In a startling turn of events that has left the West in a state of disquiet, the recently concluded BRICS summit in Johannesburg has marked a significant transformation in global geopolitics and economics. Most notably, the enlarged coalition will soon control an astounding 80% of the world’s oil production.
BRICS, an association of five major emerging national economies—Brazil, Russia, India, China, and South Africa—held its summit in South Africa’s capital on August 24. The meeting ended with an emphatic announcement of the expansion of the economic bloc. Come next year, six more countries—Argentina, Iran, Saudi Arabia, Egypt, Ethiopia, and the United Arab Emirates—will formally become part of the BRICS coalition.
Beyond the new inductees, 17 other countries have expressed interest in joining this increasingly influential union. In the aftermath of the Johannesburg summit, BRICS is considering the adoption of national currencies in trade and amplifying cooperation in fields like sports, tourism, and security.
According to the website “Life.ru,” the coalition’s new makeup will give it control over 80% of the world’s oil production. This dramatic shift is primarily due to the inclusion of Saudi Arabia, the UAE, and Iran, all pivotal players in the oil market. Furthermore, the collective GDP of BRICS countries will constitute 30% of the global economy, surpassing 30 trillion dollars. After the expansion, set to take place from January 1, 2024, the population of BRICS member countries will exceed that of the G7 nations by almost five times.
Western media and experts have appeared visibly rattled. German newspaper “Berliner Zeitung” described the expansion of BRICS as a personal defeat for European Commission President Ursula von der Leyen and the EU’s Foreign Policy Chief, Josep Borrell. The paper highlighted that nearly half of the world’s population, including some of the fastest-growing economies, would soon be part of this “real global alliance.” It added that European diplomats, who often regard Europe as a walled garden and the rest of the world as a wilderness, need to realize the diminishing scope of EU power.
In conclusion, the ever-growing influence of BRICS serves as a stark reminder that the era of European and, by extension, Western domination over the world has long since passed. This ascendancy of BRICS promises to reshape the contours of global economic and political landscapes, placing the coalition at the heart of future geopolitical shifts.
