BRICS seen overtaking G7

A political analyst at a known think tank disclosed that a rare event happened in world affairs only recently but which hardly merited mention in global publications.

Austin Ong, political analyst at the think-tank Integrated Development Studies Institute, said Bloomberg forecasted that the new BRICS+ grouping would dominate the world's GDP by 2050, overtaking the economic output of the top industrialized countries under G7.

BRICS+ recently added six regional players, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, aside from the emerging Brazil, Russia, India, China and South Africa and around 20 more countries have expressed interest in joining.

The analysis said developing economies desire a greater role in reforming global trade and financial architecture which was manifested in the recent expansion of BRICS.

It said marginalizing the Global South is one of the structural flaws of the longstanding Western-built and led world order.

The existing system had long given privileges to North America and Western Europe.

Geopolitical experts said the industrialized countries failed to adjust to changing realities, notably the rise of a more multipolar world.

Emerging and fast-developing countries will no longer beg or wait for a seat at the table if their appeals fall on deaf ears and trade barriers are put up to restrict them.

2006 foundation

Ong said BRICS has come a long way since the meeting of foreign ministers of Brazil, Russia, India and China on the sidelines of the 61st UN General Assembly in 2006 which resulted in the forming of the group.

The original BRIC convened their first leaders' summit in Yekaterinburg, Russia in 2006.

Developing economies desire a greater role in reforming global trade and financial architecture which was manifested in the recent expansion of BRICS.

By 2010, South Africa had joined. In 2015, they created the New Development Bank, based in Shanghai.

The group indicated openness to new members, which can bring vitality and expand the organization's resources and influence.

In contrast, the G7, which dates to 1973, remained stagnant since expelling Russia from a short-lived G8 in 2014.

US-led Quad, founded in 2007 and revived in 2017 is also having a hard time taking off.

The security quartet failed to induct new members despite overtures to other Indo-Pacific countries.

"The obvious security focus of the grouping made regional countries edgy about formally joining the minilateral," according to Ong.