Rise Of BRICS: BRICS is raising the slogan against American monopoly, will it really change the face of global politics?

Former US Secretary of State Henry Kissinger had said - "Each success only buys an admission ticket to a more difficult problem". Every success leads to bigger problems. The success of the 16th BRICS Summit held in Kazan city of Russia between 22 and 24 October may perhaps start many new moves at the global political level in the coming times.

This year's BRICS Summit is special in many ways. At the summit, emphasis was laid on creating a multi-polar new world order to challenge the US and the Western countries. After the new things that have come out of the summit, BRICS is now being seen as an alternative to the world order created by the US and the Western countries. Not only this, this year's BRICS summit is also being seen as a rebellion (De Dollarization) against the dominance of the US dollar in the global economy. In this context, let us know what is BRICS and its importance. Why is it being seen against the world order created by America and Western countries? And why is this year's BRICS summit special for Russia?

What is BRICS?

In the year 2001, Jim O'Neill coined a special term called BRIC. According to him, the economies of Brazil, Russia, China, and India are growing at a fast pace. In the coming years, these countries will play an important role in shaping the global economy. If these countries come together, they can make an important contribution to shaping the new world order. After this, in the year 2006, Brazil, Russia, China, and India together formed the BRIC group. In the year 2010, after South Africa joined it, the name of this group became BRICS. The objective of BRICS is to bring together the countries with the fastest growing economies in the world and challenge the US and Western countries on economic and political levels.

Diplomatic importance of BRICS for Russia

After Russia invaded Ukraine, there have been continuous efforts by Western countries to boycott it globally. To destroy Russia's economy, it was excluded from the SWIFT international payment system. Not only this, an arrest warrant was also issued against President Vladimir Putin by the International Criminal Court. Due to this, he cannot travel to many countries. Due to this, he did not participate in the BRICS summit last year. Apart from this, he will also not be able to participate in the G20 summit to be held in Brazil this year.

In such a difficult situation when many selected countries of the world are trying to encircle Russia. In such a situation, hosting the BRICS summit has many meanings for Russia on the geopolitical stage. This is a slap on the face of Western countries at the symbolic level. By organizing this conference, Russia has indicated to America and Western countries that it is not the only one who has taken the contract of the world. The countries that control 30 percent of global oil production and about 35 percent of global GDP (in terms of purchasing power parity PPP) are still with it.

Increasing influence of BRICS on the world energy market

Most of the structure of the world order works keeping in mind the interests of America and Western countries. For a long time, many countries have been raising their voice against the biased institutions working for America and Western countries. In such a situation, there are reasonable possibilities of reshaping this biased world order in the BRICS conference organized in Kazan city between 22 and 24 October.

BRICS has emerged as an influential group in global politics. Many Western countries fear that a rival of G7 is emerging which can affect the functioning and system of G20. Not only this, about three dozen countries of the Global South want to join it.

Ethiopia, Iran, Saudi Arabia (confirmation is pending), Egypt, and UAE were included in the BRICS summit this year. On the geopolitical stage, the inclusion of these countries in BRICS has many big meanings. Saudi Arabia, Iran, and UAE export energy on a large scale all over the world. Not only this, Iran has the second-largest natural gas reserve in the world after Russia. If the natural gas reserves of both countries are combined, then their total share in the natural gas reserves of the world is about 41.5 percent. The world is now moving towards clean energy. In such a situation, the huge reserves of natural gas with the BRICS countries can be a big diplomatic victory.

Today, the rules and regulations of Western countries are followed in the world energy market and policies are made according to them. In such a situation, the reserves of oil and natural gas with BRICS countries Iran, UAE, and Russia is a big diplomatic victory for BRICS. This can help a lot in reducing the dominance of Western countries in the world energy market. Not only this, it will also help in challenging the dominance of Western countries in the global economy and political structure.

(PC: PTI)