AN ANALYSIS OF THE RISE OF BRICS AND ITS IMPACT ON THE GLOBAL BALANCE OF POWER

Abstract

The addition of Egypt, Ethiopia, Iran,Saudi Arabia, and the UAE totheBRICSHas Broad Consequences for theInternational Relations System. Thenewformation which might be termedasBRICS+ has a total populationof 45%ofthe world, 25% of exporting countries, andcrude oil production and exports aremorethan 40%. However, the share of theG7inthe GDP of the world is still muchhigherand constitutes 43%. 2% whilefortheBRICS+ it was 28. On average at therateof2% to 3% of their GDP, theBRICSeconomies are expected to expandinthefuture decades. Policy-wise, theBRICS+expansion mitigates the Westernhegemonic control over internationalorganizations including the WorldBankand the International MonetaryFund. Ithas formed other related institutions such as the New Development Banktosource for financing of infrastructure projects. On a geopolitical level, theintegration of Middle Eastern countries supports the reach of BRICS+intoafairly important region. Nevertheless, the BRICS+ politics can be considered as a highly differentiated union in terms of both the political systemsandthe economic models. There are some rivalries between some countriesforexample China and India or Saudi Arabia and Iran. The shift to a multipolarworld order will however not be explosive but will be a gradual process.This paper analyzes the economic, trade, and military indicators tocomparethe level of shifts in the balance of power.

Key Words: BRICS, Power Politics, Balance of Power, US, China