BRICS, what it stands for?

There is confusion confounded when it comes to the question of what BRICS stands for. The western narrative dismisses it as some king of club or duplicate of global institutions originally founded by them. Here are my gleanings of what it stands for:

Firstly, small is beautiful is not in the grain of this alliance. So far those countries that are deemed as full members or partners are in fact, some of the largest and strongest in the geoeconomics stage. By extension these countries matter a lot in terms of trade & investment flow and having a huge domestic market to cater to.

While many are fully industrialized in terms of production capacity such as China, Russia and India dubbed as ‘RIC’ the rest is primed for long term manufacturing and export orientation such as Malaysia. There are two trends seen amongst the members & partners. One relates to the need for upgrading technology the other relates to expanding economic relationship with fellow members/partners as an astute business strategy.

Population is yet another feature that distinguishes BRICS from many other Western organizations. China, India Indonesia, Nigeria are countries where teeming population tend to aglow as regards to opening of speedy industrialization and economic prowess.

Many are civilizational states, where the historical grandeur runs as major strand. China, India, Russia, Iran, Egypt, Ethiopia along with Turkey take pride in their rich history and remarkable civilization to boost their stature and are better paced to contribute towards social cohesion and geoeconomics for members as well as to the wider globe.

Fossil fuel and natural gas as an economic tool is abundant in a number of BRICS players. Russia, Iran, Kazakhstan, Nigeria accompanied mainly by UAE and to some extent by Algeria are able to pull the strings when it comes to the energy sector both in exploration and trading. Though this is not a sole feature to identify BRICS as giant store of fuel wealth, in time to come with the denudation of Western based coal mines and USA shale oil this wealth could become an important arbiter.

Dependence, interdependence and multi dependence are joined in the hips of all these countries in BRICS alliance. As regards to technology some are dependent on other members. China depends on Russian energy whereas Russia depends on the bailout for trade and financial transaction that are currently denied to her due to Western sanctions speaks volume on the aspect of interdependence.

Multi dependence runs throughout the entire alliance in several spheres to wit: direct capital investment, technology transfer, diversification of the core economy, speed road & railway networking, establishing mutual alliance and co-operation in social, human resource development and to a great extent fostering cultural & political relationship wide across the membership.

 

Cheers!

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail: cosmicgems@gmail.com

Blog:   Business Strategist