Introduction
Originally formed to democratise global governance and foster economic cooperation among major emerging economies, BRICS has recently expanded into BRICS+ with the induction of nations such as the UAE, Iran, Egypt, and Ethiopia. Currently accounting for nearly 37% of global GDP and over 45% of the world's population, the grouping represents a significant voice for the Global South while facing acute pressures from an evolving global order.
Key Successes Achieved So Far
- Institution Building: The establishment of the New Development Bank (NDB) has provided a credible multilateral alternative for financing sustainable infrastructure in the Global South, funding vital projects such as the Mumbai Metro Line 6 ($241 million) and the Delhi-Meerut RRTS without imposing structural conditionalities.
- Financial Safety Nets: The creation of the $100 billion Contingent Reserve Arrangement (CRA) provides short-term liquidity support to member states, insulating emerging economies from balance-of-payments volatility.
- De-dollarisation and Trade Mechanisms: BRICS has facilitated local-currency trade settlements to reduce dependence on Western financial systems, formalising initiatives such as the blockchain-based BRICS Pay framework at the 2024 Kazan Summit.
Emerging Challenges in a Shifting Geopolitical Order
- Strategic and Ideological Divergence: Member states hold divergent visions for the bloc. Russia and China increasingly steer the platform towards an explicitly anti-Western coalition in response to geopolitical standoffs, whereas foundational members like India and Brazil adhere to multi-alignment and strategic autonomy, actively participating in frameworks like the Quad.
- Intra-Bloc Bilateral Tensions: Longstanding military standoffs and border tensions between India and China inhibit deeper strategic coherence. Furthermore, membership expansion has imported regional rivalries into the forum, notably the geopolitical friction between Egypt and Ethiopia over the Grand Ethiopian Renaissance Dam (GERD).
- Sino-Centric Economic Imbalance: China's overwhelming economic weight relative to other member states raises concerns of BRICS serving as an instrument for Beijing's unilateral geostrategic agenda rather than fostering genuine multipolarity.
Conclusion
To remain effective in an era of intense global polarisation, BRICS must resist turning into a reactionary anti-Western bloc and preserve its identity as a non-Western developmental platform. As India approaches its 2026 BRICS Presidency, the bloc must refocus on pragmatic, consensus-driven priorities for the Global South, including climate finance, resilient supply chains, and genuine multilateral governance reforms.