The BRICS moment: A turning point for the world's developing nations

Nicholas Biekpe ()
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Nicholas Biekpe: Chartered Institute of Development Finance

Development Finance Agenda, 2026, vol. 11, issue 2, 3

Abstract: The global economic centre of gravity is shifting and BRICS is driving much of that change. Once seen as a loose coalition of emerging markets, BRICS (Brazil, Russia, India, China, South Africa, and new members) is rapidly becoming a defining force in the world. For developing countries, this bloc represents something long overdue: genuine alternatives in trade, finance, and global influence. Together, BRICS nations account for more than 40 percent of the world's population and contribute the largest share of global economic growth. But their significance goes beyond numbers. What makes BRICS transformative is its ability to reshape how development happens. For decades, poorer nations relied heavily on Western-led institutions for financing, often under strict conditions that limited policy flexibility. Today, BRICS is offering new pathways. Through mechanisms like the New Development Bank, countries can access funding for infrastructure, energy, and climate projects with fewer ideological constraints. This matters because roads, power systems, ports, and digital networks are what unlock productivity and jobs. Equally important is trade. Many developing economies now trade more with BRICS countries than with traditional Western partners. From African agricultural exports to Asian manufacturing supply chains and Latin American minerals, South–South commerce is expanding rapidly. These new trade corridors are helping diversify markets and reduce dependence on a single economic bloc. BRICS also enables something rare in international development: cooperation among peers. For instance, China's industrialization, India's digital public infrastructure, Brazil's agribusiness revolution, and South Africa's financial systems provide practical models for countries facing similar challenges.

Date: 2026
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