The annual BRICS summit, held in Kazan, Russia, from October 22 to 24, highlighted significant developments within this geopolitical bloc. Established in 2009 to enhance economic stability and infrastructure, BRICS has expanded from five to ten member nations and now represents 46% of the world’s population and 28% of the global economy.
BRICS countries collectively hold 47% of global oil reserves and 50% of natural gas reserves. This bloc was partly created to counter Western dominance.
During the summit, BRICS proposed the Cross-Border Payment Initiative (BCBPI), enabling member countries to conduct trade in their national currencies, thereby reducing reliance on the U.S. dollar.
The dollar has long dominated global markets, often serving as a tool of U.S. influence over developing nations. However, BRICS’ rise, combined with ongoing Middle Eastern conflicts and U.S. policies, has eroded this dominance. The establishment of the New Development Bank as an alternative to the IMF and World Bank further underscores this shift.
While the U.S.’s global influence appears to be waning, BRICS alone cannot significantly alter U.S. policy in the Middle East. Collaboration with Arab nations is crucial to reducing reliance on the U.S.
MANZOOR AHMED,
Sindh.