Ayanangsha Maitra
BRICS, the Panch Pandavas or a pentagon of power is opening its doors to new members, despite facing a barrage of sanctions and a flurry of allegations. Iran, Saudi and several oil rich nations inclusion has made the group more energetic. One thing is crystal clear: BRICS, having built itself “brick by brick,” is now aiming to “cement” its place in the global hierarchy.
Among the Five members,the most thrilling story is that of the love-hate relationship between Dragon and Elephant. The strategic ambiguity between India and China, marked by differing perspectives and a lack of trust, has contributed to the stagnation of BRICS in some ways.
India and China may clash fiercely like rival firebrands, but they also trade like old friends haggling over a market stall. It’s a curious dance of diplomacy—one moment, they’re at each other’s throats, and the next, they’re swapping goods as if they’re in a bustling bazaar. No matter how heated our verbal sparring with China gets, we can’t ignore that it’s ByteDance, the brains behind TikTok, that has truly transformed the worlds of dance, broadcasting, and self-expression. TikTok isn’t just a platform; it’s where foreign ministries and state officials spin their press engagements into viral gold. After banning TikTok, India tried to launch its own alternatives, but let’s be real—none have come close to matching TikTok’s flair or popularity.
While concerns about data centers and local laws loom large, Western companies are relishing the opportunity to tap into India’s rapidly expanding digital audience. If BRICS wants to keep up, it needs to shake off its old bureaucratic ways and get in tune with the current trends.
The tragedy of lives lost to preventable issues like inadequate healthcare and the absence of mosquito nets underscores the urgency for BRICS to evolve and address these critical concerns. Ignoring such realities, BRICS can’t gain value. With Iran, Saudi Arabia, and the UAE on board, BRICS nations are responsible for around 44% of the world’s crude oil. It’s high time BRICS stepped up to meet the energy needs of the Global South, where per capita income often feels like it’s been trapped in a time warp while fuel prices are on a rocket ride.
Now it’s time to excert BRICS’ influence in global politics. But let’s not just become another offshoot of the P5 duo of Russia and China. This alliance needs to embrace the aspirations, struggles, and stories of all its members.
The West, with its directives, continues to dominate the IMF and World Bank, the so-called Bretton Woods twins. From the heights of wealth, these rich economies can hardly fathom the realities of BRICS and Global South nations—or even think of offering meaningful advice.
In 2014, BRICS established the New Development Bank to finance infrastructure projects. I’m thrilled to mention that one of its co-founders is an advisor to my organization, COGGS. By the end of 2022, the Bank had disbursed nearly $32 billion to emerging nations for new roads, bridges, railways, and water supply projects. The NDB should have to function for capacity building and empowering communities in the developing member states.
BRICS should do more to nurture entrepreneurs and product suppliers; after all, India boasts numerous high-quality yet affordable FMCG brands, many of which even Bollywood stars endorse. Each nation has its ambitions and perhaps a few own agendas for joining BRICS. Take China, for instance—it’s keen to deepen its influence in Africa.
Ahead of 2024 BRICS summit in Kazan, Russian President Vladimir Putin expressed his desire to enhance BRICS’ role in the international financial system, increase bank cooperation, and multifold the use of currencies.
Member nations and BRICS supporters should contemplate ways to negotiate duty-free arrangements and slide more items into convenient tariff brackets.
Another pressing issue is currency. India and Bangladesh have found a sweet spot in their currency trading via vostro accounts. At a press meet in February, Bangladesh’s former foreign minister, Dr. Hasan Mahmud in a conversation with this journalist, mentioned plans to multiply currency trading with India. It’s likely happening anytime soon. On the flip side, Moscow has been grappling with a pile of rupees, which has caused headaches for garment manufacturers who’ve had to halt exports to Russia despite demand due to currency complications. BRICS must devise a payment mechanism that enables local traders to conduct transactions smoothly and hassle-free. After all, in the world of international trade, convenience is king.
Andrei Tarkovsky from Russia, Abbas Kiarostami, and my personal favorite, Asghar Farhadi from Iran, have profoundly to the world of arts through their cinematic masterpieces. Their unique storytelling resonates with millions who speak neither English nor any bridge language, reaching hearts across the region and beyond.
While BRICS may not outshine Netflix or Hollywood anytime soon, it boasts a wealth of film festivals and an abundance of talented plot-makers, storytellers, and performers. To truly captivate the screens, canvases, and stages, BRICS must harness this artistic talent and let it shine.
[Ayanangsha Maitra is a Journalist and Research Coordinator of Center of Geoeconomics for the Global South. ]
