BRICS+: A Balancer to Shape the New World Order

Abstract

The BRICS grouping has highlighted a new chapter for the organisation in the recent meeting in Kazan, Russia. The grouping has the potential to change the current world order in the rapidly shifting global politics. This meeting showed the organisational strength, structure, and goals of the organization, with major powers such as India, China, and Russia coming on one platform, keeping aside the Ukraine War and border skirmishes between India and China. These countries are in search of a new alternative, such as BRICS+, against Western dominance in the international economic order to trade in local currencies. BRICS+ intends to create a new international economic order, free from Western dominance, to achieve de-dollarization of global trade. It has also made the Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB) for loans and support to nations against the balance of payment crisis. This new order is based on cooperation and mutual growth to become an effective platform for promoting trade in local currencies. The rising strength of BRICS with new members can play an important role in establishing a new international economic order and play a significant role in the United Nations, as a major political force. The proposed study uses an empirical and qualitative approach to study BRICS+ and how it can challenge the existing dollar-led international economic order to strengthen its position. BRICS+ presents a substantial challenge to Western dominance in global affairs. Consequently, the future of the international order—whether it remains multipolar—will, to a large extent, be influenced by BRICS+ and how it contributes to shaping this emerging order. This paper aims to critically examine the position and role of BRICS+ within the broader context of contemporary global politics.