By Aga Syed Muntazir Mehdi
Regional organizations with global influence have gained significant importance in recent years. The developing countries have concluded that the US is using dollars as a weapon in global trade as a result regional players are considering an alternative currency. The US dominance has entered into its final stage and the world has already arrived at the multipolar order.
China is on rise, the EU is flourishing with the valued Euro, new economies like Russia, India are becoming game changers. The business treaties are opting out of the US dollars. Weaponization of the currency is underlined and the US dollar is under stress.
In this backdrop, the era of regional corporations is gaining more and more importance. BRICS is such a platform that is a beacon light to the trade and commerce that is minus the US. BRICS is composed of emerging economies, Brazil, Russia, India, China and South Africa. These are the countries that are potential engines of the world economies in the multipolar world and as a leading institution consisting large emerging economies the BRICS is able to shape trends by providing proper models and initiatives and with complimentary economics with cultural diversity BRICS members can meet mutual need and shape their national native developmental experience to enhance global prosperity and peace.
The BRICS group has to offer the world a good tradition of non-hegemonic models of peace and prosperity. The models can be analysed as a step towards collective human security as well. The collective of the group is capable of demilitarisation of the security and replacing it with the welfare and rule of law.
China and Russia have prominence in the Security Council and their hesitation towards the US hegemony is decisive in setting the precedent for global trade. The Russia-Ukraine conflict brought the intentions of Moscow, of checking the NATO presence, to the light of the day. Similarly China is a big challenge for the USA.
Therefore, the BRICS group has tremendous power to democratise the international system and make it inclusive of the countries who are at the wrong side of the USA.
Oil producing countries like Iran have a tremendous national interest in the alignment with the BRICS and the group too should see Iran as their energy partner.
The most important role that we see in BRICS is its role in South-South Dialogue. The group can play an important role in bringing economic prosperity to the Global South and prevent imperial intentions to penetrate into the emerging/developing nations.
The expansion of the BRICS is crucial at this point when the Pandemic has crippled various economies and also underlined the question of conventional security paradigm. The global economy that is dominated by the US and some European powers is also under serious question. In this context, BRICS extending its membership to the Kingdom of Saudi Arabia and the Islamic Republic of Iran is opening a new optimism.
BRICS is giving clarity that East is the future and anti-Americanism is no more crime. Additionally, the measure is optimistic towards the end of Iran-Saudi antagonism which is a prerequisite for a stable West Asia and end of civil war.
Shutting down the US Dollar and finding an alternative is the last nail in the coffin for US hegemony. The complete end of the hegemony means justice and prosperity for developing nations. BRICS as an economic power has to take the leadership role in the multipolar world and initiate in the interest of the entire international community. Therefore, the world minus hegemony will be more inclusive and democratic to collectively solve global problems.
Views expressed in the article are the author’s own and do not necessarily represent the editorial stance of Kashmir Observer
- The author is a Researcher and can be reached at : [email protected] Twitter Handle : @agasyedmuntazir
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.