Significance of BRICS: Regional Powers, Global Governance, and the Roadmap for Multipolar World

Abstract

The article justifies the optimism of new global order. The global financial crisis that had erupted in the USA during 2008 battered the global economy. The disaster paved the way for rethinking on changes in the architecture of global governance. The fragile political and economic global situation triggered by the crisis led to emergence of regional power confederacy, particularly within the developing world. Consequently, the importance of Brazil, Russia, India, China, and South Africa (BRICS) within the global governance structure has gone up. The steady emergence of BRICS in global politics has been mainly based on their excellent economic performances. This development on economic front coincides with increasing cooperation and coordination and formulating common positions on global political issues. BRICS, as a united entity, is expected to shape global governance in the twenty-first century. The influence already demonstrated by these emerging nations will surely continue to redistribute the balance of power in international financial institutions in favor of developing nations. Although the future of BRICS cannot be predicted with certainty, its combined efforts and the results of its meetings thus far reflect the potential of the group of emerging nations to change the existing distribution of power around the globe.