An enemy's enemy is a friend

Formally, BRIC (Brazil, Russia, India and China) was created in 2009 after a number of years of preparation. The purpose of BRIC was, according to a statement from the founders, to be a counterpoint to the economic dominance of Western countries and to challenge the G7 countries (the United States, France, Italy, Japan, Canada, the United Kingdom and Germany) for economic and political power. The following year, in 2010, South Africa also joined and BRIC became BRICS.

Since January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have also joined the organization, which currently comprises 45% of the world's population and 28% of the world's economy. A further 14 countries have applied for membership which has not yet been granted.

BRICS also has a stated ambition to create a common currency and an alternative to Swift, something that has not happened so far. The creation of a BRICS currency, in addition to contributing to de-dollarization, would also reduce the risk of countries at risk of economic sanctions. Every transaction that takes place around the world involving US dollars is at some point cleared through an American bank and thus risks being frozen in the event of a possible financial sanction.

The fact that the cooperation has so far not resulted in either a common currency or payment system can be explained by the fact that many countries are very different from each other and that several of them have deep historical conflicts.

Despite this, one should not underestimate BRICS, which is already a power factor today.