This essay tries to shed light on the question of how the so-called BRICS can transform global structures beneficially for the Global South.
BRICS being a coinage of Jim O’Neill, a global economist in Goldman Sachs in 2001 was a personal thinking and analysis which actually subscribed to the global character of the main issues which concern humankind. Ideally, BRICS countries are sovereign states which would wish to use their powers to shape multilateralism around their unilateral interests.
BRICS countries make up 40 percent of the world’s population(3 billion people). 20 percent of the world’s GDP. In the same vein, it represents 18 percent of the world economy. It has 40 percent of gold reserves and currencies. The prognosticated projection is that the BRICS global GDP will be pegged at 60 percent by 2050 and the gold and hard currency reserves will appreciate by 300 percent by 2050. Above all, being collectively the world’s largest market, the cumulative GDP has tripled in the last 10 years since its formation. According to IMF prediction and projection, BRICS economy has grown from 12 percent to 27 percent since 2001. Currently, BRICS hold about 3.93 trillion in foreign reserves and by 2050 it is projected that they will have about $13 .5 trillion of the world’s total economic output. The GDP growth rate for BRICS countries is on a steady upsurge and cannot be compared with the other nations in the global South. The long-term projection it is noted that by 2050 BRICS could account for almost 50% of global equity markets.
With the above descriptive ‘accolades’ for the BRICS countries and the majority of the countries are geographically situated in the South except for Russia. There are certain commonalities which these emerging nations share with the other nations in the global south. This makes them to be in a better and viable position to champion their interests and at the same time re-engineer some meaningful change at the global governance policy level. BRICS since its formation has advocated globally on major issues which affect the nations in the Global South. However, as they perform this valuable global advocacy they always preserve their political, economic and cultural identities as nations within the BRICS bloc.
Inhaltsverzeichnis (Table of Contents)
- The 'BRICS' and their Contribution to Transform Global Structures to Favour Development and Well-being of the Global South
- Introduction
- The BRICS Strategy of 'Transgovernamentalism'
- Transformative Issues: International Security and Counter Terrorism, the New Development Bank, the BRICS Business Council, BRICS Women Business Alliance and International Lobbying by BRICS
- Poverty Alleviation and the Role of the Sustainable Development Goals (SDGs)
- Boosting the Economies and Trade of the Global South Nations
- Climate Change: A Global Environmental Challenge
- International Terrorism: A Threat to Peace and Stability
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This text explores the role of the BRICS group – Brazil, Russia, India, China and South Africa – in transforming global structures to favor development and well-being in the Global South. It examines the group's strategies, initiatives, and accomplishments in addressing key challenges faced by developing nations, including poverty, economic stagnation, climate change, and international terrorism.
- The BRICS strategy of 'transgovernamentalism' and its impact on global governance.
- The role of BRICS in tackling poverty and promoting sustainable development.
- BRICS initiatives to boost economies and trade in the Global South.
- The group's approach to addressing climate change and environmental challenges.
- BRICS efforts in combating international terrorism and promoting global security.
Zusammenfassung der Kapitel (Chapter Summaries)
- This chapter introduces the BRICS group, outlining its origins, economic strength, and shared interests with other nations in the Global South. It highlights the group's commitment to using its influence to champion the interests of developing countries.
- This chapter delves into the BRICS strategy of 'transgovernamentalism,' explaining how the group leverages its collective power to influence global governance and promote the well-being of the Global South. It explores the various initiatives undertaken by BRICS in areas such as international security, counter-terrorism, and economic development.
- This chapter focuses on the BRICS efforts to alleviate poverty and promote sustainable development. It discusses the group's commitment to the Sustainable Development Goals (SDGs) and its role in supporting the United Nations' efforts in this regard.
- This chapter examines the BRICS initiatives aimed at boosting the economies and trade of the Global South. It highlights the group's advocacy for reforms in international financial institutions and its support for regional trade associations.
- This chapter explores the BRICS approach to addressing the global challenge of climate change. It examines the group's stance on the Paris Climate Accord and its promotion of green and low-carbon development strategies.
Schlüsselwörter (Keywords)
The primary keywords and focus topics include: BRICS, Global South, transgovernamentalism, poverty alleviation, sustainable development, economic growth, trade, climate change, international terrorism, global governance, multilateralism, United Nations, Sustainable Development Goals (SDGs), World Trade Organization (WTO), International Monetary Fund (IMF), World Bank, Paris Climate Accord, G20.
- Quote paper
- Odhiambo Oduke (Author), 2021, BRICS and Their Contribution to Transform Global Structures. Development and Well Being of the Global South, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/1131033