Today the curtain has fallen in Kazan, the most Muslim city in Russia and capital of Tatarstan, which was hosting the BRICS jamboree. The third world had all its eyes focused on the outcome as they have suffered so much from the dictates of the unipolar world that they probably started praying for duopoly at worst and multipolarity at best.
BRICS is a rising giant whose GDP is inching towards $60 trillion, far bigger than that of the G7, the seven most developed countries in the world. The growth rate of the world economy of about 3% pales before the 4% of BRICS which is widely perceived as the new engine that will drive the world economy.
The BRICS meeting seems to have caused the aggressors in the Middle East to postpone for the moment their attack on Iran and turned the Commonwealth meeting in Samoa into a non-event as India and South Africa, the two heavyweights in the group, decided to send lower rank officials with their PM’s in Kazan. They were followed by Sri Lanka and quite a few others. But all felt brave enough to demand reparations for the ravages caused by slavery and colonization, a campaign driven mainly by the Caribbean countries.
BRICS Finance Ministers and its Central Bank governors burnt the midnight oil to produce a declaration dressed in the best diplomatic language that de-dollarization will be a reality before long. The developing countries must have enjoyed that piece of music and must have started salivating that they will be trading increasingly in their own national currencies instead of US dollars.
The bone of contention between India and China has been a big hurdle for BRICS for a drive on full steam. The news, if confirmed, that these two Asian giants and neighbours have reached a thaw in their relationships and will stop sabre-rattling soon, if they have not stopped it already, is Beethoven to the ears of the crowd in Kazan. Peace at last! Many countries, ten according to some observers, are lining up to join the BRICS family; some have much punching force… Saudi Arabia and Iran were present and there are rumours that they will soon hold a joint naval exercise in their waters; and Turkey, a member of NATO on the doorsteps in Kazan, is most welcome to those who have had a rough deal at the hands of NATO.
The adhesion of new members to take the membership to 34 will make of BRICS a formidable force for stability, economic prosperity and above all a multipolar world to the great benefit of humanity. Shall we say “traveling hopefully is better than to arrive.” God speed BRICS.
Dawood Auleear
