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BRICS weakens US and EU dominance as nations seek sovereignty

BRICS weakens US and EU dominance as nations seek sovereignty

Grafa2024/10/16 06:00
By: Liezl Gambe

BRICS is emerging as a counterbalance to the traditional dominance of the U.S. and EU, as more nations pursue equal cooperation and sovereignty in their partnerships, according to Vyacheslav Volodin, Speaker of Russia’s State Duma. 

In a recent statement, Volodin emphasised that BRICS has become a major economic force, with countries increasingly viewing it as a viable alternative to alliances led by Washington and Brussels.

Volodin highlighted a shift in global power dynamics, stating that BRICS is seen as a “guarantor of a multipolar world,” where nations can engage in partnerships without facing external pressure or interference. 

He noted that countries are moving away from serving the interests of the U.S. and its allies, opting instead for equal dialogue and mutually beneficial cooperation.

According to Volodin, the policies of Washington and Brussels have had unintended consequences, pushing more nations toward BRICS. 

He pointed out that the combined economies of BRICS member states now surpass those of the G7, a trend reflecting the growing influence of the bloc. 

“The economies of BRICS countries are now much larger than those of the G7,” he said, underscoring the economic power shift.

One of the latest indications of BRICS' growing appeal is Serbia's interest in joining the bloc. 

Volodin noted that Serbia, which has begun to distance itself from the EU, sees BRICS as a reliable alternative. 

He further emphasised that BRICS participants are not subject to “blackmail” or conditions that compromise their sovereignty, unlike what is often experienced in EU partnerships.

Volodin also pointed to economic challenges within the EU, where countries like Germany, Austria, Finland, and Estonia are facing GDP declines and industrial setbacks. 

He suggested that BRICS offers a model of global cooperation rooted in equal partnerships, which may prove more sustainable for nations seeking long-term economic stability.

Russia, currently holding the BRICS presidency, is set to host a summit in Kazan from October 22 to 24, with representatives from over 30 countries expected to attend. 

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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