Why Is Membership of BRICS Important for the Freedom of the Developing World

Why Is Membership of BRICS Important for the Freedom of the Developing World: The developing nations that make up the BRICS group have come together collectively with the goal of bolstering their position in the international system. The organization’s founding belief was that Western-dominated international organisations were neglecting and exploiting developing nations. The five member nations of the BRICS initiative have come together to form new financial institutions, coordinate their political and economic agendas, and lessen their reliance on the currency.

Why does the West seem to despise BRICS?

Instead of seeing power concentrated in the hands of a few Western nations, the BRICS countries often advocate for a multipolar world. The conventional Western view of international affairs, which places a focus on liberal democratic principles and institutions, stands in stark contrast to this worldview.

When it comes to foreign policy, several of the BRICS countries disagree with the West. For example, Western states that support a rules-based international order find themselves at odds with Russia due to Russia’s activities in Ukraine and its partnerships with other BRICS members. Furthermore, Western countries are worried about the stability and security of the area due to China’s aggressive foreign policy in Asia and beyond.

Why being a member of the BRICS is crucial

The developing world’s independence depends on BRICS membership because it gives rising economies a voice to counter the Western world’s hegemony in international organisations. Being a member also gives developing nations a voice in global economic governance, helps them advance economically, and lessens their reliance on institutions controlled by the West.

The BRICS nations have also established alternative financial institutions like the Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB) to get access to assistance and financing that is not bound to Western norms.

Gains from being a member of the BRICS Group

A greater voice in global governance, better access to capital and technology, and more economic cooperation are all advantages of BRICS participation. To counter the hegemony of Western economic ideology, emerging nations might also use membership to advocate for their own economic models.

In addition, being a member of the BRICS may facilitate South-South collaboration, which in turn helps boost developing nations’ economies.

Why Is Membership of BRICS Important for the Freedom of the Developing World: Additional Benefits

1. Counterbalance to Western Dominance

The BRICS Group acts as a check on the influence of Western-led financial organisations like the IMF and the World Bank. Economic cooperation in BRICS also gives developing nations a new way to talk to each other and work together, which helps them stand up for what they want on the world stage.

A large chunk of the world’s gross domestic product comes from the economies of the BRICS nations, taken together. Because of their strong economy, they are able to influence trade agreements and attract investments that may help their country grow sustainably.

2. Why Is Membership of BRICS Important for the Freedom of the Developing World: Unity in politics

Participation in the BRICS group also encourages emerging countries to stand together politically. Without the influence of Western objectives, which may not meet their interests, it offers a platform for talking about shared problems like poverty reduction, climate change, and security.

3. Achieving Financial Independence

By encouraging the use of local currencies in commerce among member nations, BRICS hopes to lessen its reliance on the U.S. currency. Developing nations may gain influence by achieving financial independence, which protects them from the ups and downs of Western economic and monetary policy.

4. Inclusive Global Governance

More inclusive global governance systems that listen to and address the concerns of developing countries are in high demand, and the growth of BRICS is a reflection of that. More fair decision-making in international forums may result from this inclusion.

Conclusion

Encouraging economic cooperation and political solidarity, advocating for more inclusive governance structures globally, and providing a platform to unite against Western hegemony are all important benefits of BRICS membership for developing nations’ freedom.

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