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The Rise of BRICS: New World Order & Growing Economies
The Rise of BRICS: New World Order & Growing Economies
Sputnik India
It is no denying the fact that, amidst the evolving global landscape, Russia's position as an emerging power within the BRICS+ alliance is reshaping the dynamics of international relations and politics.
2024-02-15T20:19+0530
2024-02-15T20:19+0530
2024-02-15T20:19+0530
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Despite confrontation with sanctions and propaganda campaigns by West and US-based elements, Russia's commitment to a multilateral approach through BRICS+, in collaboration with China, India, South Africa, Brazil, Gulf states, and other nations, has led to significant economic growth, sustainability, stability, and the establishment of new alliances.In this case, the rapid economic growth of India, China, and Russia stands as compelling evidence of the positive impact of coordination, alliance, and collectivity within BRICS+ and SCO. These states and their economies are thriving today, thanks to their collaborative efforts under these alliances.BRICS+ Alliance: New Era of Economic Flexibility & De-dollarizationAccording to the report, 34 countries are considering joining the BRICS alliance following Saudi Arabia's recent entry. The global landscape is witnessing the emergence of a new world order led by the Kremlin via BRICS+ and the Shanghai Cooperation Organization (SCO).This evolving paradigm emphasizes economic cooperation, mutual respect, and collective benefits over traditional power dynamics.In the meantime, many nations are growing increasingly disillusioned with the United States, its supported global hegemonic system, alliances, and platforms due to what they perceive as imperialist and hegemonic policies, as well as its use of the dollar for political sanctions. The developing states, are seeking alternatives to the dominance of the US dollar's dominance through initiatives like BRICS+.Considerably, the leadership of BRICS countries, particularly Russia, China, and India, has successfully shifted the focus away from dollarization, currency dominance, and sanction-based coercion by the West and the US towards currency neutralisation. This shift has resulted in the adoption of currencies such as the Yuan, Ruble, Rupee, Riyal, and others.It aims to create a more balanced and multipolar world order, reducing dominance by Western nations," he added.Russia's Economic Resilience: How BRICS Cooperation Undermines USA and Europe SanctionsA Russian official recently stated that Russia is in competition with Japan for the title of the world's fourth-largest economy, highlighting the decline of the Global North's economy. President Vladimir Putin also unveiled that, last year, Russia became Europe's top economy and the fifth globally in terms of purchasing power parity, despite confronting pressure and sanctions.The solidarity within the BRICS has lessened the impact of sanctions from the USA and Europe on Russia's GDP growth, showcasing the resilience of Russia's economy against the sanctions.
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The Rise of BRICS: New World Order & Growing Economies
It is no denying the fact that, amidst the evolving global landscape, Russia's position as an emerging power within the BRICS+ alliance is reshaping the dynamics of international relations and politics.
Despite confrontation with sanctions and
propaganda campaigns by West and US-based elements,
Russia's commitment to a multilateral approach through BRICS+, in collaboration with China, India, South Africa, Brazil, Gulf states, and other nations, has led to
significant economic growth, sustainability, stability, and the establishment of
new alliances.In this case, the rapid economic growth of India, China, and Russia stands as compelling evidence of the positive impact of coordination, alliance, and collectivity within BRICS+ and
SCO. These states and their economies are thriving today, thanks to their collaborative efforts under these alliances.
The turning point here is the entrance of the Gulf States, especially Saudi Arabia, a member of the Organization of the Petroleum Exporting Countries (OPEC) in BRICS+.
BRICS+ Alliance: New Era of Economic Flexibility & De-dollarization
According to the
report, 34 countries are considering joining the
BRICS alliance following
Saudi Arabia's recent entry. The global landscape is witnessing the emergence of a new world order led by the Kremlin via BRICS+ and the Shanghai Cooperation Organization (SCO).
"BRICS provides new hope to the Global South. It will provide new international financial leadership. Pakistan has been regularly receiving bailouts from the IMF on conditions of strict IMF conditionality," Dr Tughral Yamin, a think tanker at Institute of Policy studies Islamabad, Ex-Dean of Centre for International Peace & stability, Ex-Brigadier of Pakistan’s Army & a Political analyst, told Sputnik.
This evolving paradigm emphasizes economic cooperation, mutual respect, and collective benefits over traditional power dynamics.
In the meantime, many nations are growing increasingly disillusioned with the United States, its supported global hegemonic system, alliances, and platforms due to what they perceive as imperialist and hegemonic policies, as well as its use of the dollar for political sanctions.
The
developing states, are seeking alternatives to the dominance of the US dollar's dominance through initiatives like BRICS+.
"BRICS provides new hope, and struggling economies like Pakistan hope to benefit from a system that, in the times to come, may replace the oppressive Bretton Woods financial regime," Dr. Yamin, a think tanker said Sputnik.
Considerably, the leadership of
BRICS countries, particularly Russia, China, and India, has
successfully shifted the focus away from
dollarization, currency dominance, and sanction-based coercion by the West and the US towards
currency neutralisation. This shift has resulted in the adoption of currencies such as the Yuan, Ruble, Rupee, Riyal, and others.
"BRICS+ offers a fresh approach to economic growth and stability in developing nations by diversifying global governance and promoting trade, investment, and infrastructure development among member countries," a geo-political analyst and a think tanker associated with the Institute of Strategic Studies in Islamabad, Muhammad Taimur Fahad Khan, told Sputnik.
It aims to create a more balanced and multipolar world order, reducing dominance by Western nations," he added.
Russia's Economic Resilience: How BRICS Cooperation Undermines USA and Europe Sanctions
A
Russian official recently stated that Russia is in competition with
Japan for the title of the world's fourth-largest economy, highlighting the decline of the Global North's economy.
"The alliance between Russia, China, and India within the context of BRICS and other multilateral frameworks has played a significant role in mitigating the impact of Western sanctions on Russia's GDP growth through trade diversification, financial system alternatives, investments, technology transfers, and energy exports," M. Fahad Khan expressed.
President
Vladimir Putin also unveiled that, last year,
Russia became Europe's top economy and the fifth globally in terms of purchasing power parity, despite confronting pressure and sanctions.
"Countries within the BRICS are leveraging their collective resources, including oil production and rare natural materials, to strengthen their economies and reduce dependency on the US dollar by promoting bilateral trade in local currencies, resource sharing and development projects," Taimur Khan concluded.
The solidarity within the BRICS has lessened the impact of sanctions from the USA and Europe on Russia's GDP growth, showcasing the resilience of Russia's economy against the sanctions.
