What is the BRICS project? A fragmented group whose strength lies in its diversity

Once referred to as "emerging economies," the BRICS+ now carry more weight in the global economy than the G7. Long relegated to the sidelines, these countries of the Global South have established themselves as a counterweight to the West. As their annual summit ends in a tense atmosphere, it is time to take stock of this rapidly changing bloc.

The BRICS initially brought together five major emerging powers: Brazil, Russia, India, China, and South Africa. This core group has now been joined by Egypt, the United Arab Emirates, Ethiopia, and Indonesia, under the name BRICS+. By 2023, over 20 countries had officially expressed interest in joining the group.

This bloc aims to represent the interests of emerging economies, which have long been marginalized in major international institutions dominated by the West. The BRICS, originally a platform for cooperation, have established themselves as a leading geopolitical player.

A counterweight to the West

The BRICS countries denounce their underrepresentation in global bodies and demand a stronger voice in international economic governance. In response to growing interest, a "partner" status has been created, allowing countries to attend summits without decision-making power.

Their investment bank is attracting developing countries. But joining the BRICS+ also means distancing oneself from the Western axis. Argentina's ultra-liberal president, Javier Milei, has refused an invitation to join the group, deeming the alliance incompatible with his political convictions. It is therefore an economic coalition, but one in which political influences are growing. Saudi Arabia's refusal to join the group is one example.

A new global heavyweight

In 2024, the BRICS+ countries will represent 50% of the world's population, compared with 10% for the G7. Their weight in the global economy will reach 36% of GDP in purchasing power parity (PPP), compared with 29% for the G7.

Evolution of the weight of GDP in the global economy of the G7 and BRICS+ since 2000 (Source: Statista)

 

Their link is primarily economic, although political convergence is growing. Despite their differences, members are increasingly managing to adopt common positions, particularly on US trade policy and the military offensive in Iran, for example.

China, the driving force behind the group

China is the pillar of the bloc: it alone accounts for 62% of BRICS+ GDP, 36% of the population and 64% of exports. Beijing sees this as a strategic opportunity to diversify its trade outlets and assert its influence vis-à-vis the US.

The BRICS offer China leverage to reduce its dependence on Western markets and forge strong ties with countries in the Global South with which the West has failed to build solid relationships. Beijing would benefit particularly from the development of these relationships.

If there is one thing that all members have in common, it is their closer ties with China than with their other trading partners. The prospect of an increasingly powerful group creating a genuine bloc led by China is one of the country's diplomatic priorities.

Faced with this rise in power, the United States is reacting. Donald Trump has threatened to impose an additional 10% tariff on countries "aligned" with the BRICS, without specifying what this covers. This is an attempt to curb the growing attraction of this economic counterweight, which could lead to a movement away from the dollar.

Common interests, persistent differences

The BRICS+ countries share a similar economic profile: an emerging middle class, massive infrastructure needs, and a desire to accelerate development. Together, they account for 70% of global coal and rare earth production, over 60% of rice cultivation, and more than half of global soybean, wheat, and corn production.

It is with this in mind that Iran and Saudi Arabia, major oil producers, were invited to join in 2024. But the group remains heterogeneous.

Internal rivalries are hindering integration. Iran and Saudi Arabia remain competitors in the Middle East. Egypt and Ethiopia have long had disputes over the management of the Nile. But it is above all the relationship between China and India that is crystallizing tensions. The two giants view each other with suspicion. India has long resisted the expansion of the group, denouncing it as a political maneuver led by Beijing. In general, India is wary of China's attempts to increase its influence within the group. For example, India had called for equal participation in the group's development bank.

An organization under construction

Disagreements are slowing down economic cooperation: BRICS+ countries export almost twice as much to the G7 as they do to each other, and internal trade barriers remain high.

The BRICS+ could shape a new, more multipolar world order. China and Russia see it as a geopolitical tool. Others see it primarily as an economic opportunity. The fact remains that all members still have to deal with the West.

In 2025, the strength of an international organization may lie in its ability to evolve despite disparities. In a polarized world, informal alliances could well chart a new course.