By Joe Montero
The BRICS summit came and went last week in Brazil’s Rio de Janeiro. Western media aligned with United States economic and political global leadership largely ignored the event. This is despite the participation of the 10 full members (Brazil Russia India China. South Africa, Egypt, Ethiopia, Iran, United Arab Emirates, and Indonesia) and 10 0ther Associate Members (Belarus, Bolivia, Cuba Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam). More than 100 other nations are showing a keen interest, with many of them seeking to join the alliance.
Given its nature and growth, BRICs is undoubtedly the key global development of our age. It will determine the future of the economic, political, and social relationships between nations. To give this little credence is stupidity of the highest order and only makes sense in the context of an effort to keep the populations of western nations ignorant of what is happening, to service the intention of hanging on to dominance at any cost.
A question is how nations caught in the middle, such as Australia, will react in the end. Will it be to continue to champion a dying empire or align with the new emerging world?
The key objectives of BRICS remain to develop Global South Cooperation, encourage the rise of a multipolar world with alternatives for development, and set the means through consensus, instead of compulsion by the most powerful.
The two days gathering in Rio that began on 6 July followed this an did the following. Cooperation under the strategic vison and BRICS spirit of mutual respect, sovereign equality, democracy, and inclusiveness were reaffirmed. The three pillars of political, economic, and financial security, cultural and people to people cooperation, and commitment to peace, inclusive development, and reform of global governance institutions were strengthened. Indonesia, Australia’s close neighbour, was formally admitted as a full member.
Important declarations were made. Which provide for finance to be directed towards dealing with climate, policy for global governance of artificial; intelligence, building a partnership for the elimination of socially determined diseases, and equitable health systems. These are formidable ambitions.
Above all BRICS is committed by consensus to develop a global order that is fairer, more transparent, and puts emphasis on shared responsibility, with more inclusive consultation, and equitable representation within global institutions. This means a drive for equality of nations at institutions like the United Nations, the International Monetary Fund (IMF), the World Bank and the SWIFT (Society for Worldwide Interbank Financial telecommunications for Financial Transactions) system.
The second area of agreement is the promotion of peace, security, and global stability at a time where they face severe challenge. with ongoing regional wars, the rising risk of global conflict, rising targeting of nations by the most powerful, increasing poverty, hunger, environmental challenges, imposed by an order not fit for purpose.
A third area of agreement is the need to strengthen economic trade and financial cooperation. Through the formulation of the Strategy for 2030. This is to focus on advancing the digital economy, enhancing trade and investment, deepening financial cooperation, and promoting sustainable develop0ment.
Out of this come two key actions. Agreement on strong er action on climate based on the principle of Common but Differentiated Responsibilities (CBDR). This considers the national circumstances of developing countries and putting greater responsibility on developed ones. There is the declaration for i8nclisive development that highlights empowerment for youth and women, inclusion of persons with disabilities, managing urbanisation and migration effectively.
Emphasis on increasing trade in other currencies, rather than exclusively on American Dollars, the strengthening of the Multilateral Guarantee Mechanism (BMG) introduced by the BRICS New Development Bank (NDB) to mobilise capital for infrastructure, climate resilience, and sustainable development projects across member nations.
All this proves that BRICs has become the world’s most important and representative forum, representing the largest part of the global economy and population. Although it seeks to minimise disruption, it nevertheless represents the decline of the old order born out of western supremacy and heritage of colonialism, and the rise of a new order free of the inequality and restraints of the past.
This generates resistance from the United States, and from the former colonial powers of Europe, seeking to maintain the old order. The point is that their decline is the result of internal factors leading to their own economic and political decline, and social division at home. This is unlikely to reverse. Their choice is stark. Either continue to ignore what is happening and prepare and more conflict, or to embrace the future, change, and cooperate for mutual benefit.