The Strategic Emergence of BRICS in Business, Policy and Economics Reimagining Global Trade and Development

Abstract

The tactical emergence of BRICS (Brazil, Russia, India, China, and South Africa) as a powerful trade and development block in the international trade indicates a radical form of emerging international order after the pandemic. BRICS countries are challenging institutions that operate on the global stage in the Western-centric focus, and they promote the notion of the multipolar world order that reforms trade and investment patterns, as well as political conceptions and institutional change, including currency diversification, intra-block trade promotion, and institution adjustments. This opinion piece draws a critical analysis of these forces along four axes through narratives challenging Western hegemony, strategic economic reorientations, institutional innovations in dealing with the problems of health and environment and blue economy as well as epistemic expansion that promotes South-South collaboration and legal-political power. The synthesis highlights the implication of BRICS rise to the world governance and development with opportunities of research in future.