The Rise of BRICS: New World Order & Growing Economies

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.

Indian Prime Minister Narendra Modi addresses leaders from the BRICS group of emerging economies at the start of a three-day summit in Johannesburg, South Africa, Tuesday, Aug. 22, 2023.

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.

Delegates walk past the logos of the BRICS summit during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 23, 2023.

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.

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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