The Role of the BRICS+ Bloc in Restructuring the Global Trade Order

بوقاعة زينب

المؤلفون

بوقاعة زينب المؤلف

الكلمات المفتاحية:

Political Economy، Karl Marx، Measure of Value، Value Theory، BRICS+، Global Trade Order، Trade Restructuring، De-dollarization، Multipolarity

الملخص

Abstract The modern global trade order emerged in the aftermath of World War II, driven by major powers seeking a stable, rules-based international economic system to avert the crises of the Great Depression and subsequent wars. Initiated by the 1947 GATT agreement and significantly advanced by the creation of the WTO in 1995, this order, alongside the Bretton Woods institutions, facilitated global economic integration but was predominantly shaped by traditional economic powers. Today, this established order faces profound challenges, including the economic rise of new powers demanding greater representation, escalating geopolitical tensions disrupting trade flows, a resurgence of protectionism, the weaponization of economic interdependence, and the paralysis within the WTO's dispute settlement system. Against this backdrop, the BRICS grouping emerged as a voice for rising economies, initially focused on economic cooperation and institutional reform. The significant expansion in 2024 to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE (BRICS+) fundamentally enhanced its economic and geopolitical weight. This paper investigates the role of the expanded BRICS+ bloc in the process of restructuring the existing global trade order. It hypothesizes that BRICS+ acts as a key driver of this restructuring by developing alternative economic and financial mechanisms outside the traditional framework, strengthening intra-bloc trade and investment, and collectively seeking greater influence within existing international trade forums. The study focuses on BRICS+ mechanisms such as the New Development Bank, de-dollarization initiatives and alternative payment systems, infrastructure and supply chain connectivity projects, and coordinated positions within the WTO. While acknowledging the bloc's growing prominence and its contribution to building parallel structures and advocating for reforms within the existing system, the paper critically assesses the actual impact of these efforts, noting that they remain limited in scope compared to entrenched traditional systems and face significant internal (economic/political diversity, lack of binding structure) and external (resistance from established powers, dominance of the dollar) challenges. The analysis situates the BRICS+ role within the broader context of a global shift towards multipolarity, arguing that its actions are contributing to a more complex, fragmented, and competitive international trade and financial landscape. The paper concludes by summarizing findings, answering the research question, discussing implications, acknowledging study limitations, and proposing areas for future research.

المراجع

Gilpin, R. (1987). The Political Economy of International Relations. Princeton, NJ : Princeton University Press.

Hurrell, A. (2006). Hegemony, liberalism, and global order: What space for would-be great powers? International Affairs, 82(1), 1–19.

Kastner, S. L. (2020). Geopolitics of trade warfare. Journal of International Economics, 45(2), 123–145.

World Trade Organization. (2023). World Trade Report 2023. Geneva : WTO

Blackwill, R., & Harris, J. (2016). War by Other Means: Geoeconomics and Statecraft. Cambridge, MA : Harvard University Press.

BRICS Summit Declarations. (2023). XIV BRICS Summit Declaration. Johannesburg : BRICS Secretariat.

Nakra, R. (2025). Economic progress of BRICS : GDP, trade and FDI. Emerging Markets Review, 50, 10–25.

Vavilina, A. V., Komarova, T. V., & Firsova, A. A. (2025). Analysis of the foreign trade dynamics in the BRICS countries. RUDN Journal of Economics, 33(1), 40–57. https://doi.org/10.22363/2313-2329-2025-33-1-40-57

Mehra, M. K., & Azharuddin, S. M. d. (2022). Economic growth, trade and investment trends in BRICS. In Locating BRICS in the Global Order (1st ed., pp. 27). Routledge India. https://doi.org/10.4324/9781003148074-6

Obajinmi, O. J., & Garba, D. (2025). BRICS Expansion and its Challenges to the Global Economic Order. FUDMA Journal of Humanities, Social Science and Creative Arts, 1(AHBSI), 80–88.

Ullah, S., Waqar, S., & Bacha, O. (2025). BRICS initiatives in global financial governance: NDB and CRA. Journal of Development Finance, 12(1), 30–55.

Liu, H., & Papa, M. (2022). BRICS as a de-dollarization coalition : Infrastructure for an alternative non-dollar system. Finance Research Letters, 49, 101–118.

Krause, M. (2024). Blockchain-based payment systems: The case of BRICS Pay. Journal of Financial Technology, 3(2), 150–172.

Cochrane, D., & Zaidan, J. (2024). BRICS+ versus G7 : Economic, trade and military comparisons. Global Policy, 15(1), 20–40.

Joseph, A., & Pandey, S. (2025). BRICS+ and the Russia-Ukraine crisis: A Global South perspective. International Affairs Review, 17(2), 58–78.

Vadell, J., & Ramos, L. (2025). BRICS in world reordering: Financial and monetary challenges to the Western liberal order. World Development Perspectives, 14, 1–9.

Makala, P., et al. (2025). Comparative trade policies of BRICS and developed economies. Trade Policy Journal, 18(3), 70–95.

Harmanci, D. (2025). Strategic responses of BRICS to the US-China trade war. Asian Economic Papers, 24(1), 33–52.

Jackson, J. H. (2006). Sovereignty, the WTO, and changing fundamentals of international law. Cambridge University Press.

Liu, H. (2015). China’s proposing behavior in global governance: the cases of the WTO Doha Round and G-20 process. Revista Brasileira de Política Internacional, 57(special ed.),

Nori, U., & Mishra, R. K. (2016). Determinants of bilateral trade between BRICS and South Africa: What the gravity model tells us. Meridiano, 1, 1–28. https://doi.org/10.21608/mercj.2016.66486

Nascimento, D. F. (2015). BRICS e OMC : Conflitos de interesses e condicionantes políticos. Boletim Meridiano, 47(151), 46–54.

Eben, O. (2024, November). The role of BRICS in redefining global trade policies and economic alliances. ResearchGate. - 146 -

Bloomberg. (2023). China’s Belt and Road Initiative : Impacts and challenges. Bloomberg News.

Sun, Y. (2016). BRICS dynamics: Internal competition and diversification. Journal of Asian Studies, 38(2), 123–143.

Tediosi, F., et al. (2016). Internal dynamics of BRICS : Geopolitical agendas and policy coherence. International Politics, 53(3), 325–345.

Wang, X. (2017). BRICS Plus initiative : Broadening cooperation with emerging markets. China Quarterly, 230, 1–25.

Devonshire-Ellis, C. (2022). Strategic diversification in BRICS+ membership. Trade and Diplomacy, 10(4), 150–165.

Kolesnichenko, S., Rozanov, M., & Debin, J. (2016). Economic synergies within BRICS : Standards and insurance. Journal of Economic Integration, 31(2), 200–225.

Hirsen, N. (2023). Financial self-sufficiency in BRICS : Goals and mechanisms. Global Finance Journal, 47, 100–115.

Lagutina, J. (2019). Geopolitical realignment: BRICS and a multipolar world order. International Studies Review, 21(1), 33–50.

Avdaliani, E. (2022). Advocating for multipolarity: Brazil, Russia, India, China, South Africa. Global Governance, 28(2), 209–228.

Peng, Z. (2022). BRICS and global governance: Democratization efforts. International Political Science Review, 43(2), 123–140.

Lissovolik, Y. (2017). Parallel financial institutions : BRICS and governance reform. Journal of Financial Regulation, 3(1), 44–60.

Lissovolik, Y. (2018). South–South cooperation and alternative financing. World Finance, 5(2), 10–25.

Herrero, A. G. (2024). Potential geoeconomic and geopolitical consequences of an expanded BRICS (EconPol Forum, No. 1). ifo Institute – Leibniz Institute for Economic Research. https://www.ifo.de/DocDL/econpol-forum-2024-1-herrero-brics-enlargement.pdf

Gopaldas, R. (2022). BRICS and the demand for governance reform. Journal of International Organizations Studies, 13(1), 80–99.

Kumar, S., Shahid, A., & Agarwal, M. (2024). Is BRICS expansion significant for global trade and GDP? BRICS Journal of Economics.

Kenderdine, T. (2018). China’s Eurasian Century? Political and Strategic Implications of the Belt and Road Initiative Nadège Rolland Seattle, WA, and Washington, DC: The National Bureau of Asian Research, 2017 xi + 195 pp. $34.95 ISBN 978-1-939131-50-8. The China Quarterly, 234, 575–576. doi :10.1017/S0305741018000693

Kapoor, S., & Krishnan, R. (2022). Local currency trade in BRICS+: Reducing exchange risk. International Economics, 172, 34–49.

BRICS Customs Cooperation Committee. (2023). Report on Trade Facilitation Initiatives. BRICS Secretariat.

UN Comtrade Database. (2024). United Nations Commodity Trade Statistics Database.

WTO Database. (2024). World Trade Organization. Regional trade agreements database.

Eichengreen, B. (2022). Globalizing Capital : A History of the International Monetary System. Princeton, NJ : Princeton University Press.

Posen, A. (2022). Resistance to economic-order change by established powers. International Security, 47(3), 9–33.

Hurley, J., Morris, S., & Portelance, G. (2018). Examining the debt implications of the Belt and Road Initiative. Pacific Economic Review, 23(3), 269–289.

Shapiro, J. (2020). Economic vulnerabilities and sanctions : The role of de-dollarization. Foreign Affairs, 99(5), 30–46.

Stuenkel, O. (2024). The BRICS and Global Order: The New Development Bank’s Role. London : Palgrave Macmillan.