By Dr Tarh Ntantang
Abstract
The Global Economic Order has mostly been dominated by World Bank and the International
monetary funds (IMF) which has been the station quo since the end of the cold war in 19991. But
the rise of the BRICS an alliance of sub regional hegemonies; Brazil, Russia, India, China and
South Africa have banded together to challenge the reigning Bretton Woods institutions which has
been the prevailing world hegemony. This study thus analyzes the impact of expansion of BRICS
and how it threatens the dominance of West in international finance and trade with the help of the
theory of Hegemonic Stability to understand the dynamics of transforming a unipolarist economic
order. Methodology was qualitative research methodology and the sources of data were
secondary. According to the research, the expansion of BRICS present grave inward and outward
threats to the economic order in the global society. On the domestic side, geopolitical tension
among the member states, imbalance in economic power across the region and incoherence in
policy will act as a block to unity in the coalition. On the international front, the urge to balance
the power of the western dominated institutions will most likely to act as a push back to the
coalitions, which is likely to cause severe rivalry and instabilities in the economic set ups of the
world. To alleviate these setbacks, the research paper suggests that BRICS should prioritise
the growth of intra-BRICS trade and investment, intra BRICS self-cohesion, and growth of
alternative financial institutions in order to support the economic independence of BRICS and
generate stable global economic development.
Keywords: Global Economic Order, Policy, BRICS, Trade, Financial Institutions1.0.Introduction
BRICs is an intergovernmental organization which has rightfully positioned itself over the past
few years as a counter economic block in the global economic order. The term BRIC was coined
in the year 2001 by Jim O Neill. Stewart (2024) states that the four BRIC states (Brazil, Russia,
India, and China) gathered their first leader conference in June 2009 in Yekaterinburg, Russia.
Bearing in mind that the financial crisis in theworld had started in the United States of America.
It influenced other states of the western nations, the summit was symbolic and signified economic
transfer of power to the developing nations. The next year, the organization invited South Africa
to take part and therefore BRICS is created. This organization is strictly active in numerous areas
that contain science and technology, trade and investment promotion and facilitation, energy,
health, education, innovation, anti-terrorism, and transnational organized crime among others.At
this point, there are over 30 areas of cooperation that have been established and these areas have
brought special advantages to the people of the individual countries that form the collective nations
(Stewart, 2024).
The 11th summit was in Brazil in 2014 where the inning institutions are of the mandate arise the
New Development Bank System and The Contingent Reserve Arrangement. Arrangement CRA.
The creation of such establishments has deep significance and implications to the world,
especially, to the BRICS economies. Both of the institutions also make significant contributions
to the enhancement of the economic side of different member nations social development
(Iqbal,2022).The 16 th BRICS summit along with the first BRICS plus forum was held between
October 22 nd and 24 th in 2024, in Kazan, Tatarstan. The structures of BRICS have been
extended to five new members who include Egypt, Ethiopia, Iran, Saudi Arabia, and the United
Arab Emirates. President Vladimir Putin has opened an invitation to some twenty four other
nations. The summits provided a much-needed mechanism of cooperation on key issues such as
a trade, investment, and sustainable development, showing the significance of a multipolar world
that considers the opinions and interests of the Global South (Stewart, 2024). The 16 th BRICS
summit highlighted the concept of the world centered in the Global South which includes
considerations of spokes of other nations. This was a good record to African states to enhance their
standing in international financial management agencies. Meanwhile, the EU and Germany as
partners in the largest west of the continent examined all of that very seriously and indicated the
wider ramifications of the increased weight of BRICS (Mare, 2024).
The international economic system, developed in the post-World War II era and made stronger
through such organizations as the International Monetary Fund and the World Bank, was intended
to promote economic stability, reduce poverty and stimulate cooperation on the global level. In
this order many questions do emerge as well as a tremendous amount of inequalities, slight
comments to climate change, the COVID-19 pandemic, the creation of artificial intelligence and
the consistent shifts in economy reflect that the said system cannot navigate the contemporary
global problems (Rodrik, 2020). Countries of the global south tend to see themselves as unable to
make decisions because their role in influencing them is very minor when compared to the UnitedStates and its western allies, which often command substantial power over said institutions (Chin,
2019). The BRICS+ grouping now includes the economies of Saudi Arabia, Iran and the United
Arab Emirates that have a strong influence on international oil markets, trade and financial
institutions. This extension is aimed at providing an alternative to the Western-based economic
order, which implies the readiness of the bloc to challenge the dominance of the U.S. currency and
traditional financial institutions (BRICSSummit,2023). BRICS+ is a potential threat to the existing
world economic system with its prospect of providing a substitute to the western-dominated
financial institutions. The new organization with its increased members, aims at stopping the
economic diversity and independence, especially in its efforts to counter the reliance on dollar to
lead the world currency.
However, this study will question the challenges related to the BRICS expansion to challenge the
dominance of Western presence in global finance and trade. The expansion of BRICS has tried to
establish an alternative framework, which would grant emerging economies great autonomy in
financial and policy aspects.
2.0.Literature Review
The latest induction of new members to the BRICS block has raised great concern among the
political economists and analysts looking into its outcomes in the global economic set up. The
outlined research paper will endeavor to synthesize the major perspectives of this research dealing
with different works in the form of articles and scholarly journals. Two areas of primary
importance to the research topic will see the garnering of information that will be reviewed. This
will examine the strategic motivations and geopolitical ambitions behind the BRICS expansion in
the first section, Expansion Rationale and Geopolitical Goals, visiting the issues in turn, and the
second section is Challenges to the Global Economic Order, examining in turn the impacts that the
expansion is likely to have on the established global economic processes and how it will shape
international power relations.
2.1.Expansion Rationale and Geopolitical Targets
One of the motivations to pursue the growth of BRICS has been the need to have an equilibrium
to the subjugation of Western hegemony, according to Dil (2023), the BRICS coalition has an
existence within an overly crowded global interdependency landscape that can be defined by
eroding the presence of the western world as a hegemony.
The hegemony of the U.S and the introduction of new world powers. These are attained in terms
of objectives such as the New Development Bank that seeks to reduce the utilization of the core
facilities that are owed by the member countries of BRICS to the West and the Contingent Reserve
Arrangement (CRA) that targets interdependencies among the countries of BRICS. The recent
research on the development of BRICS contributes to the comprehension of the military strategicagenda of the bloc and its aggressive driving toward the multipolar world. The BRICS was
extended to recruit new members such as Ethiopia, Egypt, Saudi Arabia, Iran, and UAE under the
BRICS Summit in 2023, although the initiative was started by China and Russia. In the case of the
two countries, BRICS is, thus, one avenue through which it can question the western-dominant
economic system centered on the G7 and the US-led economic order. Increasing membership
enhances the foreign strength of BRICS that enables it to contest the West, particularly in financial
architecture as exemplified by the realities of financial diversification measures like de-
dollarization to reduce the level of reliance on US dollar, and foster usage of local currencies
through barter (Daniel, Saurabh, Cinthia, Marc, Iacob, Nikolaus, C Michael, 2024).
Moreover, according to Özekin (2023), BRICS is an actor that threatens the Western hegemony in
the nations of other regions, such as the Middle East and North Africa. Also in a similar line of
thought,Mangani (2024) argues that BRICs is inverting the paradigm of the world governance
through the system of using the many hard and soft power machineries employed in furthering
multipolarity. Other than that, economic consideration is another crucial factor in BRICS
considerations of expansion besides geopolitical reasons. According to Agarwal and Kumar
(2023), the commitment of bloc to the creation of the institutional establishment is, therefore, also
a part of a wider scheme of flexing its muscle in international economic governance. Among the
major reasons as to why BRICS is expanding is the desire to fight the colonialism of Western
powers especially the United States.
Moreover, the BRICS countries are slowly taking over the roles of initiators of the multipolar
world order that is regarded as the necessity to effectively solve emerging global issues of the 21st
century, including climate change and economic inequality. Though accepting the observation of
Abdulle (2024) on the scope of his work titled as The rise of the multipolar world order:
opportunities and challenges facing Africa, the new multipolar international order will be
beneficial to Africa and other developing countries since it will leave more room to choose to
shape the international relations activities. This statement reflects the position of Prorokovic
(2024) in his publication called The Role of BRICS in the Establishment of the Balance of Power
in international relations who determined that the expansion of BRICS is not only a reaction to
potential changes in the global distribution of power but, on the contrary, it contributes to the
formation of a new balance of powers in international relations. Therefore, the motions of the
BRICS expansion strategy are the intentions to create an alternative to the existing system of the
hegemony and to build a closer economic cooperation with the other countries. The previous
expansion and key activities of the bloc also suggest the solution or redistribution of power on the
planet to introduce a more reasonable distribution of power in the interests of new powers the clues
to multipolarity can also be observed in the foreign policies of China and Russia. Just as an
example, the Global Security Initiative proposed by China is offering a concept of a security
architecture not identical to that of the West and Russia has to seek new partners following the
sanctions (Chaziza, 2023).2.2. Significant Challenges to the Global Economic Order
The fact that the other countries have been added to the BRICS nations has led to the emergence
of new dynamics to the world global economicsystem. Thisgrowth that is supposed to create a
new world order with more decentralized power in the world economic order. But this ambition
faces various challenges that include the internally based on geopolitical rivalry among member
states, economic power imbalance in the region, policy coherence and the externally based on the
desire to counter balance the western dominated globalization institutions.
First, a general and domestic issue of BRICS+ is geopolitical polarization caused by the recent
international conflicts with Russia being the main one.Ukrainian war. Such clash has not only led
to the sanctioning of Russia but also has led to a shift in alliances as well as in the planning of the
economic realm among BRICS countries. The sanctions have thus led to a new round of
globalization, which can fortify or dismantle the BRICS grouping in terms of how effectively the
concerned countries manage such geopolitical realities (Gouvea C Gutierrez, 2023). The new
memberships in various level of economic development, also, makes it hard to have coherent
standing on international matters like Iran and Saudi Arabia have been engaged in conflict of
different politics in the region (Pu, 2024).
Besides these issues, there are other limitations of BRICS+ that exist on the part of external forces
and hegemony on the whole and world organization specifically. The existing international
economic management by the western nations and the larger global institutions like the IMF and
the World Bank might not support the transformations that BRICS+ is attempting to reduce.
Besides, under the issues, BRICS+ could also become exposed to limiting by the existing global
bodies and forces. The present global economics order is dictated by Western nations and
institutions such as the International monetary fund (IMF) and the World Bank. It is possible that
this current order does not want to be receptive to the changes which BRICS+ is planning. Thus,
the opposition might take a lot of forms, including the opposition in a diplomatic form and
economic sanctions against BRICS+ countries that fail to comply with the rules (Naim, 2024).
Moreover, people question the sustainability of the BRICS economic projects, such as New
Development Bank (NDB) and Contingent Reserve Arrangement (CRA), since this organization
is expanding and welcomes new members to the community. They are institutions that were
formed to assist member states with funds and to collaborate on their economies. Yet it is possible
that they become less efficient than before when the structures of governance are widened and
become more complicated and involve more nations needing to reach some agreement (Gennari,
2024).
Another external threat presented by the BRICS expansion to the international economic system
is inventing a novel trading and payment infrastructure. There also exists a number of frameworks
and agreements to facilitate the usage of local currencies in the trade, contributing to the de-
dollarization initiative within BRICS (Kumar C Kumar, Pavnesh C Verma, 2024). This solution,
however, is working in the case of BRICS, according to Liu C Papa (2022) in their work CanBRICS de-dollarize the global financial system? BRICS countries have been entering into more
currency swaps and even conducting transactions in the local currency. Such moves will produce
significant implications to the dominance of the U.S. dollar as the trading currency across the
world. The dollar could not remain the major reserve currency of the world very long as the BRICS
economies develop their relations and use their currencies more. One type of currency system may
not be the only kind that is going to be left behind after this change.
The emergence of the Chinese yuan and the Indian rupee as more prevailing matters of foreign
trade (Bryndin, 2023).
2.3. Theoretical Framework
Theoretical review is an important component of academic studies since they encompass a
theoretical framework of analysing the complex phenomena considered, they also lead to synthesis
of the previous information and guidance of the future research (Chukwuere, 2021). The
Hegemonic stability theory will be adopted in this research paper with the objective of seeking a
deeper insight to the Challenges the BRICS expansion presents to the global economic order.
2.4. Hegemonic Stability Theory (HST)
Hegemonic Stability Theory may be termed as an international relations theory which is somehow
hybridized in a sense that the theory investigates existence of international institutions and actors
using both the realist and liberalist perspectives. Neo liberal acceptance of state as the biggest
player and unit of analysis in global politics makes it associated with realist assumption (Hook,
2002).
The concept of HST was initially used by Charles Kindleberger to analyze the depression era in
the world economy in the two decades of 1920s and 1930s. HST is therefore a theory that
presupposes the existence of a necessary leadership required in management of the economic
structures around the world. The theory was based on global governance and diplomacy as far as
the sustainability of global prosperity is concerned. Another assumption set forth in the theory is
that in case the hegemon becomes weaker or new powers emerge, the life balance of the current
system will not take place. Relevant to this are the recent emergence of new powers and linked to
it the emergence of the blocks like BRICS, the debates about the relevancy of the U.S-based world
economic structure increase and it borders the transition to a multipolar world (Naim, 2024).
2.5. Theoretical Application
Can HST Accommodations Work as Rationalization of Expansion and Geopolitical Ambitions?
With the help of HST, the growth of BRICS can be seen as the shift towards the multipolar system,
which is not controlled by one or another state or particular alliance (Dil, 2023). The increasing
influence of BRICS, especially, the recent involvement of such strong members as Saudi Arabia
and the UAE, enhances the bloc unity in its desire to take matters into its own hands and reverse
the existing, hegemonic system (Ross, 2023). As it continues to lay down a path on its owneconomic road, BRICS appears to be a world where regions can be having a much greater
independence when it comes to financial/trade policy. This attempt to lessen its dependence on the
supremacy of the western hegemon reinforces the argument presented by HST that when a new
bloc or coalition gains significant power, it can result in change on how the hegemon is able to
sustain the world exactly as it desires (Andrade C Goncalo, 2021).
2.6. Major Challenges to the Global Economical Order
According to HST, an international order is likely to be subjected to instability and rivalry when
the influence of the hegemon is weak especially when there is a potent counter- hegemonic force
(Lake, 1993). This challenge of dollar dominance has been captured through the recent efforts by
BRICS to enable intra-bloc trade using local currencies, and they may end up producing a
multipolar currency system (Ross, 2023). As HST describes, this type of fragmentation might
cause the occurrence of instability when various standards, currencies, and institutions compete.
In addition, HST also argues that the loss of power by a hegemon might prompt the fragmentation
as the emerging coalitions fail to organize effectively and feature a single alternative. It is an
essential factor to consider with regard to BRICS since it has to reconcile disparities in political
and economic systems within its member countries, which potentially pose challenges when it
comes to coherent implementation of policies (Vyas-Doorgapersad, 2022).
The expansion and institutional creativity of BRICS are the indicators of the transformation of a
stability model dependent on a hegemonic state (model), which indicates the reflection of
multipolarity in the world order. According to HST, the shift to a multipolar order could also occur
in case the great powers and the new formations would establish a stable cooperation among
themselves and in case there are new norms that would consider the western and the BRICS
dominated dominated institutions (Gouvea C Gutierrez, 2023). However, following BRICS
growing power reserves could come resistance towards Western led hegemony as the power
formation that is currently present, at this transitional stage, it would be possible to find a factor of
instability.
3.0.Methodology
This segment is devoted to the analysis of the research methods that are involved in this process
of investigation concerning the expansion of BRICS and its consequences in the world economy
order. The adopted research design in the study is Descriptive and its term focus is doing the
description of a certain phenomenon as it is and asking a question of the details of a particular
phenomenon by questioning such questions as; What, Who, Where and How the phenomenon is
by finding data and analyzing the same without changing the factors (McCombes, 2023).
Description design has been used to undertake wide range exploration with regard to How BRICS
expansion will be a challenge to the Global Economic Order.4.0.Data Collection
The secondary source of data gathering is the method of data collection taken according to the
study conducted. Collecting of the data already analyzed and classified is known as secondary data
collection. Secondary data was found useful in this BRICS research on BRICS expansion and its
threat to the world order in bringing out the information about background, history and also the
dynamics of the topic under discussion. The majority of collected data consisted of the use of
sources in journals, articles and summit reports.
5.0.Data Analysis
In undertaking this research paper, the researcher used a documentary analysis as a primary method
of collecting the data. It is particularly appropriate considering the fact that there exist several
academic analyses, reports, newspaper articles and official publications on the BRICS expansion
and its economic consequences. During the analysis, research was done based on BRICS summit
reports, global economic summits, articles and journals. These notes were made according to the
themes and were categorized into areas of topics to read and discuss.
6.0.Results and Discussions
In this section, results of the conducted literature review text which was obtained through articles,
journals and summit reports will be analysed under the following subthemes.
7.0.Rationale of expansion and geopolitical objective
In the article titled,
‘What Is the BRICS Group and Why Is It Expanding?’
, Ferragamo (2024)
suggests that the second-tier countries in the BRICS have to go through the reins of the first-tier
countries in the group. Describes that the expansion of BRICS group will influence economies of
the countries involved in it he stated that the new members of BRICS now constitutes nearly 30
percent of the world GDP as compared to 26.3 percent earlier when there were only the five first
members. According to Conte (2023), the share of the BRICS countries in the global GDP has also
been gradually increasing in the last decade, as it currently is the lower limit of approximately
31.56 per cent as compared to 18 per cent in the year 2013. BRICS contributed more than half of
the total growth in the world and was a great contribution to global growth during that time. The
rate of growth in their combined GDP was faster than the global average and its annualized rate
was better in comparison to numerous developed economies. Comparatively, any as formidable as
the U.S. economy could, however, expand in lesser rates than the emerging economies like BRICS
over the period of ten years. In 2023, the GDP of the U.S. economy constituted 24 percent of the
world economy.
By the year 2024, the GDP is expected to rise as other big Economies join the BRICS such as
Egypt, Saudi Arabia, and the United Arab Emirates, however, this will only have an effect in the
future figures.In his statistical report article, The global clout of the new BRICS, Richter (2024)
used the words to convey meaning that the new BRICS average 45 percent when populationmeasured and 35 percent GDP measured at purchasing power parity in the world. With the
additions of Iran and the United Arab Emirates, it has added close to 50 percent to the total oil
production level of the group which appears currently to possess close to 30 percent of the total
oil output in the world, as per the Energy Institute. The export activities of the group are quite a
low presence. The figure. 1 below shows that the nine members only reached 22 percent of the
global merchandise exports last year with China alone making up almost two thirds of exports in
the bloc as seen in the Fig.1. below.
Fig.1 BRICS Countries share of global GDP, population, Oil Production and goods exports
Source: (IMF, UN, Population Division Energy Institute, WTO, 2024)
This improved economical status might put BRICS in a stronger position in terms of multilateral
groups and negotiations. To ensure that BRICS can depend less on the Bretton woods institutions,
two of the institutions that are very crucial are the Contingent Reserve Arrangement (CRA) and
the New Development Bank (NDB). This is in the sense that the NDB ensures that developing
economies have greater power in their hands due to ability to choose whichever development
projects that are necessary to engage in and also provide them with money without attaching strings
to it as has been the case with IMF and the World Bank (Agarwal C Kumar, 2023).
In her article “ What the expanding BRICS universe means to the global economy ” Springfield
(2023) elaborated that this movement towards what is known as de-dollarization within BRICS
which encourages trading in local currencies is another indication of this economic change. South
African President Ramaphosa continued to say that “Global momentum exists towards the use oflocal currencies, alternative financial arrangement, and other payments system.” The expansion of
brics also leads to rise in Foreign Direct Investment by member countries. FDI has the significance
to the economy because transfers of technology, resources, and movements among countries can
be obtained. It can assist in improving the host countries become more productive. Research
indicates that the ability of the BRICS economies to access the global capital markets has increased
FDI flows significantly which is very crucial in the economic growth of these countries (Maryam
C Mittal, 2020). There is also the belief that the rise of BRICS will increase trade among the group,
which in turn will aid in increasing the economy. The member nations have already established
many mechanisms to enhance commerce among them and inclusion of new members could further
enhance these initiatives. Greater trade may lead to economies of scale, a more rapid supply chain,
and easier market access of all the nations included in the member countries (Ferragamo, 2024).
8.0.Influence of Politics and Currency Alternatives
Its ability to provide the developing economies with an alternative arena of international
engagement especially when the members of the organization challenge the domination of the
western organizations. New membership base in BRICS enhances their geographic coverage to
create a more inclusive network that can touch on issues other than economic growth like; security,
governance reform, and climate change hence, a multipolar world order, where a wide variety of
interests serves to balance the traditional Western blocs and their policies, is favored by this new
membership structure (Abdulle, 2024).
The most blatant shift within the boundaries of this political influence is the movement towards
alternative currencies of BRICS. Initiatives such as the BRICS Economic Partnership Strategy, the
trigger towards the local currency trade, not only stands against dollar dominance but also signifies
the commitment of the bloc towards the overall aim of a multi polar economic structure. Politically,
BRICS members have agreed that they would reduce their dependence on the US dollar and the
recent attitude towards currency swaps or local deals is a sign to support the view. This scenario
has hinted towards the possibility of a parallel currencies system particularly given that the
successful trade agreements between the BRICS countries might proceed to enhance the
confidence on the use of alternative currencies in cross-border exchange (Sohag, 2024).
Nevertheless, the currency options of the bloc remain strong challenges on managing the
fluctuation of exchange rates and maintaining continuity amid wide-ranging political perceptions.
9.0. Institutional and ideological Issues
The growth of BRICS membership poses extreme institutional and ideological tensions towards
the BRICS grouping in its misfortune of transforming world governance. To begin with, the war
in Ukraine shows like a geopolitical fragmentation is a hindrance to the political cohesion of the
bloc. Such tensions within the BRICS members can be observed in the case of sanctions against
Russia, where all the members need to party balancing their strategic interests and alliances. These
systems of governance and priorities of the political leadership differ between members as well,whereas regional competitors such as Iran and Saudi Arabia can make agreeability on key issues
quite difficult to reach (Ross, 2023; Pu, 2024).
Aslanyuerek (2023) argued that. Since every member state brings on the table different political
standings and economic interests, expansion of the block poses governance and decision making
problems. There should be negotiation and compromise to find consensus on the instigation of key
reforms like backing on structural adjustments in establishment such as World Bank and
International Monetary Fund (IMF). Now the BRICS is forced to walk a thin line in order to
maintain unity due to the ideological principle of the group, multipolarity, which is attractive to
developing economies but has the risk of also isolating those who are reluctant to challenge the
Western power (Abdulle, 2024; Naim, 2024).
Going in a final thinking, much as the Hegemonic stability theory claims that when the hegemon
loses power, or rival powers develop, the unstable order is expected to prevail, so also could be
the BRICS expansion, with chances of instability in the Global economic order (Naim,2024).
10.0.Areas of Further and Advanced Research
The given research paper, the study concentrates primarily on the economic potential of BRICS
expansion and the threats it brings even to the world economic order. However, since the research
was based on the idea of BRICS anticipating the counter balance to current Hegemony, it is
essential not to concentrate on only the economic effect and challenge, but other spheres political
and military expansion, therefore, they could be considered in the further researches.
11.0. Recommendations
Various recommendations are given in this section. Improving Intra-BRICS Trade and Investment:
Intra- BRICS trade and Investment must be encouraging because it will elevate local currency
dealings and line supply chain incorporation. This would also reduce dependency on Bretton
Woods institutions, and boost economic nationalism to the member states. Enhancing the Inner
Cohesion of BRICS to Increase Stability: The defense of the Hegemonic Stability theory has
identified that having a united power structure is key in the quest to have order, this is the reason
that BRICS should strive towards harmonizing the various political and economical interest among
its members. It should also be indicated that the establishment of explicit policy frameworks in
BRICS is expected since this will contribute significantly to the consistency in how it drives
interests at various international forums therefore it can mitigate instability that can arise due to
fragmentation within the block. Exploit the Trade and Finance Corridors: The BRICS expansion
represents a significant threat to the U.S- centric economic system and it should proceed to develop
and expand its financial systems like the New Development Bank and seek trade in local
currencies. The shift will make BRICS less reliant on Western financial contexts and less
dependent on the US currency, which in the eyes of HST will allow the emerging powers to bring
stability through the institutions controlled by them independently.12.0. Conclusion
On the whole, BRICS growth, demonstrates great economic, political and institutional
consequences to the world economic system, and the schemes such as the NDB and local currency
trade agreements, BRICS+ enhances the possibility of facing the West-based domination in
finance. BRICS+ is politically placed to discount United States-centered alliances by favoring the
other form of international governance that is multipolar. Nonetheless, the unity and effectiveness
of BRICS are being constantly undermined by the ideological differences and governance
problems. To establish a balanced world, favorable to emergent economies, BRICS will have to
solve its internal divisions, sustain its broader economic goals, and develop common values
beyond what the interests of member states expressly benefit in case it is to achieve its potential
(Nach C Ncwadi, 2024).
References
Abdulle, M. (2024). The rise of the multipolar world order: Opportunities and challenges for
Africa. Journal of International Relations and Policy, 5(1), 1–10.
Agarwal, M., C Kumar, S. (2023). BRICS countries’ increasing role in the world economy,
including institutional innovation. BRICS Journal of Economics, 4(2), 173–191.
Andrade, C. R. D., C Gonçalo, C. R. (2021). Digital transformation by enabling strategic
capabilities in the context of “BRICS.” Revista de Gestão, 28(4), 297–315.
Aslanyürek, G. (2023). Does BRICS present multilateral bifurcation as an alternative to the West
during the
pandemic and global inflation crisis era? BRICS Journal of Economics, 4(1), 117–129.
https://doi.org/10.3897/brics- econ.4.e99454BRICS expansion: Challenging Western dominance. (2023). Drishti IAS. Retrieved
from https://www.drishtiias.com/daily-updates/daily-news- editorials/brics-expansion-
challenging-western- dominance
BRICS Summit. (2023). BRICS expansion and implications for global economic order
Bryndin, E. (2023). Transition of countries to currency and trade sustainable international
cooperation on the BRICS platform. Journal of World Economy, 2(1),
Gennari, P. (2024). Editorial. Statistical Journal of the IAOS. https://doi.org/10.3233_SJI-2400
Gouvea, R., C Gutierrez, M. (2023). “BRICS Plus”: A new global economic paradigm in the
making? Modern Economy, 14(5), 539–550.
Hook, S. (2002). Introduction: A reader’s guide to foreign- policy adaptation. In Comparative
foreign policy: Adaptation strategies of the great and emerging powers (pp. 1–30).
Iqbal, B. A. (2022). BRICS as a driver of global economic growth and development. Global
Journal of Emerging Market Economies, 14(1), 78.
Chaziza, M. (2023, May 5). The Global Security Initiative: China’s new security architecture for
the Gulf. The Diplomat. https://thediplomat.com/2023/05/the-global- security-initiative-chinas-
new-security-architecture-for- the-gulf/Chin, G. T. (2019). The BRICS-led development bank: Institutional design and power
asymmetries. Journal of World Economy & International Relations, c(2), 54–68.
Chukwuere, Joshua. (2021). Theoretical and Conceptual Framework: A Critical Part of
Information Systems Research Process and Writing. 11. 2678-2683.
Conte, N. (2023). Comparing the GDP of BRICS and the G7 countries. Visual Capitalist.
Retrieved from https://www.visualcapitalist.com/charted-comparing- the-gdp-of-
brics-and-the-g7-countries/#google_vignette
Daniel, A., Saurabh, B., Cinthia, C., Marc, G., Iacob, K., Nikolaus, L., C Michael, M. (2024).
BRICS enlargement and the shifting world order: Navigating a multipolar era. Boston
Consulting Group. Retrieved from https://www.bcg.com/publications/2024/brics-
enlargement-and-shifting-world-order
Dil, S. (2023). Analyzing the global dynamics: BRICS navigating uncertainty and challenging
U.S. hegemony. International Journal of International Relations, 1(12), 759– 770.
Ferragamo, M. (2024). What is the BRICS group and why is it expanding? Council on Foreign
Relations. Retrieved from https://www.cfr.org
Kumar, R., Kumar, P., C Verma, O. (2024). BRICS new currency: An investigation of trade
dynamics to de- dollarizing intra-BRICS trade with reference to Indian bilateral trade contracts.
Journal of Informatics Education and Research, 4, 1376–1383.
https://doi.org/10.52783/jier.v4i2.929Lake, D. A. (1993). Leadership, hegemony, and the international economy: Naked emperor or
tattered monarch with potential? International Studies Ǫuarterly, 37(4), 459–489.
Liu, Z. Z., C Papa, M. (2022). Can BRICS de-dollarize the global financial system?
Malik, Y. (2024). BRICS expansion in the Middle East from a political economy perspective.
Journal CMES, 17(1), 77. https://doi.org/10.20961/cmes.17.1.87266
Mangani, D. (2024). BRICS as a catalyst for global governance transformation: Beyond Western
perceptions. MGIMO Review of International Relations, 17(1), 46–64.
Mare, A. (2024, October 30). BRICS thought series. APRI. Retrieved from https://afripoli.org
Maryam, J., C Mittal, A. (2020). Foreign direct investment into BRICS: An empirical analysis.
Transnational Corporations Review, 12(1), 1–
10.https://doi.org/10.5281/zenodo.3707834
McCombes, S. (2023, June 22). Descriptive Research | Definition, Types, Methods &
Examples. Scribbr.
https://www.scribbr.com/methodology/descriptive- research/
Nach, M., C Ncwadi, R. (2024). BRICS economic integration: Prospects and challenges. South
African Journal of International Affairs.
https://doi.org/10.1080/10220461.2024.2380676Naim, C. (2024). Deconstructing the empire: BRICS and the rise of a multipolar world. Andalas
Journal of International Studies, 13(1), 80.
Özekin, M. (2023). Contesting hegemony: The rise of BRICS and the crisis of US-led Western
hegemony in the MENA region. The Korean Journal of International Studies, 21(3), 4 09–446.
Proroković, D. (2024). The role of BRICS in establishing the balance of power in international
relations. Srpska Politička Misao, 84(2), 39–60. https://doi.org/10.5937/spm84-48897
Pu, G. (2024). BRICS expansion: New challenges and ways to optimize cooperation. Humanities
and Social Sciences Bulletin of the Financial University, 14(3), 118–122.
Richter, F. (2024, October 22). The global clout of the new BRICS. Statista Daily Data. Retrieved
from https://www.statista.com
Rodrik, D. (2020). Globalization’s political fault lines.
Economics and Society Review, 14(3), 112–130.
Ross, A. (2023). The BRICS+: Who are they, why are they important, and what do they want?
Local Economy: The Journal of the Local Economy Policy Unit, 38(8), 727–734.
Soag, K., Islam, M. M., C Mariev, O. (2024). The response of BRICS trade integration to
geopolitical risks. Journal of Central Banking Law and Institutions, 3(1), 57–94.
https://doi.org/10.21098/jcli.v3i1.180Springfield, C. (2023). What the expanding BRICS universe means for the global
economy. Retrieved from https://internationalbanker.com/finance/what-the-
expanding-brics-universe-means-for-the-global-economy/
Stewart, P. (2024). BRICS expansion, the G20, and the future of world order.
Carnegie Endowment for International Peace.
Retrieved from https://carnegieendowment.org/research/2024/10/brics- summit-
emerging-middle-powers-g7-g20?lang=en
Team, K. (2023). Hegemonic stability theory: Definition, pros, and cons. The Kootneeti. Retrieved
from https://thekootneeti.in
The BRICS expansion: Challenges for consensus, promises of influence. (2023). Al Jazeera Centre
for Studies. Retrieved from https://studies.aljazeera.net/en/
Vyas-Doorgapersad, S. (2022). The role of BRICS in global governance to promote economic
development. Africa’s Public Service Delivery and Performance Review,
