The BRICS nations—Brazil Russia  India China and South Africa—have transitioned from a group of economies emerging to a major force in reshaping the global economic order. With their collective share of global GDP reaching 31 approximately 5% in 2024, as reported by the International Monetary Fund (IMF) BRICS has emerged as a potent economic bloc challenging the traditional dominance of Western powers. This essay examines how the rise of BRICS transforms global trade dynamics by fostering South-South cooperation, reducing dependency on Western markets, and advocating for a multipolar system economy while grappling with significant internal and external challenges.

China remains the dominant contributing player with over 70% of the bloc’s GDP and its Belt and Initiative Road (BRI) has further deepened trade ties notably through infrastructure investments in Brazil’s ports and South Africa’s mining sectors.

Source: EURASIAREVIEW