Lot was expected from the BRICS Summit held during 22-24 August 2023 which however, started with a bang and ended with a whimper. It was the 15th Summit of the leaders of BRICS grouping. More rhetoric and beating the drums against unipolar order was broadcast but no serious attempt to re-make the world order evidenced. Qua Vadis?
Some 40 countries have shown interest in joining BRICS while 22 out of them formally made their requests known. At the end only 6 countries were invited to join with effect from January 2024. These are in alphabetical order: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. All of these are known as oil & gas stations and along with Russia are also members of OPEC+ the cartel that is in the cross hairs of America led West.
The business strategy to select these countries overlooked couple of countries that are known to have huge reserves of oil Indonesia & Venezuela. Be that as it may, the fact remains why duplicate the OPEC+ cartel while there are significant and more pressing geoeconomics issues are at hand that need to be solved or at-least make an attempt to solve them.
The remaining 40 odd countries that are showing interest to join BRICS were given step-motherly treatment. The final declaration of the summit had no reference about these aspirants and no announcement as regards to how they would be treated in the future.
Evidently, there was infighting between China & India as regards to the admission of new members. India wanted a low figure whereas China wanted to expand exponentially. Moreover India has shown anathema re admitting Muslim countries, forgetting the fact that United Nations have 56 Muslim countries and about another 30 countries where Muslims are in significant proportion.
While China cautioned members against forming “Bloc Mentality” BRICS Summit ended with typical “Club Mentality” by admitting oil & gas powers and/or countries with whom the present five members of BRICS do big time business.
I do not see any geoeconomics purpose for the continuation of BRICS in the present form or BRICS+ beginning in 2024. While I appreciate the concerted efforts made by the duo Russia & China to keep to direction and proportion the three others namely Brazil, India & South Arica are wavering and are trying to play safe than to take risk in challenging the unipolar order.
The “Global East” wants to get out of the shackles imposed upon them by the “Global West” and BRICS is playing hide and seek game in fear of the American hegemon and are travelling hopelessly in the road to nowhere. My kudos to the G7 countries, at-least they mean business and they are damnably dedicated in preserving the “rules based international order” whatever that means!
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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