An Expansion with a Purpose
The invitation extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates to join the bloc was undoubtedly the headline act. This move, effective from January 2024, was a clear signal of the group's ambition to amplify the voice
of the Global South. Yet, this expansion was not just about adding more flags to the family photo. It was a calculated step to increase the bloc's economic and political heft, incorporating major energy producers and countries located at crucial trade chokepoints. The interest from over forty nations to join BRICS highlighted a growing disillusionment with the existing Western-led international order, which many developing countries feel has failed to address their needs, particularly during the pandemic and amid ongoing climate and food security crises. The expansion was, therefore, a symptom of a much larger aspiration: to build a multipolar world with more diverse centres of influence.
The De-Dollarization Dialogue
Beneath the surface of the membership talks, a far more fundamental conversation was taking place about the dominance of the US dollar. The summit's final declaration tasked the finance ministers and central bank governors of member nations to explore the feasibility of using local currencies for trade and financial transactions between them. While often misreported as a plan for a single 'BRICS currency', the actual focus was more practical: to reduce dependency on the dollar for cross-border payments. This push for 'de-dollarization' is motivated by a desire to insulate their economies from the effects of US monetary policy and the use of financial sanctions. The New Development Bank (NDB), for example, was encouraged to increase lending in local currencies like the South African Rand and Brazilian Real, a concrete step away from dollar-denominated finance. This reflects a long-term strategic goal to create a financial architecture less vulnerable to decisions made in Washington.
Empowering an Alternative Bank
The 2023 summit also served to bolster the role of the New Development Bank, often called the 'BRICS bank'. Established in 2014 as an alternative to the IMF and World Bank, the NDB's mandate is to finance infrastructure and sustainable development projects in emerging economies. At the summit, leaders reaffirmed the bank's key role and expressed confidence in its then-new president, former Brazilian leader Dilma Rousseff, to achieve its mandate effectively. The NDB was tasked with improving its operational effectiveness and finding creative financing solutions, with a special emphasis on knowledge sharing among member countries. By welcoming new members like Bangladesh, Egypt, and the UAE to the bank, BRICS leaders signalled their intent to expand the NDB's reach and position it as a premier institution for the Global South, created by and for developing nations.
A Platform for a New World Order
More than anything, the Johannesburg meeting was a powerful statement of intent. The official theme was “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”. The final Johannesburg II Declaration was a sprawling document that went far beyond expansion. It called for comprehensive reform of the United Nations, including the Security Council, to give developing countries more representation. It expressed concern over unilateral coercive measures (sanctions) and committed to upholding international law based on the UN Charter. The leaders also committed to strengthening cooperation on everything from agriculture and food security to green energy, technology, and people-to-people exchanges. This broad agenda shows that BRICS is evolving from an economic club into a political platform aiming to challenge and reform the structures of global governance.
