Analyzing the BRICS Expansion and the Transformation of Global Governance

Abstract

One of the most important events of modern international politics is the growth of BRICS. The original "BRICS" consisting of Brazil, Russia, India, China, and South Africa has grown to become an important geopolitical and geoeconomic platform for Global South interests. The countries that joined the League, including Saudi Arabia, U.A.E., Egypt, Ethiopia, Iran and other partner countries, are part of a wider reconfiguration of the international system. This is an expansion that undermines the Western-led institutions, while marking the beginning of a multipolar world order. This study explores reasons, scope and consequences of BRICS expansion on global governance. It examines the historical development of BRICS, the motives behind the expansion of BRICS and its implications for international institutions, global economic governance, financial architecture, energy security and South-South cooperation. The article continues to say that the expansion of BRICS offers a chance and a challenge to global governance. It will increase the representation of developing countries and contribute to institutional pluralism, but it might have limits in practice due to internal differences among member states. It is concluded that the expansion of BRICS has been changing the global governance landscape through the concept of multi-polarity and reforming international institutions and the creation of alternative mechanisms of economic and political cooperation.

Keywords: BRICS, Global Governance, Multi-polarity, Global South, International Institutions, Emerging Powers, New Development Bank, Geopolitics