No Permissions Breakdown Of The Recent BRICS Summit.

The BRICS grouping, consisting of Brazil, Russia, India, China, and South Africa, represents a dynamic and influential coalition of emerging economies with significant potential to shape global affairs. First coined by economist Jim O'Neill in 2001, BRICS has evolved from a mere economic concept to a platform for strategic dialogue, cooperation, and mutual growth. This article explores the origins, objectives, achievements, challenges, and future prospects of the BRICS partnership. This week’s BRICS Summit in South Africa has paved way for the expansion of the group to BRICS+ to include new member states namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates effectively by 1st January 2024.

Key Takeaways

BRICS+ is a group of countries that includes the original BRICS (Brazil, Russia, India, China, and South Africa) as well as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, set to be admitted on 1/1/2024 as fully fledged members.

The history of BRICS+ can be traced back to the formation of the BRICS group in 2001, with other countries expressing interest in joining the group since then.

The inclusion of other countries in the group is seen as a way to expand the economic and political influence of the original BRICS countries.

Origins and Objectives

BRICS officially came into existence in 2006 when the member countries recognized their shared interests and potential for collaboration. The primary objectives of BRICS are to enhance political dialogue, promote economic growth, strengthen mutual cooperation, and address global challenges. The member nations collectively represent over 40% of the world's population and a significant share of global GDP, underscoring their capacity to influence the international order.

Economic Cooperation

Economically, BRICS has fostered cooperation through various mechanisms. One of the most notable is the New Development Bank (NDB), established in 2014 to finance infrastructure and sustainable development projects in member countries and other emerging economies. The Contingent Reserve Arrangement (CRA) was also established to provide financial support during times of economic stress. These initiatives demonstrate BRICS' commitment to reshaping global economic governance and reducing dependency on traditional financial institutions. With the proposed expansion to BRICS+, the block will have a combined GDP of over $30 trillion accounting for 30% of the global economy.

Additionally, 6 of the block members are in the top 9 oil producing countries in the world accounting for almost 41% of total global oil production as characterized below:

United States20%

Saudi Arabia (𝗕𝗥𝗜𝗖𝗦) 17%

Russia (𝗕𝗥𝗜𝗖𝗦) 10%

Canada 6%

China(𝗕𝗥𝗜𝗖𝗦) 4.5%

Iraq 4%

UAE (𝗕𝗥𝗜𝗖𝗦) 3.5%

Brazil (𝗕𝗥𝗜𝗖𝗦) 3%

Iran (𝗕𝗥𝗜𝗖𝗦)3%

The BRICS+ are pushing the idea of settling trade between member countries without necessarily using the $ USD which is the current international reserve settlement. However, this is not going to be an easy fit although it is not impossible to achieve in the next 5 to 10 years. Talk about this happening is rife, and if they decide to opt for the adoption of a common currency, they have indicated it should be digital and mineral backed, specifically a gold standard of some sort. The emerging economies are mineral rich, and it makes sense for them to vouch for a standard that is mineral based other than the dollar which is not currently based on anything other than the United States economy and military industrial complex.

Geopolitical Influence

One of the key objectives of BRICS is to increase its political influence on the global stage. The member countries believe that by working together, they can have a greater say in shaping the international agenda and promoting their interests.

BRICS has also emerged as a geopolitical force, advocating for multipolarity and a more equitable international order. The member countries often coordinate their stances on global issues, such as climate change, terrorism, and reform of international institutions like the United Nations and World Trade Organization. The BRICS Summit provides a platform for leaders to discuss these matters and present a united front on critical matters of global concern.

The unique nature of BRICS, which is comprised of emerging economies with significant populations, resources, and economic potential, has positioned the group as a potential alternative to traditional global governance institutions dominated by developed countries.

Challenges and Opportunities

Despite its successes, BRICS faces challenges that include differing economic priorities, varying political systems, and disparities in development levels among member nations. Moreover, evolving global dynamics, such as the rise of protectionism and the COVID-19 plandemic, have impacted the group's cooperative efforts. Sustaining unity while addressing these differences remains a key challenge for BRICS.

Future Prospects

The future of BRICS holds promise. The grouping continues to expand its focus, with initiatives in fields like artificial intelligence, education, science, and technology are . Enhanced people-to-people connectivity and institutional cooperation can further deepen the bonds between member countries. As emerging economies, BRICS nations are uniquely positioned to drive inclusive and sustainable growth, contribute to global development agendas, and champion multilateralism in an increasingly interconnected world.

Conclusion

BRICS embodies the potential of cooperation among emerging economies to shape global politics and economics. While challenges persist, the partnership's achievements underscore the significance of this grouping. As the international landscape evolves, BRICS has an opportunity to enhance its role in promoting a more equitable and just world order, one that accommodates the diverse needs and aspirations of its member nations and contributes to the advancement of sustainable development and prosperity on a global scale.

Randy’s Thoughts

I think the West is greatly underestimating the future impact of the BRICS+. I do believe the new joint currency will first be used between countries and banks, but will quickly be rolled out as a currency for the masses. My worry is not so much for the BRICS+ but rather for the holders of USD, YEN, and EUROs. We need to prepare ourselves accordingly. The age of global fiat is done and the age of digital currency is here. Put your money where it is treated best.

No Permissions Update

Over the next few weeks Randy Hilarski will be traveling to Canada but will still be active on Twitter, TikTok and within the No Permissions Telegram. Join the No Permissions Patreon today to make sure to stayed connected with the team. We are planning big things for 2024 but the priority will be within our community.