BRICS Nations Ready to Challenge West’s Dominance in World Affairs
BRICS, a bloc of dozens of Global South nations, is set to emerge as a geopolitical force to reckon with. It is ready to challenge the West’s dominance in world affairs.
Next week, South Africa will host Chinese President Xi Jingping, Indian Prime Minister Narendra Modi and Brazil’s Luiz Inacio Lula da Silva for the BRICS Summit from August 22 to 24. 69 countries have been invited to attend the summit in Johannesburg, South Africa.
The Global South believes the world order only serves the interests of the United States and its country allies. As such, the upcoming summit holds significant implications for global geopolitics, with the agenda on the launch of a common currency that can be used by the BRICS nations. This will reduce the dominance of the US dollar in international trade. And has the potential to reshape the geopolitical landscape and weaken America’s supremacy.
For centuries, the US has been using the dollar as a powerful tool to coerce and pressurize its adversaries. The dollar has empowered the United States with unparalleled economic and geopolitical leverage. But now, the COVID-19 pandemic and Russia’s special operations in Ukraine has fueled a growing sentiment against the US hegemony, supremacy and coercion. Several countries and governments, such as Iraq, Libya, and countries in South America and Latin America, in the past, tried to stand against the American hegemony and US dollar domination, but were snubbed by Washington.
BRICS is working towards de-dollarization, seeking a common currency that will alter this status quo. It can diminish the American influence that is very much closely tied to the dollar’s dominance. BRICS wants to transform the global economy for good that will benefit the Global South and other nations.
Naledi Pandor, South Africa’s foreign minister, said BRICS nations wanted to show global leadership in addressing the needs of the majority of the world, namely development and inclusion of the Global South in multilateral systems. BRICS nations are keen to project themselves as alternative development partners to the West. The bloc strives to reform global governance systems to increase the representation of developing countries and emerging markets.