Can BRICS Serve as a Bridge for the Global South Amid Geopolitical Challenges?

New Delhi, Aug 31 (NationPress) Initially coined as an economic acronym by Goldman Sachs, BRICS has transformed over a span of 15 years into a forum of significant global influence, bolstered by an expanded membership, financial institutions, and a rising impact in governance.

However, the critical question is: can it generate tangible benefits for the Global South, or is it merely an informal discussion platform?

BRICS formally began after the 2006 gathering of leaders from Russia, India, and China in St Petersburg during the G8 Outreach Summit.

The establishment was solidified during the inaugural BRICS Foreign Ministers’ meeting at the UNGA in New York the same year. The first BRICS Summit took place in Yekaterinburg, Russia, in 2009.

With global debt exceeding $102 trillion, of which $31 trillion is owed by developing nations, the fiscal space for vital investments in health, education, and climate adaptation is dwindling. In this challenging scenario, BRICS is increasingly viewed as a “silver lining,” providing alternatives for debt-laden economies through people-oriented and non-conditional platforms, as reported by 'Modern Diplomacy'.

Brazil and India illustrate this practical approach. For Brazil, BRICS is not solely an anti-Western alliance but a bridge for collaboration, advocating for climate finance, vaccine research and development, and facilitating digital trade. President Lula da Silva recently compared BRICS to the Non-Aligned Movement, calling it a platform for multipolarity.

Brazil also supports India’s aspiration for a permanent seat on the UN Security Council, indicating backing for institutional reform. On the other hand, India perceives BRICS as a means to deliver results, planning to advance low-cost digital solutions, energy security through the International Solar Alliance, and women's development through this forum.

India’s initiatives involving local currency settlements and adapting its Unified Payments Interface (UPI) for international transactions are viewed as scalable innovations that could benefit developing nations.

Yet, contradictions remain. While India, Brazil, and South Africa stress the need for reform in multilateral structures, China and Russia often position BRICS as a counterbalance to Western influence.

Beijing has championed initiatives like the New Development Bank and BRICS Pay, while Moscow relies on anti-Western rhetoric, evident during the 2024 Kazan summit.

Proposals for a BRICS Secretariat underscore the increasing calls for institutionalization.

The credibility of this grouping now rests on its ability to deliver — providing financing without intrusive conditions, enhancing trade, and prioritizing the needs of the Global South that are often overlooked elsewhere.