BRICS

Our ever changing world has pushed many of us to spend time learning about how our lives have evolved over time and how we can improve the way we live in the future, without worrying too much about what others might do or think of us when we’re in a situation that doesn’t fit our current circumstances.

Such perhaps is the case of BRICS, where many have asked about its impact on our lives. For those who still wonder what the BRICS is, it simply stands for the five emerging economies – namely Brazil, Russia, India, China and South Africa – and its goal is to promote peace, security, development and cooperation. Due to the potential of these countries in becoming major economic powers, their impact on the international arena based on their growing economic strength and relevance globally is a factor as to why the union was made in the first place, notwithstanding their sweeping population and substantial natural resources.

It has been noted that these five countries have formed a political and economic bloc to promote cooperation and collaboration amongst themselves and have, at the same time, become more and more influential in global affairs. So how did such a bloc, if one may call it that, emerge?

In the early 2000’s, due to their shared interests in enhancing their economic and political influence in the global platform, the BRICS came to the fore and it was initially in fact just the BRIC, with Brazil, Russia, India and China who were predicted to become major global economic players in the years to come. Later on, with the inclusion of South Africa in 2010, it became known as the BRICS.

This being the case, BRICS countries are all large with fast developing economies and, not to mention, a growing middle class with a continuously increasing need for natural resources. In the hopes of strengthening their position in the global arena, the BRICS continues to seek increased cooperation and coordination in areas such as trade, investment and development finance, as well as reduce their reliance on western economies and institutions while increasing their impact on global governance and decision making.

Interestingly enough, in recent times, the BRICS countries have indeed become even more influential in terms of global affairs by, for instance, establishing their own development bank (New Development Bank) as an alternative to the World Bank and the IMF (International Monetary Fund), as well as forming the BRICS PLUS which includes other emerging economies such as Mexico, Indonesia and Turkey.

So what is the relevance as many ask? How does this affect us?

The BRICS is a reflection of the change in the global scale of power that veers away from traditional western powers towards emerging economies. If we talk about leveraging, the BRICS countries seem to be doing just that and some, if not many, may wonder where the Philippines can see itself in terms of the BRICS.

Personally, I’d like to think that our potential in becoming an important economic player in the region, especially with our strategic location, can enable us to do a lot of leveraging and we can benefit from the opportunities offered by it through increased cooperation in development initiatives.