Once upon a time, in the bustling city of Johannesburg, a gathering took place that would rewrite the narrative of global power. The BRICS summit of last week was no ordinary meeting; it marked the dawn of a new era, where developing nations rose to the forefront, challenging the once-unquestioned reign of the West. As the world watched with bated breath, the BRICS organization, comprised of Brazil, Russia, India, China, and South Africa, expanded its ranks. In the coming year, they would welcome Saudi Arabia, the United Arab Emirates, Egypt, Iran, Ethiopia, and Argentina (pending election outcomes). This growth was monumental, for it would unite nations representing nearly half of the world’s population.

In the realm of finance, this expansion translated into sheer economic might. The Brics, already a force to be reckoned with, would now command 37% of the world’s GDP, surpassing the US-led G7. The Western dominance, which had long held sway, was being seriously challenged. But this shift was not just about numbers; it was about the heart of production. While Western economies had increasingly turned towards financialization, the Brics remained rooted in manufacturing. The G7 countries now produced as much as China alone in this aspect. It was a glaring indication that the tides were changing.

And it wasn’t just about what was produced; it was also about resources. The inclusion of Saudi Arabia and the UAE in the Brics would mean that the organization accounted for over 40% of global oil production. This was no ordinary development; it was a symbolic shift that threatened the very foundations of the petrodollar system. Decades ago, Saudi Arabia and the US struck a deal to price oil in dollars, thus ensuring a continuous cycle of dollar reinvestment into the US. This arrangement had helped the US maintain a colossal trade deficit for years. But now, with Saudi Arabia and the UAE joining the BRICS, the petrodollar system faces a new challenge.

The Brics had always leaned towards de-dollarization. They aimed to create an international currency, akin to Keynes’ bancor, and promote the use of local currencies in international trade. Their vision was to reshape the global financial landscape, diminishing the dollar’s dominance. Yet, beyond economics, this shift bore deep political significance. Ethiopia, Africa’s second most populous country and home to the African Union, joined the Brics. This was not just an invitation; it was a message to Africa and the world. The Brics aimed to be inclusive, offering an alternative to the Western model and fostering economic independence.

Many nations had already expressed their desire to join the BRICS, and there were compelling reasons behind this. The Brics’ approach to global affairs, rooted in multilateralism and sovereign equality, resonated with countries seeking to break free from Western economic control. It was an opportunity for nations to reclaim their voices on the global stage. However, this shift was not uniform within the BRICS. While Russia and China were keen on transforming the organization into a political force challenging Western hegemony, India preferred a more neutral stance. It wanted to be non-Western but not anti-Western.

As the BRICS entered a new chapter, the world watched with anticipation. The inclusion of these new members, along with Russia assuming the presidency, marked a turning point. A new world order was not born at last week’s summit, but it set the stage for a potential shift in global dynamics. In this tale of geopolitical and financial transformation, the BRICS Plus summit reminded the world that the balance of power could evolve, and new players could emerge. It was a lesson that numbers alone did not define power; it was the unity, vision, and determination of nations that could reshape the world.

The conclusion was clear: the global stage was no longer a one-act play dominated by the West;
it was becoming a multi-act performance with a diverse cast. The BRICS Plus summit served as a prologue to a new era,
where geopolitical and financial narratives were rewritten, and the world watched with bated breath for the next chapter.