The BRICS alliance, comprised of Brazil, Russia, India, China, and South Africa, constitutes an important geopolitical and economic consortium capable of contesting Western authority. It has recently welcomed Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia. Turkey, Azerbaijan, and Malaysia have officially submitted applications to join, while numerous other nations have shown interest in membership. As economies with substantial global sway rise, BRICS nations are set to transform the international power landscape, largely controlled by Western countries, especially the United States and the European Union. However, the main question is whether BRICS can really become a geopolitical alternative.

One of the most striking indicators of the BRICS alliance's potential is its economic strength. Collectively, BRICS countries represent over 40% of the global population and roughly a quarter of the world's GDP. This economic power isn’t just reflected in GDP figures; it also encompasses their vast natural resources, expanding middle classes, and growing technological innovations. China's swift economic ascent has already established it as the second-largest economy worldwide, with forecasts indicating it may overtake the United States in the coming decade. Meanwhile, India is also on an impressive growth trajectory and is expected to emerge as the third-largest economy globally by 2030.

However, many experts agree that the emergence of BRICS+ signals a fragmentation into competing blocs amid escalating geopolitical rivalry between East and West. Critics believe that Beijing and Moscow aim to exploit resentment towards the US and its allies to create an anti-Western counterweight to the G7, potentially paralyzing global cooperation in multilateral forums like the G20, which has already become a reflection of growing global rifts. Despite these concerns, the expansion of BRICS also highlights a desire to challenge the structural advantages of advanced market democracies in a system historically shaped by the West. The diversity within BRICS+ will likely prevent the formation of rigid blocs reminiscent of the Cold War, leading to more incremental and measured impacts on the global order. This coalition offers emerging and middle powers a platform to advance overlapping interests and adapt existing multilateral rules. Rather than confronting the current global structure, the US and its Western allies can foster a positive outcome by addressing the legitimate grievances of emerging powers and avoiding alarmism.

So far, BRICS has aspired to challenge the West's economic dominance. The organization's main target is de-dollarization. The BRICS countries have aimed to reduce the US dollar's dominance in international trade for over a decade by promoting the use of their own currencies, particularly China's renminbi. There is also a push to create a BRICS-wide currency, supported by Brazil’s President Luiz Inácio Lula da Silva. Other proposals from the 2023 summit include establishing a new cryptocurrency or using a combined basket of BRICS currencies. However, skeptics point out that such ambitions may be difficult to achieve, as a BRICS currency would require significant political compromises, including a banking and fiscal union. The dollar remains the principal reserve currency, used in over 80 percent of global trade, raising doubts about the stability of a new BRICS currency.

One alternative that emerged was BRICS Pay, which was proposed in 2018 to facilitate trade among developing nations. However, it wasn't until the 2022 summit that BRICS Pay gained traction as a potential means to circumvent the SWIFT network, the globally recognized standard for financial transactions and a key instrument in the Western sanctions imposed on Russia. Following its invasion of Ukraine, these sanctions have hindered Russia’s ability to engage in trade with its partners, effectively cutting it off from using SWIFT and the US dollar. As a result, Russia has resorted to conducting trade with local currencies and, at times, has even resorted to bartering goods like fruits and vegetables.

Unsurprisingly, Vladimir Putin opened the recently expanded BRICS summit in Kazan, calling for an alternative international payments system to reduce US dollar dominance. However, little progress has been made on this initiative, which worries some BRICS members like Brazil and India, who fear becoming overly pro-Chinese and anti-Western. Nevertheless, the progress is there. To reaffirm their commitment to de-dollarization, BRICS leaders unveiled a symbolic banknote during the summit featuring the flags of Brazil, Russia, India, China, and South Africa. The share of US dollar-denominated cross-border lending by core BRICS residents decreased from 67% in 2016 to 55% in early 2024. The NDB, aimed at supporting infrastructure investment, seeks 30% of its lending in local currencies, though 70% remains in hard currency. Moreover, BRICS foreign exchange claims rose from 9% to 15%, benefiting emerging market currencies.

Should BRICS fully transition away from the dollar, it could influence about $2 trillion of US dollar-denominated cross-border claims and $0.6 trillion in international debt securities. This shift could alter global power dynamics, promote alternative payment systems, and reshape commodity pricing, enhancing financial inclusion for nations preferring alternatives to the dollar. And then there is a military aspect. Up to now, in contrast to assertions made by Western media regarding "military alliance tendencies," BRICS has remained non-militaristic, with significant members like China and India upholding policies against military alliances. Rather, BRICS emphasizes horizontal collaboration, decision-making based on consensus, and regional integration through existing organizations such as the Shanghai Cooperation Organization and the African Union. Analysts highlight that BRICS seeks to challenge Western supremacy, not through military actions, but by amplifying the political and economic influence of the Global South. Analysts from BRICS countries claim that actions by the West, including the expansion of NATO and the establishment of military agreements like AUKUS, illustrate a contrasting strategy. By promoting inclusive cooperation mechanisms, BRICS aims to reform global governance rooted in equality and mutual development, moving away from military frameworks. So, BRICS becoming an alternative to NATO is definitely not an issue.

However, can BRICS become a geopolitical alternative? Recent measures taken by BRICS as an organization-wide anti-Western sentiment oversimplify the group's dynamics. While countries like Russia and Iran may align more closely with anti-Western rhetoric, members such as India, Brazil, and the UAE maintain strong ties with Western partners, exemplified by India's involvement in the Quadrilateral Security Dialogue. Recent BRICS meetings revealed a reluctance to fully embrace Russia's proposals for alternatives to the International Monetary Fund, with many finance ministers sending junior officials instead. The latest summit called for reforming existing Bretton Woods institutions rather than creating alternatives. And, despite representing a significant portion of the global economy, BRICS consists of diverse interests that prevent it from forming a cohesive anti-Western bloc. Thus, although it can potentially challenge Western hegemony, especially economically, BRICS is far from becoming a true geopolitical alternative.