The future of BRICS with Trump in power

CHINA: As Voltaire noted, “History is replete with the sound of silken slippers (the US being the dominant strategic and economic power) going downstairs and wooden shoes (the rise of the rest) coming up.” The stage looks set for a new competition for power between the United States and the rest

The world is moving swiftly from a unipolar to a multipolar power structure, if not already there. The unilateral predilection of the US in the conduct of international politics has propelled the regional powers to contest its hegemony and work towards a fair and equitable international order.

The emerging regional powers, especially China, Russia, and India, are trying to strengthen their influence in world politics because of their capabilities.

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The most vocal collective manifestation of this effort is the grouping of BRICS nations (Brazil, Russia, India, China, and South Africa).

The heightened attention to BRICS in global discourse underscores the fact that emerging economies are striving to reduce their dependence on Western-centric models of global governance. BRICS is undergoing a calculated phase of expansion as the lineup of aspiring members continues to expand.

BRICS has effectively articulated the increasing frustration of emerging economies with the dollar. Unilateral sanctions motivated by geopolitical and geostrategic considerations have fueled the disillusionment with the dollar in many regions of the world.

The increased use of sanctions as a tool of statecraft has increased resentment, and the notion of neo-imperial control is gaining traction in the Third World countries. This has prompted many countries to vouch for the replacement of the dollar as a global reserve currency.

Another strategy is to displace the dollar by trading through the local currencies to circumvent the potential pitfalls of using the dollar. This poses a serious challenge to the US’ ability to cripple the economies of strategically defiant nations.