The 16th BRICS Summit, being held in Kazan, Russia (Oct 22-24), is poised to be a watershed moment in global geopolitics. As the world contends with unsettling military conflicts, trade wars and relentless geopolitical struggles, the group offers a refreshing alternative — a vision grounded in cooperation, multilateralism and shared prosperity. In an environment often dominated by a zero-sum mindset, it advocates for a balanced, multipolar world order where no single nation holds all the cards.
Unlike the exclusive Group of Seven, composed mostly of former colonial powers, BRICS is a broad-based, representative bloc of nations. The Kazan summit is expected to welcome many more new members from major developing countries, potentially including key Association of Southeast Asian Nations economies like Indonesia, Thailand and Vietnam, as well as Pakistan, Nigeria, Bolivia, Bangladesh and even the North Atlantic Treaty Organization member Turkey. With at least 34 nations expressing an interest in joining, BRICS is emerging as a powerful platform for addressing the needs and aspirations of the Global South.
The BRICS Summit 2023 inclusion of resource-rich countries such as Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia further solidified the bloc’s global standing. BRICS now represents 3.6 billion people — nearly half of the world’s population — and over 40 percent of global oil production, one-third of the Earth’s dry land and over a third of global GDP. This remarkable expansion marks the rise of a multipolar world, no longer dictated by the few but shaped by the many. More than just an economic forum, BRICS is positioning itself as a key player in fostering global peace, social equity, and inclusive development.
Central to BRICS’ vision is the reduction of dependency on Western-dominated financial systems and currencies. The bloc aims to promote economic sovereignty by developing alternative payment mechanisms and expanding global economic opportunities. The New Development Bank, BRICS’ financial arm, exemplifies this ambition by financing infrastructure and development projects tailored to the unique needs of emerging economies — free from the political strings often attached by the International Monetary Fund or the World Bank.
For many Global South nations, this economic independence is crucial. Through BRICS, these countries have a platform to chart their own course toward growth, unburdened by the limitations of the Western-led financial system. By fostering financial autonomy and multilateral cooperation, BRICS provides a more inclusive framework for global trade and investment.
In the lead-up to the Kazan summit, a significant development has unfolded: India and China have reached a border agreement, potentially paving the way for improved relations between the two Asian giants. If Indian Prime Minister Narendra Modi and Chinese President Xi Jinping meet during the Kazan summit, it could be a major diplomatic breakthrough — not only for the two nations but for the BRICS bloc itself.
The Kazan summit could be a turning point, not just for BRICS, but for the entire global order. By prioritizing multilateralism, economic sovereignty and peacebuilding, BRICS offers an exciting blueprint for a more stable, equitable and multipolar world
Such a meeting would underscore BRICS’ potential to mediate and resolve conflicts among its members, further enhancing its reputation as a peace-building entity in a world rife with geopolitical tensions. This diplomatic triumph would send a clear message that BRICS is not just about economic cooperation, but also about fostering peace and stability.
The rise of BRICS is not about creating an anti-Western bloc, but about offering the Global South an alternative non-Western path. This multipolar vision goes beyond economics. BRICS members advocate for noninterference in the internal affairs of sovereign nations and emphasize a cooperative approach to international security. By offering a counterpart to the Western-led world order, BRICS provides a more diverse, inclusive and representative approach to global governance, one that better reflects the voices and interests of the Global South.
While the expansion of BRICS and the rise of multipolarity offer promising opportunities, they are not without challenges. Internal rivalries among member states, differing political systems and varying economic interests could complicate deeper cooperation. Skillful diplomacy and nonstop dialogue will thus be essential in aligning the diverse agendas of an ever-expanding membership.
In a world fraught with geopolitical uncertainties and economic turbulence, BRICS represents a lodestar of collaboration and consensus-building. If the bloc can remain committed to its core principles of multilateralism and inclusive growth, it could become a positive stabilizing force in an increasingly fragmented world.
The future of BRICS lies in its ability to harness the strengths of its diverse membership while promoting a shared vision of equitable development and global cooperation. As the world shifts away from unipolar dominance, BRICS offers a hopeful alternative — a platform for many nations, and especially the once marginalized Global South, to assert their interests and help shape global governance.
The Kazan summit could be a turning point, not just for BRICS, but for the entire global order. By prioritizing multilateralism, economic sovereignty and peacebuilding, BRICS offers an exciting blueprint for a more stable, equitable and multipolar world.
As the world watches the 16th BRICS Summit unfold in Kazan, the decisions and plans made during these crucial days may well lay the foundation for a new era of global cooperation and multipolar stability. BRICS can herald a new chapter in world history — one that prioritizes collaboration over conflict, balance over dominance, and inclusivity over exclusion.
The author is multi-awarded columnist of Philippine Star and Abante, an economics and politics analyst, college teacher, and moderator of the Pandesal Forum.
The views do not necessarily reflect those of China Daily.
