developed economies and their development institutions – something that could be undertaken via a "BRICS++" format. And in case criteria are advanced in the BRICS+ platform for the admission of new members from the Global South, there probably also need to be principles and criteria elaborated for the participation of developed economies and their development institutions in the BRICS++ platform.

Such criteria may include the standard set of principles (explicit and implicit) that are used in international economic organizations such as the WTO or the IMF. One such core principle is reciprocity, i.e. greater openness of western institutions and fora with respect to the BRICS in return for their participation in the BRICS++ format. Another principle is the de-politicization of discussions (with excessive politicization greatly undermining the progress in G20 discussions) and the prioritization of an economic/pragmatic agenda. Apart from the possible presence of Western leaders in future BRICS++ summits, the BRICS++ platform could involve the invitation of trade and regional integration blocks (with participation from developed economies) such as the EU or RCEP. It may also be possible to invite the representatives of regional development institutions from the West such as the EIB, EBRD and others. BRICS++ could also become a venue for not just reconciling, but mutually reinforcing the operation of such connectivity projects as the BRI, the Global Gateway and the B3W project.

Other possibilities for the BRICS++ platform may include discussions on the reform of global institutions such as the WTO. Environmental and green development priorities will also need to feature prominently within this North-South platform. Of notable importance for discussion may also be the issues of food and energy security. Another possible direction of development for BRICS++ could be the advancement of digital economy, AI regulations and the liberalization of North-South technology transfers in high-tech, IT as well as critical areas such as pharmaceuticals and health care. Debt relief as well as the modalities of ODA more broadly for the least developed economies will also need to be part of the agenda. Most importantly, BRICS++ will need to explore the possibilities for supporting the Global South and in particular Africa's AfCFTA in obtaining greater market access in the developed as well as developing world.

As the gravity center of the global economy further shifts into the Global South, the role of BRICS/BRICS+/BRICS++ will increasingly grow in setting not only regional, but also global development goals. The BRICS+ platform may become the focal point for development efforts across the entire expanse of the Global South, while BRICS++ with time may represent a parallel/alternative/complementary track to global institutions or fora such as the G20 (where the inertia of the role of developed economies is slow to reflect the changing realities in the world economy). Rather than solely attempting to change the distribution of quotas and voting rights in the Bretton Woods institutions, creating platforms such as BRICS+/BRICS++ may allow the BRICS to facilitate a speedier and more organic adjustment of global decision-making to the rising prominence of the developing world.

After centuries of the shifting international alliances attempting to reach ever grander scale, it may be time for more inclusive and open-ended platforms to play a leading role in the global economy. The algorithm to attaining the greatest possible scale in building such platforms is for the largest members to temper the excesses of their Realpolitik and rise up to the shared responsibility for the future of the world economy. Could the BRICS++ as the new type of international alliance close the chapters of history aimed at global domination and open up the collaborative chapters of global development? Why not? – after all, ex oriente lux! And no, this is of course not another "end of history". This is just the beginning.

                The BRICS of the future: why the block is ascending on the world stage? (БРИКС будущего: почему блок набирает силу на мировой арене?) / Russia, June, 2023
                Keywords: expert_opinion, political_issues

                In the past several years the BRICS have greatly increased their prominence in the global economy as a rising number of developing countries are applying for membership in the block. Over and above the discussions on BRICS expansion there is also the possibility of BRICS transforming the global financial system with the creation of a BRICS common currency. This enthusiasm and spotlight are in stark contrast to earlier pronouncements of the lack of luster in the grouping coming from observers both in the developed and developing world. So what is the reason for such a drastic turnaround in perception in a matter of just several years? Could it be that the BRICS have finally opened up the "possibility set" for the world economy that has gone from one crisis to another without a credible vision of alternatives?

                In fact, it may be precisely the emergence of such alternatives in the past several years that engendered the greatest interest with respect to the BRICS block – most notably the possibility of creating a new common BRICS currency. And while all the discussions about a speedy displacement of the US dollar from its global throne by the BRICS currency are unrealistic, the very possibility of an alternative instrument that could be used internationally presents an important signal to the global community that alternatives are possible. Alongside with the creation of new institutions, such as NDB, the resulting paradigm shift is that of greater divergence in economic development rather than convergence towards one model, one set of institutions and payment system/currency.

                The second factor behind the rising prominence of BRICS is the block's greater openness – the BRICS+ initiative re-launched by China in 2022 has generated a massive response throughout the Global South. The block of developed economies will have difficulties in emulating the degree of inclusivity demonstrated by the BRICS+ format. Furthermore, the openness and inclusiveness of BRICS is multifaceted – it concerns not only the formal membership and the various formats in BRICS and BRICS+, but also the acceptance of various developmental models, political/economic systems and modernization paths. In this respect, BRICS openness and inclusiveness are closely related to the "divergence paradigm" and the emergence of alternatives brought about by the block into the world economy.

                Another aspect of this greater inclusiveness and rising appeal of BRICS throughout the Global South is the sense of "shared prosperity" that is relevant not only for countries, but also wide strata of the population in the developing world. For countries BRICS and BRICS+ may provide a more open and equitable platform for catch-up growth. For the population it is about the widening of the ranks of the "middle class" of the Global South and taking its headcount in the developing world from millions to billions. The "demonstration effect" of some of the most successful BRICS countries such as China in fighting poverty and widening the ranks of the middle class may also be an important factor in the rising appeal of the BRICS on the world stage. And what about the billions of investors, entrepreneurs and inventors from the Global South emerging on the back of a new paradigm that allows the developing economies to reach their potential? Would that not be the greatest possible contribution to global welfare and global growth?

                In some respects, the BRICS project may be perceived as a start-up of the Global South – with great uncertainty and doubts that faced the innovations introduced by BRICS into the global economy. It is also a certain vision of the future that has tremendous innovative power to shape new global governance for the new generation and by the new generation of global citizens. This is because there is an important generational element in the BRICS project that also raises its appeal in the developing world. The median age in almost all developed economies is well above the global benchmark. In the case of BRICS, South Africa (28) and India (29) are lower than the global level (around 30-31 years) and in Brazil (33.5) it is close to the global average and notably below levels observed in advanced economies. In the case of China the growth in the median age over the past several decades still leaves it notably lower than in most developed economies. This generational factor is taken to another level within the framework of BRICS+ that brings on board Africa (median age is less than 20 years) and Latin America (close to 30-31 years) as regional partners of an extended alliance. A power shift in favour of the younger generation of the Global South will allow for a "shift in the global mindset" away from the fixation on the past and more towards the future.

                In the end, BRICS is not just an agent of change, it is increasingly seen by the young generation of the Global South as a key pillar of a more equitable and sustainable future. In my conversations with young South Africans at the BRICS Academic Forum earlier this year, one of the Forum participants in describing her enthusiasm about BRICS noted: "we here think this is the future". A vision of a brighter future by the young generation of our global community is what this world needs after all the disillusionments of the past several decades.
                              BRICS at a Historical Turning Point: Unexpected Challenges (БРИКС на поворотном этапе истории: неожиданные вызовы) / Russia, June, 2023
                              Keywords: expert_oipnion

                              The BRICS group (Brazil, Russia, India, China, South Africa) was created in conditions where the universal power of the West had already entered a period of slow decline, but few had any doubts that the United States and Europe would be able to determine the main characteristics of the world economy and international politics for a long time. Globalisation and the system of international institutions created with their vigorous participation were still coping, on the whole, with their tasks, and there were not enough obvious prerequisites and reasons for their landslide collapse. In fact, it was globalisation and the international institutions created by the West that determined the "packaging" of the international order, centred around the wealth accumulated over several centuries and the military and political capabilities of its founders.

                              The main systemic characteristic of BRICS is that it is a community of revisionists, i. e. powers that did not set as their goal the destruction of the world order, but sought to achieve the inclusion of their interests in this order. All its participants were able to extricate themselves from their previous plight thanks to the opportunities that the unjust international order led by the West gave them. All of them grew at the expense of resources, although they were dramatically curtailed in the realisation of their basic interests and values. Finally, none of the BRICS countries has plans to forcibly change the existing order of things, as revolutionary France, Germany and Japan have tried to do at one point or another over the past 250 years.

                              However, as contradictions accumulated in the world, even the modest revisionist wishes of the BRICS members became a factor that is leading, if not to the destruction of the existing international order, then to its most fundamental restructuring. Accordingly, the expectations regarding the BRICS countries are being shaped by their main partners, as well as opponents to their rise. Many countries throughout the world are now looking at the BRICS as a group that can, if not pick up the banner of global governance from the West, then at least become its second pillar; one that is more just and less selfish in relation to the small and medium-sized states of the world. In other words, expectations about the role of the BRICS in world affairs are shaped independently of the will of the participants in this group: they become the product of the evolution of the entire international order in a direction whose main features we have yet to witness.

                              The most striking manifestation of such hopes is the numerous ideas about expanding the BRICS by including new states. A list of countries has already been formed — candidates for joining the group, some of which look like real heavyweights. But in order to move forward in understanding how the BRICS' contribution to new global governance can truly be decisive, we need to ask ourselves a few questions. First, can the BRICS group maintain internal unity in an era when even the strongest international partnerships are being severely challenged? Second, is it possible in the current circumstances for the BRICS to maintain the revisionist nature of their behaviour in relation to the order that was created with their minimal participation and, in part, at the expense of their interests?

                              No one can doubt that the decisive influence of the BRICS in the shaping of the main aspects of the global agenda will make the world more just and stable. Russia, which assumes the chairmanship of the group in 2024, can set this as one of its main general political goals. Such a contribution is virtually inevitable, simply because the BRICS countries are not parasitic powers whose success and achievements depend on the ability to get the rest of the world to serve their interests. Their economic opportunities and political influence aren't grounded in a history of bloody wars, conducted with the purpose of establishing regional and global dominance. On the contrary, it was through wars — within itself and with those around it — that the modern community of Western countries, has created "its own" international order.

                              However, in order to fully realize the BRICS mission, this association will very likely have to answer the aforementioned questions, regarding its own destiny. We cannot ignore the fact that all the experience of strong institutions and global governance is the experience of the West, i.e. a community united by common values and, most importantly, interests in relation to the surrounding world. This is what allows them to stick together and be relatively effective in opposing the rest of humanity. Only forceful dictate of the US against its main allies would not be enough. It certainly plays an important role, but it cannot be the only fundamental factor. In the centre are the interests and values that led to the situation of the impossibility of any serious internal conflicts among the countries of the West.

                              Unlike the US and Europe, the BRICS community is not based on the idea of exploiting other countries and regions. The political systems of its members do not come from a single source, as is certainly the case of Europe and the United States. Moreover, the different civilizational foundations of the BRICS countries directly prevent them from creating an association whose internal discipline would be comparable to the West. Therefore, any observer can now question the ability of the BRICS to set the world agenda in the same way as the G7 countries have been doing for decades. The BRICS members may yet have to figure out how they can respond to the expectations of the international community, which has come to expect the dictatorship of the West and the patronage of Brazil, Russia, India, China and South Africa. The BRICS are already establishing concrete ways of contributing to the formation of the agenda for the whole world, and there are obvious achievements. However, as the ability of the United States and Europe to indicate the direction of movement to everyone collapses, the demand for clear support from the BRICS will only increase.

                              This means that the member countries of the group may, theoretically, face some challenges to their unity. Forming an alternative agenda to the dictates of the West is one thing, but creating ways to solve global development and security problems for the whole world, or at least for the countries of the World Majority, may turn out to be a more difficult task. In the near future, the BRICS may be required to be able to offer others new tools to address their core development problems, which means that the group's degree of unity on key issues will need to go beyond weighty political statements.

                              An equally serious issue may be the preservation of the nature of the BRICS as a community aimed not at destroying the existing world order, but at improving it for the better. This is what makes it revisionist, and not revolutionary in terms of the intentions of the participating countries and the tasks that they set for themselves. The BRICS countries do not want the collapse of globalisation, institutions and international law. This means that their task is more complex: to create within the existing order such rules, norms and ways of cooperation that would allow for the preservation of its advantages and the elimination of its shortcomings. That revision, and not revolution, is the goal of the BRICS countries, the basis for the sustainability of this association and its relations with other countries of the World Majority. Preserving this nature is completely within the interests of the BRICS member countries and the entire international community. The alternative can only be a split in the group and the continuation of the power of that narrow group of countries, to counteract whose egoism the BRICS was created.

                                            Growing interest in joining BRICS reflects strengthening cooperation among developing countries, paving the way for a more equitable global order: analysts (Растущий интерес к БРИКС отражает укрепление сотрудничества между развивающимися странами, прокладывая путь к более справедливому мировому порядку: аналитики) / China, June, 2023
                                            Keywords: bircs+, expert_opinion

                                            More developing countries have expressed interest in joining the BRICS ahead of a summit scheduled to be held in South Africa in August. Analysts said the expansion of the BRICS showcases the growing strength of cooperation among developing countries, which will promote the building of a fairer international order.

                                            Ethiopia, one of Africa's fastest-growing economies, has asked to join the BRICS bloc of emerging markets. "We expect the BRICS to give us a positive response to the request we have made," foreign ministry spokesman Meles Alem was quoted as saying by the state-run news agency ENA.

                                            Nicaraguan Foreign Minister Denis Moncada has also reportedly expressed interest in joining the BRICS because the bloc promotes a multipolar order and stronger unity among developing nations.

                                            The BRICS has been mulling expansion and it will be discussed at the upcoming summit in South Africa. Previously in June, foreign ministers from the BRICS countries - Brazil, Russia, India, China and South Africa - had gathered in Cape Town, South Africa to discuss issues of shared concern.

                                            An increasing number of countries have applied to join the BRICS or expressed interest in doing so, including Venezuela, Argentina, Iran, Algeria, Saudi Arabia and the United Arab Emirates.

                                            The BRICS mechanism has yielded practical achievements and set an example for South-South cooperation. With continuous upgrading and development, the mechanism is becoming more attractive to other countries, Lan Qingxin, director of the Center for BRICS Studies at the University of International Business and Economics in Beijing, told the Global Times.

                                            The expansion of the BRICS also highlights the increasing strength of cooperation among developing countries, which will further inject impetus to contribute to the fairness and justice of the international order, said Lan.

                                            BRICS countries account for more than 40 percent of the world's population and about 26 percent of the global economy, which makes them a significant force to defend stability and peace amid increasing geopolitical risks.

                                            Feng Xingke, secretary-general of the World Financial Forum and director of the Center for BRICS and Global Governance, said that nowadays the world is facing chaotic challenges such as anti-globalization, protectionism, trade barriers and sanctions and some countries insist on building small cliques and promoting decoupling, threatening the security of the global industrial chain and seriously disrupting the global market.

                                            In facing these problems and challenges, how to maintain globalization and multilateralism in world governance is an important task for the BRICS countries, as they represent the interests of developing countries and emerging market countries, Feng told the Global Times on Friday.

                                            The BRICS mechanism has always stressed international cooperation instead of hyping ideological confrontation or drawing military or political alliances. Together with the majority of developing countries, BRICS countries care about sustainable development, stability, food safety, post-COVID-19 recovery and stability of the global financial market, said Feng, noting that this is also why the BRICS are attractive to developing countries and new emerging economies.

                                            With the expansion of the BRICS mechanism, more developing countries and new emerging economies can play a more active role in various fields to make developing counties' voice better heard by the international community. It can also improve the global industrial chain, drive global economic recovery and make the international order multilateral and more fair, said Feng.
                                                          World of Work
                                                          SOCIAL POLICY, TRADE UNIONS, ACTIONS
                                                          Yet another case of discrimination against Russian athletes (Очередной случай дискриминации российских спортсменов) / Russia, June, 2023
                                                          Keywords: mofa, quotation, social_issues

                                                          The sanctions hysteria around Russian sports and our athletes being admitted to international competitions is still raging. Our Western ill-wishers are using all means available to hurt our country, including misinformation about the alleged decision of the IOC to admit Russian athletes to the 2024 Olympics in Paris as refugees. At the same time, the international sports organisation, which has repeatedly tarnished its reputation, hurried to disavow such fake news, stating that it had not developed any options for admitting Russian athletes.

                                                          At the same time, we believe that, unfortunately, we cannot count on the impartiality of the IOC or any other international sports federation led by an agenda-driven sports official.

                                                          A recent example: the Russian youth wrestling team was declined visas to Spain that it had requested in order to take part in the European championships. Our Wrestling Federation received a response from the IOC and United World Wrestling, saying that the Russian national team would not receive visa assistance. So, this is not just about a complete neglection of all the responsibilities and agreements applicable to a country hosting major international sports tournaments, but, the disengagement of the relevant international structures from dealing with the problem, which is especially sad.

                                                          This shameful incident should become a signal for all participants in the global sports movement that any situation in their country that does not fit into the Western template can backfire on clean and honest athletes due to the puppet-like nature of the international sports agencies.

                                                          It is no secret that the brazen violation of the principle of autonomy of the international sports movement and the ongoing lawlessness against Russian athletes are the result of the anti-Russia course imposed by a narrow group of Western countries. International sports officials who obediently follow the orders of the collective West to refuse professional athletes admission to competitions are simply killing international sports. It is not international sports anymore but a sports get-together, a giveaway game. The absence of Russian athletes has a negative impact on the entertainment appeal of competitions, the commercial aspect, and on their representativeness.

                                                          Russia has always been and always will be one of the most important participants in the international sports and Olympic movements and this cannot be changed so easily.

                                                          On the contrary, our country is open to sports interaction and continues to focus on strengthening sports friendship with all constructively disposed countries and interstate associations. We continue to organise competitions in our country and take part in major international competitions and sports events. This year, the International Festival of University Sports of the BRICS, SCO and CIS Member States will be held in Yekaterinburg in August; Minsk will host the 2nd CIS Games; and the BRICS Games will take place as part of the current presidency of the Republic of South Africa in BRICS. Next year, the BRICS Games will take place in Russia. In the summer of 2024, Yakutsk will host the Children of Asia International Sports Games; the World Friendship Games will be held in Moscow, in the autumn, and also that year, Kazan will host the Games of the Future innovative multi-sport tournament.

                                                                        BRICS and the Political Economy of the New World Order (БРИКС и политическая экономия нового мирового порядка) / Russia, June, 2023
                                                                        Keywords: economic_challenges, expert_opinion

                                                                        The BRICS countries are asserting themselves in global politics, aiming for greater representation and influence. They have the potential to drive global economic growth and innovation, particularly through investments in education and emerging technologies. The development of a consolidated and constructive global governance model and potential trade using a common currency could further enhance their global influence and solidify their position as a powerful force in global leadership, writes Nivedita Das Kundu.


                                                                        The BRICS (Brazil, Russia, India, China, South Africa) alliance is reshaping the world order by shifting power from the "Global North" to the "Global South". Originally coined by Jim O'Neill in 2001 as BRIC, the acronym was expanded in 2010 to include South Africa, becoming BRICS. This group of nations represents almost half of the world's population and boasts a combined GDP contribution of 31.5%, surpassing that of the G7 (30.7%).

                                                                        BRICS has become a significant forum for addressing critical global issues such as trade, finance, climate change, and energy security. Its impact extends beyond discussions to shaping the global economic landscape. In 2014, the member nations launched the New Development Bank (NDB) with $50 billion in initial capital. The NDB serves as an alternative to the World Bank and the International Monetary Fund, providing funding for infrastructure and sustainable development projects.

                                                                        Additionally, the BRICS nations established the Contingent Reserve Arrangement (CRA), a liquidity mechanism designed to support member countries facing payment difficulties. These initiatives demonstrate the BRICS nations' intention to create institutions that represent the interests of emerging economies and provide an alternative to existing global financial institutions.

                                                                        One of the strengths of BRICS is its potential to assist poorer countries without pursuing any political agenda or indirectly manipulating local economies. The NDB and the Asian Infrastructure Investment Bank (AIIB) are more reflective of the priorities and interests of emerging economies.

                                                                        The 15th BRICS Summit is scheduled to take place in South Africa from August 22-24, 2023. The summit will be hosted at the Sandton Convention Centre in Johannesburg, Gauteng. This gathering of BRICS leaders will provide an opportunity for further discussions and collaboration on various issues of importance to the member nations and the broader global community.

                                                                        Political Economy

                                                                        The past two decades have witnessed significant political and economic transformations within the BRICS countries, which have influenced their regional dynamics. These nations have embarked on ambitious infrastructure projects, reflecting their respective visions for smart and sustainable development. For instance, China's Belt and Road Initiative aims to establish extensive infrastructure networks connecting Asia, Europe, and Africa. India has planned the development of 100 smart cities linked by bullet trains, while Russia seeks to build up the Russian Far East as a new economic bridge between Europe and Asia through Advanced Special Economic Zones. Brazil and South Africa have focused on large-scale farming and industrial expansion.

                                                                        To support infrastructure projects globally, new multilateral financial institutions have emerged, including the Silk Road Fund, the BRICS New Development Bank (NDB), and the Asian Infrastructure Investment Bank (AIIB). These institutions aim to raise additional liquidity for infrastructure development worldwide, offering alternatives to traditional financial mechanisms.

                                                                        Furthermore, the 'Global South' has taken steps to introduce alternatives to the dollar-based trading system. China and Brazil, for example, have agreed to engage in cross-border trade using their own currencies, bypassing the dollar system. The ASEAN nations have also called for alternatives to dollar-based trading. Moreover, countries like Russia and India have engaged in trade using their own currencies, and India and Bangladesh are in the process of doing the same.

                                                                        These developments highlight the efforts of the BRICS countries and other nations in the Global South to establish more diversified and independent trading systems. By promoting trade in local currencies, they aim to reduce reliance on the dollar and enhance economic autonomy.

                                                                        Overall, the BRICS countries' political and economic transformations, as well as their initiatives for infrastructure development and alternative trading systems, demonstrate their aspirations for smart, sustainable development while reshaping the global economic order.

                                                                        New World Order

                                                                        The BRICS countries are increasingly asserting themselves on the global political stage, particularly in areas such as international negotiations, peacekeeping, and conflict resolution efforts. It is important to understand that the BRICS countries are not aiming to replace the West; rather, they seek to achieve greater representation and influence in global affairs. The BRICS alliance advocates for a more equitable and inclusive global economic and political system.

                                                                        One of the key areas where BRICS can make a significant impact is through joint investments in education, research and development, as well as in the sharing of knowledge and expertise. By leveraging their collective strengths, the BRICS countries have the potential to drive the transition to a more sustainable and equitable global economy. Their investments in emerging technologies such as artificial intelligence, blockchain, and renewable energy can position them as major drivers of global economic growth and innovation in the near future.

                                                                        Moreover, the BRICS countries are working towards developing a new global model of governance that is consolidated and constructive, rather than unipolar. If the BRICS countries reach an agreement to conduct trade using a common currency, it could accelerate the process of de-dollarization. This move would not only enhance the BRICS countries' global influence but also establish them as a powerful force in global leadership. It is projected that by 2030, the BRICS countries, with their proposed enlargement, could contribute over 50% of global GDP, which would further solidify their significance on the global stage.

                                                                        In summary, the BRICS countries are asserting themselves in global politics, aiming for greater representation and influence. They have the potential to drive global economic growth and innovation, particularly through investments in education and emerging technologies. The development of a consolidated and constructive global governance model and potential trade using a common currency could further enhance their global influence and solidify their position as a powerful force in global leadership.

                                                                        The Way Forward

                                                                        The success of BRICS has generated significant interest from other nations, including the United Arab Emirates (UAE), Saudi Arabia, Argentina, Algeria, and Mexico, to invest in this bloc. Algeria, Argentina, and Iran have already submitted applications to join BRICS, while Saudi Arabia, Turkey, and Egypt have expressed their keen interest in becoming members and are currently engaged in the membership process. The inclusion of these countries in BRICS would have a profound impact on the global economy and the world order.

                                                                        BRICS countries are advocating for reforms in multiple global institutions, arguing that they are currently under-represented. They emphasize the need to address the structure of the United Nations, shareholdings in the World Bank and International Monetary Fund (IMF), and membership and renewal processes to strengthen global organizations such as the World Trade Organization (WTO) and World Health Organization (WHO). By pushing for these reforms, BRICS aims to create a more inclusive and equitable global order.
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