BRICS: Pivoting from Economic Alliance to Crypto Frontier?

• BRICS Alliance: Defining a Purpose Beyond Economic Cooperation
• Redefining the Scope and Purpose of BRICS
• BRICS: From Economic Growth to Potential Evolved Purposes
• Questioning the Political Role of BRICS

BRICS Alliance: Defining a Purpose Beyond Economic Cooperation

In the face of growing international scrutiny, BRICS - the alliance encompassing Brazil, Russia, India, China, and South Africa - may evolve into more than just an economic consortium. The potential geopolitical significance of this coalition could catapult it into a paramount role in global affairs.

Redefining the Scope and Purpose of BRICS

Thabo Mbeki, former president of South Africa, recently sparked a conversation around this very subject. He challenged the alliance to delineate its own restrictions and strengthen its overall objectives within global operations and developments.

BRICS: From Economic Growth to Potential Evolved Purposes

Throughout this year, BRICS has seen impressive growth, finding a stronger voice within the global arena. This progress was highlighted at the 2023 annual summit, where the alliance's expansion efforts began bearing fruit. Six new countries joined the alliance, prompting calls for the bloc to evolve beyond its established economic focus.

Mbeki emphasizes the need for the alliance to crystalize its global aspirations. He said, "You have the BRICS bank [New Development Bank] that is clear. We come together as BRICS countries and put in money and there will be this bank, which must address challenges of countries in the south and a large part of it is infrastructure development."

Questioning the Political Role of BRICS

Mbeki then posed a thought-provoking question: "But what else has BRICS come together to do?" He further suggested that BRICS needs to determine whether it constitutes a common political entity and if it should tackle issues of peace and security worldwide. The need to define the purpose of BRICS, according to Mbeki, is crucial.

Although many have already perceived the alliance from a geopolitical perspective, the bloc has yet to fully embrace these notions. Considering the diversity of views within the bloc, the achievement of a unified political ideology seems uncertain. However, defining these parameters is critical for the future of the BRICS alliance.

Edited by Jonathan Stoker