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Adil Javed
The BRICS counties
have number of advantages over the United States in certain areas that has
created concerns and raised a question that US should be worried from the
emergence and consolidation of BRICS or not? As BRICS US rivalry and comparison is
obvious due to these reasons.
Experts from
across the world are talking about US and BRICS tug of war. US itself considers
the BRICS as the greatest concern of the time with respect to US hegemony. There are different areas on the basis of
which we can say that United State should worry about the emergence of BRICS.
Population of
the BRICS countries are greater than the US Population of 330 million. This provides
the large pool of labor and consumers to the BRICS countries.
The BRICS
nations are growing faster than US as forecasted by International Monetary Fund
(IMF) that expected 4.5 % growth of these countries by the end of 2023 while US
economy is expected to grow 2.3 %.
Although,
United States is abundant in multiple natural resources, but it is also greatly
dependant on many other states. BRICS
countries are rich in terms of natural resources. Like, Brazil has large
reserves of iron ore and oil as it is world’s second largest producer of iron
ore. Russia being the world’s largest producer, is rich in oil and gas; India
has large reserves of coal and iron ore. Similarly, China has large reserves of
precious earth metals and coal while South Africa is enriched in gold and platinum.
There is
another point of concern for United States and other Western economies that
BRICS countries are increasing their intra bloc trade as well as catching eyes
of the other developing countries. Hence, reducing the trade and dependence on
US and its allies. In just 2022, BRICS intra bloc trade estimated $542 billion
increasing from $433 billion in 2021.
Research and
Development in another sector that is getting heavy investment by the BRICS nations.
Like, China followed by other countries in the bloc, producing heavy numbers of
smartphones and electronic devices. In an estimate of overall BRICS investment
in research and development, $1.1 trillion was spent during 2022.
The rise of
BRICS nations is a significant challenge for US hegemony and particularly for
its currency that has dominated the world from decades. BRICS Currency is also
posing a greatest challenge for dollar as de-dollarization has become the buzzword
of the threat of the time.
The United States will need to carefully manage its relationships with allies and the emerging nations to evade this US BRICS dilemma.
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