A Bloc Reasserts Itself
The Johannesburg summit, held from August 22-24, 2023, was the first in-person gathering of BRICS leaders since 2019 and unfolded in a world grappling with geopolitical tensions. With the war in Ukraine and deepening US-China rivalry reshaping global
alliances, the summit's theme, "BRICS and Africa," signalled an ambition to be a leading voice for the Global South. The five original members—Brazil, Russia, India, China, and South Africa—sought to position the bloc as a viable alternative to Western-led forums like the G7. The meeting aimed to demonstrate that a significant portion of the world sought a more multipolar international order, one less dependent on the political and economic frameworks dictated by Washington and its allies.
The Expansion Question
The most significant outcome from Johannesburg was the historic decision to expand the group. Six nations—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—were invited to join, with membership to take effect from January 2024. While Argentina later declined the invitation, the entry of major oil producers like Saudi Arabia and the UAE, alongside strategically important nations like Egypt, Iran, and Ethiopia, represented a major shift. The expansion, strongly advocated by China, was seen as a move to increase the bloc's collective economic and demographic heft. The expanded group now represents a larger share of the world's population and economy, amplifying its potential influence on global governance and finance.
De-Dollarisation and Economic Ambitions
A central theme of the summit was the push for "de-dollarisation." Leaders discussed increasing the use of local currencies for trade and financial transactions among member states and their trading partners to reduce dependency on the US dollar. Russian President Vladimir Putin, participating virtually, was a vocal critic of dollar dominance and international sanctions. The summit's final declaration tasked finance ministers and central bank governors with exploring options for local currency payment systems. While the much-discussed idea of a common BRICS currency was deemed unrealistic for now, the focus on strengthening the New Development Bank (NDB) and promoting bilateral trade in national currencies signalled a clear intent to build an alternative financial architecture.
India's Delicate Balancing Act
For India, the summit was a complex diplomatic exercise. As a founding member that also maintains strong ties with the United States and other Western partners, New Delhi had to navigate carefully. Prime Minister Narendra Modi supported expansion but insisted on establishing clear criteria and a consensus-based approach, ensuring the process wasn't solely driven by Chinese strategic interests. India's proposals at the summit, including the creation of a BRICS Space Exploration Consortium and sharing its Digital Public Infrastructure, highlighted its intent to foster practical cooperation. New Delhi also continued its push for reforms at the UN Security Council, using the BRICS platform to call for greater representation for developing countries. India's stance reflected its broader foreign policy of strategic autonomy, engaging with multiple blocs to further its own national interests.
Challenges and Contradictions Ahead
Despite the ambitious declarations, the Johannesburg summit also underscored the internal challenges facing the bloc. The expansion, while increasing its weight, also introduces greater diversity and potential friction. The group now includes democracies, autocracies, and economies at vastly different stages of development. Key members like India and China have their own unresolved border disputes and strategic rivalries. Furthermore, achieving consensus on sensitive geopolitical issues will become even more complex with new members like Iran and Saudi Arabia, who have their own regional dynamics. Critics point out that BRICS has often struggled to translate its economic size into concrete diplomatic influence, and a larger, more unwieldy group may find it even harder to act cohesively.
