3 QUESTIONS - BRICS foreign ministers' meeting

By Huriye Yildirim Cinar

- The author is the African Institute co-director at the Turkish Asian Center for Strategic Studies (TASAM)

ISTANBUL (AA) - The BRICS foreign ministers' meeting and the consequences of the enlargement of the bloc have been discussed here in three questions.

• What is the purpose of BRICS?

The BRICS is composed of the foremost emerging market economies – Brazil, Russia, India, China, and South Africa – aiming for a more equitable and representative world order.

The member nations advocate for greater representation for developing nations within the global system dominated by Western hegemony, criticizing the unequal structure and decisions of the G7 and the United Nations Security Council (UNSC).

Interpreted as an aim to create multipolarity in the world order, this policy is manifested through the members' calls for reform in the UNSC and critiques of international law.

BRICS seeks to strengthen its collective economic power based on the principle of mutual benefit and works to support the development of its members through the sharing of experiences and knowledge in certain fields such as infrastructure, industrialization, technology, and innovation.

For this purpose, the New Development Bank (NDB) was founded in 2015 by the five founding members to provide loans for development projects in emerging economies.

The NDB has provided $33 billion in loans to more than 96 projects in member countries.

Bangladesh, Egypt, Uruguay, and the United Arab Emirates (UAE) joined the NDB in 2021.

One of the key economic purposes of BRICS is to eliminate the dominance of the U.S. dollar, which is the world's dominant reserve currency in the economic system.

The proposal of a common currency by Brazilian President Luiz Inacio Lula da Silva and China's recent efforts to conduct trade transactions with the Chinese yuan are reflections of this purpose.

• What were the topics of the BRICS foreign ministers' meeting?

Having taken place on June 2 in South Africa's Cape Town, the BRICS foreign ministers' meeting, was attended not only by members but also by some guest countries including Saudi Arabia, Iran, the United Arab Emirates (UAE), and Cuba.

Known as the Friends of BRICS, Congo, Comoros, Gabon, and Kazakhstan sent representatives. Additionally, Egypt, Argentina, Guinea-Bissau, and Indonesia actively participated in BRICS meetings.

The reform of the United Nations Security Council (UNSC), international law, sanctions, regional and global security issues, sustainable development, the global economy, counter-terrorism, climate, and energy security were discussed in this meeting.

It was dominated by strong anti-Western sentiment in response to the latest G7 summit, where Russia and China received strong messages.

In his opening speech, South Africa's Minister of International Relations and Cooperation Naledi Pandor said: "Developed countries have never fulfilled their commitments to the developing world and are trying to shift all responsibility onto the Global South."

Journalists have frequently asked questions during the meeting about whether Russian President Vladimir Putin would be arrested if he attended the BRICS summit of heads of state in South Africa in August.

It should be noted that South Africa is a member of the International Criminal Court (ICC), and there has been pressure on the country to arrest Putin, who is subject to an arrest warrant.

Pandor said that they are considering legal options for hosting Putin which can be interpreted as an indication that the expected arrest will not take place.

Additionally, there is an alternative option that countries like Mozambique or China can host the summit.

The most crucial topic of the meeting was the inclination toward the enlargement of the organization.

Saudi Arabia and Iran, who recently ended their seven-year dispute with Chinese mediation, held a special meeting as potential participants with BRIC countries. This was considered a significant development in the enlargement of the BRICS.

• What could be the consequences of the enlargement of the BRICS?
  

At least 19 countries, including Türkiye, have the intention to join BRICS.

Saudi Arabia, Iran, Algeria, Argentina, Bahrain, Indonesia, Egypt, and the UAE have applied for BRICS membership.

Furthermore, NDB officials have reported that significant discussions have taken place regarding Saudi Arabia's membership.

The participation of Saudi Arabia, one of the world's largest oil exporters, in BRICS and the NDB, has great importance.

Saudi Arabia's participation is crucial for BRICS to end the petrodollar system, which the organization sees as necessary to reduce Western dominance in the world economy.

When Saudi Arabia engages in oil trade within BRICS, it may potentially trade through a new currency instead of the US dollar.

Moreover, when Saudi Arabia joins the organization, the BRICS will have access to an extensive trade network, giving the possibility to negotiate with Western countries.

It is likely that the potential enlargement of the BRICS in August will lead to significant changes in the world order.

However, this change is not about overthrowing the US and shifting global hegemony as expected by China, Russia, and Iran.

The participation of important countries in the world economy such as Saudi Arabia, Iran, Argentina, Venezuela, and Algeria in BRICS will not eliminate the petrodollar system in the short and medium term.

But it may create new tensions between the East and the West by laying the groundwork for a new polarization in the global economy.

Furthermore, Russia and China can benefit the most from these scenarios.

As the leading country within BRICS, China will transform the expansion strategy it has been pursuing for a long time into a concrete success with the enlargement of the organization.

Russia, on the other hand, will be able to overcome its isolation from the Western countries due to the Ukraine war through BRICS policies.

*Opinions expressed in this article are the author's own and do not necessarily reflect the editorial policy of Anadolu Agency.