The expansion of BRICS, an acronym for five regional economies of Brazil, Russia, India, China, and South Africa, has the potential of cutting the influence of the United States in global politics and trade, a university don, Dr. Riya’uddeen Maitama, has told THE WHISTLER.
BRICS plans to expand its bloc to include about 19 countries by June this year, including a country in West Africa, multiple reports say.
Maitama, a foreign affairs analyst and international relations lecturer at the Bayero University, spoke to THE WHISTLER on the implication of such expansion.
According to him, global trade is mainly dominated by the United States, its G7 allies such as Japan and Canada, amongst others.
The U.S dollar is also used as official currency in 17 countries, hence BRICS’ idea to develop a new currency to replace the dollar for cross-border trade.
“Russia, Brazil, China are founding members of BRICS and they are trying to create an alternative to US dominance in world politics and trade.
“The implication of BRICS expansion is that it is an attempt to create a balance of power when it comes to global politics and trading relations.
“If the BRICS can expand, it will open another chapter in the global politics of trading relations,” said Maitama.
He added that unilateral sanctions imposed on Russia by the U.S over the Ukraine war could hasten the expansion of BRICS, as countries not in the good books of America could join the bloc for protection.
“We have seen the situation of Russia after it embarked on conflict with Ukraine. The US and its allies kept sanctioning Russia to the extent that they are limiting Russia’s access to the US dollar.
“Such development is dangerous and will make countries afraid of the US which is not proving to be a reliable partner in the world,” Maitama added.
Speaking further, he said BRICS gradual emergence as a powerful bloc has the potential to reshape the global economic and political landscape.
“They (BRICS) are trying to invent a payment system which is different from the ones created by the US and its allies.
“If this group succeeds to expand, it will serve as an option to the US in international politics,” Maitama added.
Initially formed as an economic concept, BRICS has since evolved into a forum for cooperation and dialogue on various global issues.
It was formed in 2006 on the sidelines of the United Nations General Assembly and has been making moves to rival the US.
It established the New Development Bank (NDB) with the aim of mobilizing resources for infrastructural development projects in emerging markets and developing countries (EMDCs).
One of the world’s biggest economies, China, had last year called for the entry of other countries into BRICS.