BRICS Summit in New Delhi Challenges Western Hegemony
BRICS leaders are gathering in New Delhi, hosted by India, as the bloc approaches its 20th anniversary, sparking debates over whether it can serve as an alternative to the West.
The BRICS Leaders' Summit, hosted by India in New Delhi, brings together the world's largest developing economies while reigniting the question of whether the bloc constitutes a genuine alternative to the West-centric global order.
Summit Begins in New Delhi
India is hosting the BRICS Leaders' Summit, set to begin on Saturday, with the goal of increasing the bloc's global visibility. While geopolitical tensions and conflicts highlight divisions among member states, Russian President Vladimir Putin touched down in New Delhi on Friday morning for the September 12-13 summit.
Global Order and Search for Alternatives
The group of developing nations—comprising Brazil, Russia, India, China, South Africa, Iran, the UAE, Saudi Arabia, Egypt, Ethiopia, and Indonesia—was established with the aim of challenging the Western-led order. As the alliance approaches its twentieth anniversary, analysts note that while BRICS has made the world more multipolar, it struggles to construct a coherent alternative against the West.
Bargaining Power for the Global South
The bloc provides Global South countries with greater bargaining power and economic alternatives by offering a platform outside Western-led institutions. Nonetheless, the dominance of the US dollar persists, and internal disagreements limit joint action on foreign policy and security issues.
Purpose of Establishment and Priorities
Born out of the 2008 financial crash and the failure of the WTO Doha Round negotiations, BRICS aimed to give developing countries a stronger voice. Experts emphasize that the two core priorities uniting its members are the desire to expand international trade and the willingness to resist Western pressure regarding rights and democracy.
Economic Weight and Structural Limits
Despite representing nearly half of the world's population, 40 percent of global output in terms of purchasing power parity, 44 percent of oil production, and a quarter of world trade, the group's collective impact remains limited. Having approved approximately $39 billion in funding by the end of 2024, the New Development Bank still raises the majority of its funds through the dollar.