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Media: BRICS overtakes G-7 as world's largest economic bloc, shifting global power dynamics

30 January 2025 20:59

The global economic landscape has seen a significant shift as the newly expanded BRICS bloc, now comprising ten member states—including recent additions Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—has surpassed the G-7 in economic power.

With the BRICS nations accounting for more than a third of global GDP, they now represent a larger economic force than the G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, Caliber.Az reports citing foreign media.

This transformation highlights the changing nature of global alliances. As countries increasingly build international partnerships, economic interests, rather than shared values, have become the primary driver. In particular, several African nations have strengthened their economic ties not only with China through its Belt and Road Initiative, but also with Russia, Türkiye, and the UAE. These countries have made substantial investments in ports, clean energy, and mining sectors, further deepening their economic collaborations.

Meanwhile, the United States has shifted focus toward domestic priorities, with a particular emphasis on revitalizing manufacturing sectors and enhancing its capacity at home. There is bipartisan consensus on the importance of creating new manufacturing jobs, especially in areas hardest hit by deindustrialization. The US Congress passed the CHIPS and Science Act in 2022, allocating over $58 billion to boost the production of computer chips and semiconductors, receiving broad support from both political parties.

This shift in global power dynamics has led to a reconfiguration of US alliances. The unipolar world that dominated the post-Cold War era, led by the United States, is now transitioning into a multipolar one. Countries no longer naturally gravitate toward Washington's sphere of influence. Many, particularly in the Global South, are increasingly comfortable engaging with multiple major powers.

For example, Vietnam, a US partner, maintains close relations with both China and Russia. India, a member of the Quad (comprising Australia, India, Japan, and the United States), is seen by Washington as a key strategic partner in countering Chinese influence in Asia.

However, India continues its strong ties with Russia, including purchasing discounted Russian oil, which indirectly supports Moscow's war efforts in Ukraine. Similarly, Türkiye, a NATO ally of the United States, has engaged in defence deals with Russia, including a 2018 agreement to purchase a Russian antimissile defense system and more recently sought to join BRICS.

The evolving global order marks a pivotal moment as countries navigate new economic and political realities. As BRICS expands and traditional power structures evolve, the balance of influence among global powers continues to shift.

By Vafa Guliyeva

Caliber.Az
Views: 538

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