Inclonation Towards Brics (pdf)
Added on 2021-06-16
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Running Head: INCLINATION TOWARDS BRICSINCLINATION TOWARDS BRICSName of the Student:Name of University:Author Note:
1INCLINATION TOWARDS BRICSThe name BRICs is an acronym coined by economist Jim O’Neill in 2001 (Granello,2016). The acronym is referred to the enlisted countries of the organisation such as Brazil,Russia, India, China and South Africa. However, the inclusion of South Africa was happened in2011. The organisation was established in 2006 by a regular informal diplomatic coordinationamong the member nations and held its first summit in 2009 (Kingah & Quiliconi, 2016). It wasargued by the scholars that BRICS is a strategic step taking by these countries which fosters anew dimension in the international politics. As in the BRICS plan, the organisation is primarilyfollowed two important principle that coordination between the multicultural nexus of thenations with key focus on the economic and political governance and secondly, buildingcooperation among the member nations. Hence, it is imperative to understand the reason behindsuch alliance. In order to do that the discussion puts emphasis on the social, economic andpolitical interests of the members and link those elements with the global scenario.Politically, it can be stated that the member countries are considered to be placed on adiverse political background and historically witnessed a diverse political situation domesticallyor internationally. For each of the member nations BRICS is seemed to be an alternative powernexus away from the political domination of the West or to be precise the Western European bigpowers and United States. After the fall of the Berlin Wall and the decline of Soviet Union in1990s the political dynamics of the world had shifted from bipolar to unipolar where US wascontrolling the global politics (Fuchs, 2015). In this context, the new alliance in the name ofBRICS projects the emergence of an alternative power. All the member countries have theirunique interests for coming under a single canopy of power. In case of Russia despite of thedecline of its erstwhile power in the 21st century it turns its gaze from west to the East and tries toinfluence the developing countries. Besides this, the other countries though supposed to be
2INCLINATION TOWARDS BRICStreated as developing nations but possess great potential to change the world. For instance, Chinais a permanent member of the security council of the UN and also maintains the largest army inthe world. Based on this, it can be asserted that the incorporation of China is a great move for theBRICS committee (Delalibera, Issler & Branco, 2018). In fact, in case of India, Brazil and SouthAfrica, each of the countries are considered to be leading developing countries around the world.Moreover, the huge market of these countries seems lucrative to the big powers. In order to keepthe big powers restricted this kind of organisation creates great significance.In the economic scenario the motives of BRICS become more transparent. Due to theadvantages of globalisation the BRICS has become an important source of the internationaleconomic growth. In fact, the average GDP of the member nations of BRICS has beenheightened from 11 per cent in the initial years to 30 per cent in 2014 (Williams, 2015).Moreover, BRICS capitalises 17 per cent of the global trade with an estimated amount of US$4trillion in reserves. From an individual aspect the member nations also get benefit from signinginto the BRICS. For instance, the market capitalisation of Brazil increases up to 74 per centwhere as in India it escalates from 12 per cent to 93 per cent (Rasoulinezhad & Jabalameli,2018). Both China and Russia also identified as the beneficiaries through BRICS. Therefore, it isan undeniable fact that BRICS has become a new driving force in the global economy. Thisinfluential trend of BRICS is further propelled the common objectives of the member nations toreform the international financial and monetary system that will able to serve the interests of allin a fair manner.In the individual perception BRICS provides innumerable advantages to the members. Incase of China due to its global market competition with US, the country urges an alternativeplan. In this regards, BRICS serves the interest of China in a pragmatic manner by creating a
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