BRICS
The world is observing a major change in the global power structure, such as the BRICS group, which includes countries like Brazil, Russia, India, China, and South Africa are increasing its influence over the world. Historically, the Western alliances like the G7 was the dominated group of one of the most powerful countries. But now the rising power of the BRICS group is competing in the influence of the G7 on a global level.
The Rise of BRICS: A shift in Global Power
In 2009, BRICS (Brazil, Russia, India, China, South Africa) was first founded to take control over Western financial and political institutions. With the passage of time, BRICS has increased its power by representing 40% of the world’s population and 25% of the global GDP. The bloc is now enough strong and powerful union to take a part in world’s economic and political decisions. Lately, BRICS has widened its membership to more countries like Saudi Arabia, UAE, and Egypt. This expansion is strengthening the global relations of BRICS.
The aim of BRICS for adding new members is the betterment of Global South and diminish inequality from world’s political and economic system. The BRICS’s main focus is to prioritize balanced economic development and lower reliance on Western financial systems. BRICS see itself as competing power against G7.
G7: Guardians of the Status Quo
The G7 includes countries like United States, Canada, Japan, Germany, France, Italy, and the United Kingdom. This group has always been involved in making global decisions. The G7 has sustained its influence via institutions like IMF, World Bank, And NATO.
However, the G7’s dominancy has been reducing because of internal conflicts, economic slowdown, and a lack of reflection from developing economies. Many of opponents contend that G7 has not changed its old policies, as a result alternative groups like BRICS got a chance to thrive.
Economic Influence: BRICS vs. G7
BRICS and G7 are competing each other for economic surveillance in different ways. The G7 continues to depend on its technological advancement, financial infrastructure, and trade channels. On the other hand, BRICS is using its natural resources, population volume, and non-traditional financial organizations such as the New Development Bank (NDB).
BRICS countries are now about to introduce their own currency. The purpose of this initiative is to decrease the dependency on US dollar. It is a strategic turnover to challenge the G7’s economic dominance. The introduction of a potential BRICS currency, aimed at reducing reliance on the US dollar, is a strategic move to challenge the G7’s economic supremacy. If it’s successful, this could alter global trade dynamics and weakens the dollar’s dominancy.
Global Governance and Influence
Both blocs are trying to increase their influence over global. G7 promotes the system based on constitutional democracy and open economy. While BRICS promotes balanced power structure and recognition of state independence.
These differences show the ways to resolve international conflicts. For example, BRICS members like Russia and China have opposed the Western restrictions and military interference, promoting peaceful resolutions. Such approaches have impressed developing countries, wants to diminish Western-dominance over the world.
Challenges for BRICS and G7
Along its growth, BRICS is facing internal challenges which can affect the performance of group. All members of BRICS have different political system, strategic interests, and economic priorities. For example, the conflicts of borders between China and India and Russia’s separation due to the Ukraine war, barrier to keep unity for long term.
Similarly, the G7 is facing its own challenges. The increase in nationalism, economic inequality, and difference over climate policies have weakened the unity of group. Moreover, its incapability to effectively resolve the concerns of Global South has damaged its credibility in the eyes of developing countries.
Implications for the Global Order
The competition between BRICS and G7 is the sign of the end of single-polarity and the rise of balanced power structure. This change has huge impacts on worldwide trade, security, and diplomacy. Developing countries will get benefits from increasing options for partnerships, while conventional powers must adjust to maintain its importance.
However, the way to a balanced global order is difficult and filled with uncertainty. BRICS and G7 needs effective collaboration, especially for areas holding significance importance, like varying climate, terrorism, and economic inequality. If both blocs does not work with each other, can increase the polarization, which leads to increase in global tension.
