BRICS Offers New Potential for Africa and The World: The Human Race Will Benefit

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A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24. (Xinhua/Zhang Yudong)
A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24. (Xinhua/Zhang Yudong)

The just concluded BRICS Summit in South Africa, has changed our planet and implicitly the universe. This change cannot be reversed.

It is the consequence of adding Ethiopia, Egypt, Iran, Saudi Arabia, United Arab Emirates, and Argentina to the BRICS, beginning in January 2024. This expansion of the BRICS to eleven nations, which already comprised 40% of the world population, and is expected to reach 32.1% of the global GDP this year, larger than that of the G-7 nations, cannot be disregarded. It is a new reality for our civilization. Obviously, as a result of its doubling of participating nations, the BRICS will experience significant growth beginning next year.

The new expanded BRICS definitely ends the control by the West’s “rules-based order.” There is now an alternative global institution not under the thumb of the so called advanced sector nations and their IMF-World Bank financial system. A new global potential has emerged, one rooted in the commitment by “South -South” nations to fully develop their economies. The BRICS, unlike the geopolitical ideologues of the West, will bring forth a new paradigm of development in political-economic relations among nations.

A new dynamic now exists on our planet which is the culmination of the progression of the BRICS from its initial embryonic form to a universal institution. The BRICS came into existence in 2009 , and its own New Development Bank, five years later. Despite all the naysayers, critics, and those who called this recent BRICS Summit “much ado about nothing.” The BRICS is here to stay and is expanding.

We should all take a moment to celebrate this accomplishment, but not for too long. We have to get back to work, and make sure we realize the full potential of this new factor of change that has altered our universe. To my friends and collaborators, who have labored with me to improve the living conditions of the people of Africa, I anticipate a special joy, knowing that in a few months, three of the eleven BRICS nations will be from the African continent.

“BRICS expansion game changer for Africa” Lawrence Freeman
THE ETHIOPIAN HERALD, ADDIS ABABA, August 26, 2023

The invitation of Ethiopia and Egypt to BRICS membership gives Africa a very powerful representation in the new bloc and could be a game changer for the continent, says American political economy analyst.

“This is very good news for Ethiopia, for Africa, and for World Development”, added Lawrence Freeman, a political analyst of African affairs.

He further explained that he is optimistic and excited over Ethiopia’s membership of the new bloc as this kind of new economic relations with the BRICS would help it obtain more resources to realize more of its desire and potential of economy.

“This is what I’ve been advocating for over 10 years” Freeman noted.

According to him, the BRICS expansion is a new paradigm or dynamics in the world while the changes that are going on in West Africa are also part of the same process, Freeman stressed.

Out of the 11 nations in the BRICS, a bloc that represents larger portions of the world economy and the world’s population, almost 30% are African nations; this represents a new reality or a new dynamic.

The rules based order is no longer, hegemonic and the world is not unipolar, he noted adding “that gives us potential for transformational change in Africa”

The African nations and the whole global south no longer have to bow to the rules based order, according to Freeman.

The BRICS is now accelerating its institution as an alternative to the western view of the world and the Western political economic system that gives a new, rules-based international order.

“And we’re already approaching the post unipolar Western dominated world. And BRICS is going to be one of the most central institutions in making those kinds of dynamic changes for world economic development” Freeman indicated.

Concerning the way African countries can benefit from the expansion of BRICS membership, he said that it is up to leaders of these African nations, and leaders of the BRICS, and leaders of other global south nations, to make these new potentials come about to realize that and to organize themselves around a new paradigm of economic order for development.

And the BRICS now has made it clear that they’re going to launch an expansion of their New Development Bank, the NDB, which is going to be increasing its lending. And 30% of its new lending will be in local currencies. Freeman further noted that African countries are now going to be capable of having access to loans from the do not contain the conditionality that the IMF and World Bank loans do.

“And that is something very exciting. Something I’ve been fighting for 30 years, and I’m very happy to see the progress we’re making. And reality has now changed as of today” Regarding the future ties of BRICS, developing countries with other blocs, Freeman stressed that the changes in the BRICS configuration is a new factor in reality and cannot be changed back.

Therefore he noted, the West now has to become aware of that and reflect on their policies and change their policies to pro development policies for these emerging markets, he reiterated.

BY ZEKARIAS WOLDEMARIAM

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