The BRICS bloc, an expanding group of developing nations, is actively seeking to challenge the traditional US-led economic and political order. In theory, its growing economic clout, representing a significant portion of global GDP and population, gives it the potential to advocate for reforms in global governance. BRICS leaders have increasingly voiced criticisms of US policies, including trade tariffs, and are pushing for a more multipolar world. A key aspect of this challenge involves efforts towards de-dollarization, with discussions around creating alternative payment systems to SWIFT and promoting trade in local currencies, as highlighted by a Brasil de Fato report on BRICS leaders’ proposals for an alternative payment system. The expansion of BRICS, with new members joining, is seen by many as a strategic move to amplify the voice of the Global South and reduce dependence on Western-dominated institutions.

However, the path to fundamentally reshaping the global order is fraught with challenges for BRICS. Critics point to internal rifts and divergent interests among member states, which can hinder a unified front. For instance, while some members like Russia and China are keen to directly challenge US hegemony and circumvent sanctions, others, such as India and Brazil, often aim for a more non-aligned stance, seeking to balance relations with both Western powers and the BRICS bloc. Despite ambitions for a common currency or extensive alternative financial systems, progress remains slow due to these internal differences and the entrenched nature of the existing global financial architecture. Ultimately, while BRICS certainly represents a significant emerging force and a growing demand for a more inclusive global system, the extent to which it can truly dethrone the US-led order will depend on its ability to overcome internal divisions and translate its collective potential into concrete, coordinated action.

For a comprehensive discussion on whether BRICS can truly challenge the US-led world order, watch this Al Jazeera video.

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