International

The Role of BRICS in Reshaping Global Trade Policies

March 25, 2025

Face it. Global trade is not what it used to be. The days when some Western economies had the first word are gone. That was when a powerful coalition of emerging economies: Brazil, Russia, India, China, and South Africa. The five nations have been rewriting the global trade script, they are no longer playing supporting roles, they are leading actors. Let us take a look the role of BRICS plays in reshaping the global trade policies.

But what exactly is the role of BRICS changing the rules of global trade? And more importantly, what does this mean for businesses, economies and consumers worldwide? Let’s dive in to unpack the role of BRICS in reshaping global trade policies, with a touch of wit and a whole lot of insight.

The BRICS Influence on Trade Regulations

Trade rules have traditionally been controlled by entities such as the WTO and the IMF. But BRICS is trying to change the rules by promoting trade that is inclusive. Developed nations have mostly been favored by the existing rules. So, the BRICS group is advocating for those rules to benefit mostly the emerging markets.

Take the BRICS New Development Bank (NDB) for instance. This entity provides alternative funding for developing nations, reducing reliance on Western financial institutions. The shift is not just monetary—it’s empowerment. The transformation is not just about money but empowerment. The New Development Bank provides the opportunity to finance infrastructure, and trade projects, allowing countries to avoid traditional economic barriers and establish the pace of development.

The Rise of BRICS in Global Trade Agreements

BRICS countries are not simply sitting at the negotiation table, they bring their own alternative proposals. These states are actively negotiating and entering into bilateral and multilateral agreements that manage to bypass the economically Western-dominated mechanism. This is also evident as more and more agreements are done in the national currency and not in US dollars.

For instance, China and Russia have increased trade in currency, yuan and ruble, to reduce their dependence on fluctuations in global currencies. India is also moving towards more trade in its own currency, the rupee, and is in talks with multiple countries to explore trade in rupees. This de-dollarization is not only real but also radical as it is being promoted by BRICS. Recently, the policies of global trade are changing in ways that could not have been imagined a decade ago.

The Digital Trade Revolution Led by BRICS

BRICS is not only about traditional trade if you think it is. The group is spearheading a digital revolution in global trade. With China’s e-commerce strength, India’s rapidly growing tech sector and Brazil’s innovative fintech solutions, the BRICS countries are setting new norms in digital trade.

The development of digital payment systems is one of the bright initiatives to ensure smooth transactions across the BRICS countries. It eases the trade and reduces the cost of transactions. The benefits go to businesses and consumers. The result is the creation of new trade rules, which function in a multipolar world rather than in the world with the dominance of the West.

The Shift Toward Sustainable Trade Practices

BRICS is leading sustainable trading policies. While Western countries argue about carbon taxes and green tariffs, BRICS countries already have such trade practices. China has invested a lot in renewable energy. India has green hydrogen. Brazil focuses on sustainable agriculture.

The shift is significant. It’s defining new global trade norms. BRICS is setting the bar. Rather than follow the developed countries, it is showing that sustainability and economic growth don’t have to be separate. And let’s face it, who wouldn’t want a trade system that is going to be good for the economy while being kind to the planet?

The Future of BRICS in Global Trade

What’s the BRICS agenda? Well, if their actual progress is something everyone should be considering, they truly are just scratching the surface. The chatter about extending the BRICS to some more emerging markets indicates that the impact that they have on the global trade principles and regulations is going to strengthen.

Picture a universe in which trade regulations are not set by a few but established by numerous economies. This is what BRICS is striving for, its ambition is to have a world where one trade agreement at a time will be made possible. Involvement in global financial institutions such NDB to digital economies, BRICS has shown that the world economy is not a monopoly of the west.

Summing Up

BRICS is basically redefining global trade slowly by democratizing economic activity through the promotion of alternative financial systems. They’re not only fostering digital trade, but they’re using it to promote their trade better. Businesses and investors have new opportunities in emerging markets. Policymakers need to shake things up to adjust to the changing trade environment. Everyday consumers can look forward to fairer, more sustainable, intriguing trade policies.

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