Spurring Influence for Emerging Economies: A Look at the BRICS+ Coalition
Pushing Past the Goldman Sachs Mega-Motif
The BRICS Alliance Unleashes its Youthful Strength
Investment focus on the BRICS countries (Brazil, Russia, India, China, South Africa) as a unified market has dwindled. The once prominent concept of BRICS, initially coined by a Goldman Sachs economist, no longer serves as a sound guideline for investment strategies. Politically, however, the group's influence has surged.
By Norbert Hellmann, Shanghai
The expansion of this interest group of major emerging economies into BRICS+ has brought on board Egypt, Ethiopia, Iran, Indonesia, and the UAE as full members, with Nigeria as a partner nation[1][3][5]. This shift has placed BRICS+ as a counterpoint to Western-dominated institutions such as the G7 and G20, representing approximately 40% of global GDP and half the world’s population[3][4].
Advancing the Global South on the World Stage
- Amplifying Voices: BRICS+ challenges the predominantly Western-led governance structures, advocating for reforms in organizations like the UN and IMF to tackle decision-making disparities[4][5].
- Innovative Institutions: The establishment of the New Development Bank and digital currency proposals aim to lessen reliance on Western financial systems[4].
- Geopolitical Harmony: Cooperation on issues like trade disputes, cemented by foreign minister meetings discussing U.S. tariffs and supporting economic resilience among members[3][4].
- Strategic Connections: Indonesia's 2025 membership and Nigeria's partnership status underscore efforts to strengthen links across Asia and Africa, broadening the group's diplomatic reach[1][3].
The bloc, despite internal strife such as disparities between members and geopolitical feuds (e.g., Russia-India relations)[2][4], has become an essential voice in advocating for a multipolar world. Through development-centric agendas and South-South collaborations, BRICS+ is reshaping global governance[2][4].
- The BRICS+ coalition, comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, and the UAE, with Nigeria as a partner nation, has emerged as a significant counterpoint to the Western-dominated institutions like the G7 and G20.
- BRICS+ seeks to amplify the voices of emerging economies by advocating for reforms in international organizations such as the UN and IMF to address decision-making disparities.
- The New Development Bank and digital currency proposals by BRICS+ aim to lessen the dependence on Western financial systems and establish innovative institutions.
- Cooperation on issues like trade disputes and foreign minister meetings discussing U.S. tariffs and supporting economic resilience among members strengthen the geopolitical harmony within the BRICS+ coalition.
- The broader diplomatic reach of the bloc is emphasized by Indonesia's 2025 membership and Nigeria's partner status, as efforts are made to strengthen links across Asia and Africa, reshaping global governance and advocating for a multipolar world.
