The BRICS Revolution

In 2001, when economist Jim O'Neill, then at Goldman Sachs, coined the term BRIC, referring to Brazil, Russia, India, and China, even he couldn't have imagined the magnitude of the economic transformation that would occur in the following years. These nations, which at that time represented 9% of global GDP, now account for 25% when considering the purchasing power of their currencies. And a geopolitical rapprochement between the four, so distinct from one another, hadn't even been considered by O'Neill.

But it was this week, at a summit held in Fortaleza, that the bloc, bolstered by South Africa, issued the first signs that it intends to pursue common goals, occupying a greater space on the international stage. The most important step was the creation of a development bank, with capital of US$100 billion, headquartered in China, with India as president and Brazil leading the board of directors. An initiative welcomed by the International Monetary Fund itself, which saw in the New Development Bank (NDB) a complementary instrument to face external crises. 

The results, therefore, were far more significant than predicted by the voices that were always critical of a more autonomous Brazilian foreign policy, less subordinate to the United States, who spoke of a meeting that would serve only for protocol photos between presidents. And they are not limited to the NDB. On the same day that heads of state Dilma Rousseff and Xi Jinping met, Embraer announced the export of 60 aircraft to China, the embargo on Brazilian meat was lifted, and Vale obtained an additional US$5 billion credit line from the Chinese development bank.

For the Russians, whose president, Vladimir Putin, has been the target of an attempt at international isolation following the crisis in Ukraine, the meeting was even more important and treated by the local media as a "historic union." Putin will have even greater reasons to approach the BRICS after the tragic incident on Thursday the 17th, when a civilian Boeing was shot down by a missile on the border between Russia and Ukraine, killing nearly 300 people. The West, naturally, will try to point to him as responsible for the tragedy, to portray him as an international pariah.

Now, one of the possible outcomes will be the start of trade between the BRICS countries, which already hold large international reserves, in their own currencies, challenging the hegemony of the dollar. The Fortaleza meeting served to show that a multipolar world is already a reality and that a new international order is being born. It is no coincidence that Russia openly advocated for a seat for Brazil on the UN Security Council.