Iran and Saudi Arabia Join BRICS
Six Nations To Join
The BRICS consortium, predominantly steered by China and Russia, welcomed six new nations, including pivotal players Saudi Arabia and Iran. This move not only amplifies the consortium's influence but also poses a formidable challenge to the Western dominion that has governed global dynamics for centuries.Thursday's announcement reverberated with unanimous approval from leaders of both the BRICS and the incoming countries. Chinese President Xi Jinping earmarked the enlargement as "historic", envisioning it as a "new starting point for BRICS cooperation." Leaders from India and Russia, namely Prime Minister Narendra Modi and President Vladimir Putin respectively, echoed a similar sentiment, emphasizing that the induction of new members would solidify the bloc's global prominence.
Ethiopia, another notable invitee, received the decision with profound enthusiasm. Its Prime Minister, Abiy Ahmed, hailed the invitation as a monumental occasion, reaffirming Ethiopia's commitment to fostering an "inclusive and prosperous global order." The United Nations' chief, Antonio Guterres, too, underscored the inevitability of such cooperation in a world increasingly marred by crises and divisions.
At its crux, BRICS seeks to revamp the global framework, echoing the contemporary multi-polar world's dynamics. Nonetheless, despite representing a colossal populace and wielding significant economic leverage, the consortium grapples with pivoting global systems from deep-seated Western mechanisms. It still grapples with delineating novel political and financial paradigms.
Both China and Russia have been vociferous in their appeal for the bloc to metamorphose into a strategic contender to Western nations. However, from the U.S. vantage point, the consortium's inherent diversity, comprising both allies and adversaries, deters it from emerging as a monolithic Western adversary. This viewpoint emphasizes the Western alignment rooted deeply in governance and ideological constructs.
In its quest to counterbalance Western-led economic institutions, BRICS initiated its development bank. Nonetheless, the bank's capitalization pales when juxtaposed against behemoths like the World Bank and the International Monetary Fund. Concurrently, the discourse around instituting a consolidated currency to rival the U.S. dollar's supremacy is ongoing, albeit fraught with complexities and plausible delays.
The recent augmentation of BRICS, coinciding with heightened tensions between the West, China, and Russia, inevitably nudges the consortium towards a potentially more confrontational posture against Western entities.