GOALS of BRICS – BRICS 2
The primary collective goal of the BRICS nations is to enhance their influence in global economic and political arenas. By inviting six new countries to join the bloc during the 15th summit in August 2023, BRICS aimed to broaden its geopolitical and economic footprint, signaling a move towards creating a more multipolar world where Western dominance is balanced with the interests of emerging economies.
Another significant goal is to foster deeper economic integration and cooperation among member states and new joiners. This includes trade, investment, and financial collaboration that can help bolster the economies of member countries, making them more resilient to global economic fluctuations.
BRICS seeks to reform global governance institutions, such as the United Nations, the World Bank, and the International Monetary Fund, to ensure more equitable representation of developing countries. This ambition is centered around making international decision-making processes more inclusive and reflective of the global economic and political diversity, thereby addressing the systemic imbalances that often sideline developing nations.
As this article delve into the individual goals and aspirations of each member, starting with Brazil, it becomes clear how this diverse group of countries plans to leverage their collective strength to achieve their unique national objectives within the broader BRICS framework.
Brazil
Brazil aims to leverage its BRICS membership to enhance its economic stability and global trade relationships. It seeks to diversify its export markets beyond traditional partners, focusing on increasing exports of agricultural products and manufactured goods. Additionally, Brazil is interested in attracting foreign investment to bolster its infrastructure and energy sectors, particularly in renewable energy to solidify its position as a leader in environmental sustainability.
Russia
Russia’s goals within BRICS are centered around strengthening its global geopolitical influence and securing its energy export markets. Russia aims to use the BRICS platform to counterbalance Western sanctions and political pressures, especially by enhancing its economic ties with China and India. It also seeks to promote the internationalization of its currency, the Ruble, to reduce dependency on the US Dollar and Euro in international transactions.
India
India’s primary objective is to foster its economic growth through increased trade and investment with BRICS nations. It aims to position itself as a global center for manufacturing and services, including information technology and pharmaceuticals. India is also focused on enhancing its energy security through collaborations within BRICS, seeking investments in renewable energy and access to natural resources. Additionally, India emphasizes the importance of counter-terrorism cooperation and digital infrastructure development within the BRICS framework.
China
China views BRICS as a strategic platform to advocate for the reform of global economic governance, aiming to align it more closely with its interests and those of other developing countries. China seeks to expand its Belt and Road Initiative through BRICS, promoting infrastructure development and connectivity projects. It also aims to increase its exports and secure natural resources to support its domestic economic demands. Furthermore, China is keen on leading technological innovation and digital economy initiatives within BRICS to bolster its position as a global tech leader.
South Africa
South Africa’s individual goals include using BRICS as a means to attract investment and enhance its role as a gateway to the African continent. It seeks to promote African development and integration into the global economy, advocating for African interests within BRICS. South Africa is also focused on diversifying its economy through increased trade with BRICS countries, particularly in mining, manufacturing, and services. Additionally, it aims to address social inequalities and foster sustainable development through collaborative projects and knowledge sharing within the BRICS framework.
United Arab Emirates (UAE)
The UAE’s goal in joining BRICS is to further diversify its economy beyond oil by enhancing its role as a global hub for trade, finance, and tourism. The UAE seeks to leverage its strategic geographic location and state-of-the-art infrastructure to increase its trade and investment flows with BRICS countries. It is also keen on advancing its technological and sustainable energy sectors by collaborating on innovation and green technology projects within the BRICS framework, aiming to position itself as a leader in the transition towards a more sustainable and diversified economy.
Iran
Iran’s primary objective in joining BRICS is to mitigate the economic isolation imposed by Western sanctions through enhanced economic and diplomatic ties with the BRICS nations. Iran seeks to expand its trade in oil, gas, and other natural resources, while also exploring opportunities for investments in its technology and manufacturing sectors. Joining BRICS aligns with Iran’s strategy to strengthen its geopolitical stance and secure supportive partnerships that can help bypass the restrictions that have hampered its economic growth.
Egypt
Egypt aims to use its BRICS membership to attract more investments in its economy, particularly in infrastructure, renewable energy, and the Suez Canal development projects. Egypt sees a strategic opportunity in BRICS to enhance its role as a bridge between Africa and the Middle East, leveraging its geographic and cultural position to increase trade and foster economic cooperation. Additionally, Egypt is focused on securing support for its water security concerns, particularly in relation to the Nile River, and views collaboration with BRICS as a way to bolster its diplomatic and economic resilience.
Ethiopia
Ethiopia’s goal in joining BRICS is to support its ambitious economic development plans, seeking investments in infrastructure, agriculture, and manufacturing sectors. As one of Africa’s fastest-growing economies, Ethiopia aims to leverage BRICS membership to enhance its access to international markets and attract foreign direct investment. Ethiopia is also interested in technological and educational cooperation to support its development goals, seeing BRICS as a platform to facilitate knowledge exchange and innovation partnerships that can drive sustainable growth.
