BRICS: Toward a New Global Order in the 21st Century

This chapter critically examines the shifting contours of international economic relations in the context of an emerging tripolar world order, with BRICS positioned at the epicenter of this geopolitical reconfiguration. As the forces of deglobalization intensify, the global economy appears poised to splinter into three dominant trading blocs, respectively led by the United States, China, and the European Union. This fragmentation is emblematic of escalating geopolitical rivalries—most notably between Washington and Beijing—and marks a decisive departure from the post-Cold War liberal economic consensus. European Commission President Ursula von der Leyen’s pronouncement that “The West as we knew it no longer exists” poignantly underscores the gravity of this transformation. Conceived as a counterweight to Western economic hegemony, the BRICS consortium is increasingly asserting itself as a pivotal architect in the remaking of global governance. The projected U.S.-led bloc is expected to encompass the majority of the Western Hemisphere alongside key allies in Asia and the Middle East. Meanwhile, the China-centric bloc is likely to draw in Russia, large swathes of Asia, major African economies, and segments of Latin America. The comparatively smaller EU bloc comprises European nations and strategic partners such as Turkey and Ukraine. Forecasts suggest this economic tri-polarization could exact a cumulative cost of up to $3.8 trillion between 2025 and 2029, owing to heightened tariffs, geopolitical friction, and disrupted supply chains. With the global economy potentially unable to regain its former trajectory, this nascent world order may well precipitate irreversible structural transformations in global trade and power dynamics.