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Barnama
2 days ago
- Business
- Barnama
- Mapping The Rise Of BRICS: Declarations, Designs And A Future Unfolding
Opinions on topical issues from thought leaders, columnists and editors. A systematic review of the BRICS declarations from 2009 to 2025 reveals not fragmentation but thematic coherence and steady institutional growth. The bloc has moved from reactive voice to constructive architect. With the 17th BRICS summit just concluded in Rio de Janeiro, the BRICS locomotive continues to move, quietly yet unmistakably, through the shifting contours of global power. Beyond headline debates on expansion, currency alternatives, or institutional reform lies a deeper continuity: the deliberate, increasingly coordinated effort of the Global South to shape a post-hegemonic order, one summit at a time. Over 17 years, several core themes have remained constant (Figure 1). Calls to reform global governance, particularly the UN Security Council and Bretton Woods institutions, have sharpened. So too have affirmations of sovereignty, non-interference, and multilateralism grounded in international law. BRICS has consistently opposed unilateral coercive measures, foreign intervention, and extraterritorial application of law, while emphasising peaceful dispute resolution and sovereign equality. Yet critics persist. Some dismiss BRICS as little more than a talk shop – long on declarations, short on delivery. But that view no longer holds. A close reading of the declarations reveals growing technical coordination, policy continuity, and formalised structures. The very texts once cited as evidence of vagueness now offer proof of a maturing governance ecosystem. In the financial domain, BRICS' critique of dollar dominance has moved from posture to practice. The New Development Bank (NDB) and the Contingent Reserve Arrangement were early steps. Most recently, the bloc's declaration proposed the incubation of a BRICS Multilateral Guarantees (BMG) mechanism within the NDB and technical advances on cross-border payment interoperability. While not yet named, these developments increasingly reflect the logic of Mutual Credit Clearance (MCC) -a decentralised, self-balancing trade system that avoids both hard currency dependency and inflationary credit creation, as EMIR Research proposed in 'BRICS' Currency Dilemma: A Necessary Quality Leap Beyond the Dollar' (2024). Support for Africa, Latin America, and least developed countries has moved from symbolism to structured frameworks. The introduction of BRICS Partner Country status, along with the refrain 'African solutions to African problems', signals transition from advocacy to architecture. Peace and security cooperation has also matured. What began as rhetorical condemnation of terrorism is now underpinned by working groups, action plans, and technical coordination platforms. BRICS declarations increasingly address regional conflicts – Palestine, Syria, Sudan, Ukraine – not only in solidarity but as a normative voice for international law and humanitarian principles. Recent years also mark a decisive shift in BRICS' identity – from platform to prototype. Since 2021, technology governance and AI have become central. The bloc has shifted from addressing digital access to asserting digital sovereignty, with new frameworks on AI governance, cyber norms, and sovereign digital infrastructure. BRICS is also becoming institutionally dense. No longer just a summit platform, the bloc's operational ecosystem now includes permanent working groups, interbank platforms, think tank networks, and civil society forums. Declarations increasingly reference cross-pillar coordination, 2030 strategies, and detailed technical annexes—hallmarks of real governance capacity. Another shift is BRICS' growing role in humanitarian diplomacy and legal accountability. Since 2020, declarations have placed stronger emphasis on humanitarian law, unimpeded aid access, and explicit references to the International Court of Justice. The bloc is positioning itself as a normative counterweight in a system long monopolised by Western legal framing. This institutional maturity is echoed in the block's evolving language. Early BRICS (2009–2014) spoke in terms of voice, representation, and multipolarity. Recent declarations use a more assertive vocabulary: agile, equitable, accountable, inclusive governance. This shift signals BRICS' ambition to offer a values-based alternative, not merely a structural counterweight. Crucially, BRICS Summit 2025 marks a geopolitical breakthrough. With Indonesia admitted as a full member and eleven additional Partner Countries recognised, including Malaysia, BRICS is operationalising a decentralised, concentric model of expansion. This model preserves consensus while broadening reach. Even its economic language has shifted. While critique of Western trade asymmetry persists, it now comes wrapped in technical nuance: exchange-rate risk mitigation for public-private partnerships, infrastructure information hubs, ESG-aligned investment platforms, and the integration of digital green finance. 'BRICS exposure' is now entering investment strategy vocabularies – not as political signalling, but as a credible diversification play. Malaysia's moment: from observer to orchestrator With Malaysia now chairing ASEAN, the deepening and diversification of BRICS+ offers a strategic opening – not to choose sides, but to help shape the global playing field. Long known for its diplomatic pragmatism, multilateral credibility, and evolving MADANI framework, Malaysia is uniquely placed to serve as both bridge and architect in this era of recalibration. Already recognised as a BRICS Partner Country, Malaysia could pursue strategic alignment across three domains: monetary innovation, technology governance, and development cooperation. While BRICS declarations have yet to explicitly adopt Mutual Credit Clearance (MCC), the logic behind it is taking form. In such a system, only countries that produce goods and services of recognised value to others can sustainably issue credit. Malaysia, with its globally demanded exports – from halal goods and palm oil to semiconductors and green components – meets this criterion. Its consistent trade surpluses, diversified production base, and stable monetary governance position it not just as a participant, but as a node of stability and trust in any future BRICS+ MCC-like arrangement. This alignment of trust and production connects directly to the Multilateral Guarantees (BMG) mechanism now incubating within the NDB. Designed to de-risk infrastructure and sustainable development projects, the BMG reduces reliance on Western risk assessments and credit agencies. Malaysia's institutional credibility and investment-grade governance make it well-placed to act not only as a beneficiary but as a regional anchor. In combination with MCC-like logic, BMG offers the other side of the equation: a collective trust mechanism to ensure productive intent translates into investable outcomes. Malaysia's strategic value extends further. In the digital and financial domains, it could host an ASEAN–BRICS+ forum on AI governance, data flow standards, and cybersecurity. In the development sphere, Malaysia can lead on Islamic finance, halal regulatory convergence, and biodiversity frameworks – embedding value-based norms in the emerging Global South architecture. With regional neighbours such as Indonesia now full BRICS members, the potential for regulatory coherence and innovation diplomacy is unprecedented. The BRICS story is no longer about bloc formation – it is about framework evolution. The question is not whether the world is becoming multipolar. It is whether emerging actors like Malaysia will step forward – not merely to adapt to new structures, but to shape them. In this spirit, Malaysia's path lies not in alignment or opposition, but in co-creation -bringing ASEAN's voice into the core of BRICS+, embedding mutual credit into trade logic, and aligning inclusive governance with pragmatic multilateralism. The moment is open, but the window is narrow. This is not just a chance to observe history. It is an invitation to help design its next chapter. -- BERNAMA Dr Rais Hussin is the Founder of EMIR Research, a think tank focused on strategic policy recommendations based on rigorous research.
New Straits Times
09-07-2025
- Business
- New Straits Times
BRICS and partners to shape future contours of global power
A systematic review of the BRICS declarations from 2009 to 2025 reveals the bloc has moved from reactive voice to constructive architect. Several core themes have remained constant especially global governance reform, particularly the UN Security Council and Bretton Woods institutions. So too have affirmations of sovereignty, non-interference, and multilateralism grounded in international law. BRICS has consistently opposed unilateral coercive measures, foreign intervention, and extraterritorial application of law, while emphasising peaceful dispute resolution and sovereign equality. Peace and security cooperation has also matured. What began as rhetorical condemnation of terrorism is now underpinned by working groups, action plans, and technical coordination platforms. BRICS declarations increasingly address regional conflicts — Palestine, Syria, Sudan, Ukraine — not only in solidarity but as a normative voice for international law and humanitarian principles. Support for Africa, Latin America, and least developed countries has moved from symbolism to structured frameworks. The introduction of BRICS Partner Country status, along with the refrain "African solutions to African problems," signals transition from advocacy to architecture. In the financial domain, BRICS' critique of dollar dominance has moved from posture to practice. The New Development Bank (NDB) and the Contingent Reserve Arrangement were early steps. Most recently, the bloc's declaration proposed the incubation of a BRICS Multilateral Guarantees (BMG) mechanism within the NDB and technical advances on cross-border payment interoperability. While not yet named, these developments increasingly reflect the logic of Mutual Credit Clearance (MCC) — a decentralised, self-balancing trade system that avoids both hard currency dependency and inflationary credit creation. Since 2021, technology governance and AI have become central. The bloc has shifted from addressing digital access to asserting digital sovereignty, with new frameworks on AI governance, cyber norms, and sovereign digital infrastructure. BRICS is also becoming institutionally dense. No longer just a summit platform, the bloc's operational ecosystem now includes permanent working groups, interbank platforms, think tank networks, and civil society forums. Another shift is BRICS' growing role in humanitarian diplomacy and legal accountability. Since 2020, declarations have placed stronger emphasis on humanitarian law, unimpeded aid access, and explicit references to the International Court of Justice. The bloc is positioning itself as a normative counterweight in a system long monopolised by Western legal framing. Crucially, 2025 BRICS Summit marks a geopolitical breakthrough. With Indonesia admitted as a full member and eleven additional Partner Countries recognised, including Malaysia, BRICS is operationalising a decentralised, concentric model of expansion. This model preserves consensus while broadening reach. With Malaysia now chairing Asean, the deepening and diversification of BRICS+ offers a strategic opening—not to choose sides, but to help shape the global playing field. Long known for its diplomatic pragmatism, multilateral credibility, and evolving MADANI framework, Malaysia is uniquely placed to serve as both bridge and architect in this era of recalibration. Already recognised as a BRICS Partner Country, Malaysia could pursue strategic alignment across three domains: monetary innovation, technology governance, and development cooperation. Malaysia, with its globally demanded exports — from halal goods and palm oil to semiconductors and green components — consistent trade surpluses, diversified production base, and stable monetary governance position it not just as a participant, but as a node of stability and trust in any future arrangement. Malaysia's strategic value extends further. In the digital and financial domains, it could host an Asean–BRICS+ forum on AI governance, data flow standards, and cybersecurity. In the development sphere, Malaysia can lead on Islamic finance, halal regulatory convergence, and biodiversity frameworks—embedding value-based norms in the emerging Global South architecture. With regional neighbours such as Indonesia now full BRICS members, the potential for regulatory coherence and innovation diplomacy is unprecedented. The BRICS story is no longer about bloc formation — it is about framework evolution. The question is whether emerging actors like Malaysia will step forward — not merely to adapt to new structures, but to shape them. With the 17th BRICS summit just concluded in Rio de Janeiro, the BRIC locomotive continues to move, quietly yet unmistakably, through the shifting contours of global power. In this spirit, Malaysia's path lies not in alignment or opposition, but in co-creation — bringing Asean's voice into the core of BRICS+. It is an invitation to help design its next chapter.
Indian Express
07-07-2025
- Business
- Indian Express
BRICS signals strong Global South, less dependence on West
Written by Soumya Bhowmick Gathered in Rio de Janeiro on July 6-7, leaders of Brazil, Russia, India, China, and South Africa issued a declaration that signals perhaps the most ambitious turn yet in BRICS's evolving journey. At the heart of the BRICS Rio Declaration 2025 lies the conviction that existing international institutions — from the UN Security Council to the IMF and World Bank — no longer reflect the geopolitical and economic weight of emerging economies. BRICS leaders seek reforms that grant the developing world a greater voice, aiming not to dismantle the global order, but to modernise it for a multipolar reality. Even before its latest expansion, the bloc collectively represented over 40 per cent of the world's population and a significant chunk of global GDP. With the addition of new members such as Iran, Egypt, Ethiopia, and the UAE, BRICS is evolving into an even more formidable economic coalition. The inclusion of oil giants and mineral-rich nations enhances its leverage over energy markets and critical supply chains — a clear signal that the Global South aims to shape, rather than react to, global economic forces. The Rio Declaration also placed a strong emphasis on inclusive growth, sustainable development, and digital cooperation. BRICS leaders championed climate action that doesn't stifle development, stressed the importance of women's digital inclusion, and set new targets for knowledge sharing in AI, critical minerals, and green technology. Looking ahead to COP30 in November, also hosted by Brazil, the BRICS nations endorsed the Tropical Forest Forever Fund (TFFF) as a promising tool to secure sustained funding for protecting tropical forests. 'With the collective scale of the BRICS, we will combat the climate crisis while making our economies stronger and fairer,' the declaration affirms. Reducing dependence on the West is a central thread in the BRICS 2025 vision. The bloc is pushing initiatives such as trading in local currencies, integrating payment systems outside dollar-dominated networks, and strengthening the New Development Bank (NDB) to serve as an alternative source of funding. Proposals for a BRICS cross-border payments system and the expansion of the Contingent Reserve Arrangement also reflect a desire for financial resilience, offering a cushion against Western sanctions and economic volatility. Amid this surge of BRICS ambition, India has emerged as both a strong advocate for the Global South and a cautious voice determined to keep BRICS from becoming overtly confrontational toward the West. On the one hand, BRICS offers New Delhi a powerful platform to amplify its demands for UN reform, greater representation in global governance, and development finance tailored to emerging economies. The group's solidarity on counterterrorism (it condemned the Pahalgam terror attack), infrastructure finance, and digital cooperation aligns closely with India's national interests. On the other hand, India's deepening ties with the West — particularly the United States, Europe, and Japan — shape its strategic calculus. New Delhi has grown increasingly intertwined with Western partners, sharing technology, engaging in defence cooperation, and conducting goods trade worth approximately $130 billion with the US alone in 2024. In areas such as semiconductor manufacturing, renewable energy, and digital infrastructure, India views the West as a vital partner in bolstering its economic growth and strategic autonomy. Additionally, India's complex relationship with China remains a significant undercurrent within BRICS, marked by lingering mistrust despite recent diplomatic overtures following their 2020 border clashes. While bilateral trade has surged, India's substantial trade deficit highlights economic asymmetry and dependence on Chinese goods, prompting New Delhi to tighten scrutiny in sensitive sectors, such as technology. Strategic tensions extend beyond commerce, with China's ties to Pakistan, territorial disputes over Arunachal Pradesh, and Beijing's regional infrastructure projects fuelling India's wariness of China's influence both bilaterally and within BRICS. Meanwhile, Chinese President Xi Jinping's absence from the Rio summit, along with the diverse geopolitical stakes of new members such as Iran and Saudi Arabia, highlights the internal complexities and delicate balance that BRICS must navigate to maintain cohesion. The Rio summit concluded with a strong sense of purpose, as BRICS leaders unveiled initiatives such as expanded financing tools and digital cooperation frameworks aimed at giving the Global South greater agency over its future. Yet significant challenges remain in turning these plans into reality, as ambitions such as trading in local currencies, building alternative financial networks, and undertaking new infrastructure projects require not only political consensus but also technical capacity and confidence among members. Finally, as India prepares to chair BRICS in 2026, its diplomatic skills will be crucial in steering the bloc toward tangible outcomes rather than ideological posturing, aiming to transform BRICS into a practical engine for development, with a focus on projects spanning African infrastructure to digital public goods. For India, the challenge lies in harmonising its multipolar aspirations with its deep ties to the West, ensuring that BRICS serves as a bridge to a fairer world rather than a divider in global geopolitics. The writer is a Fellow and Lead, World Economies and Sustainability at the Centre for New Economic Diplomacy (CNED) at Observer Research Foundation (ORF)
South China Morning Post
25-04-2025
- Business
- South China Morning Post
Brics countries eye multilateral mechanism to help global economy: Brazilian official
Brics member countries have begun exploratory discussions on creating a multilateral investment guarantee mechanism, a senior Brazilian official told the Post, a move aimed at deepening the bloc's role in helping to stabilise the global economy. Advertisement Brazil's secretary for international affairs in its finance ministry, Tatiana Rosito, said the talks took place after a Brics meeting on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington. The proposed mechanism would be modelled on the World Bank's Multilateral Investment Guarantee Agency, or Miga, which helps developing countries lure foreign direct investment by offering political risk insurance and credit guarantees. Miga covers risks such as expropriation, currency inconvertibility, contract breaches and conflict-related disruptions. Established in 1988, the agency has helped de-risk infrastructure and energy projects in some of the world's most volatile environments. Tatiana Rosito, Brazil's secretary for international affairs in its finance ministry, attends an International Monetary Fund meeting in Washington on Thursday. Photo: Handout If created, a Brics version of Miga could be added to the group's financial toolkit alongside its Contingent Reserve Arrangement, signed in 2014 and in operation since 2016.
