Rishabh Sethi (India) speech at the Global Conference on Multipolarity
Rishabh Sethi (India) – Master scholar of International relations, Tver state university, Expert analyst of International relations
Future prospects & role of BRICS plus for Multipolar World
By:- Rishabh Sethi
(Expert analyst of International relations)
The concept of a multipolar world has gained significant traction in recent years, as countries seek to assert their influence in an increasingly complex and interconnected global order. The 21st century has seen a significant shift towards a multipolar world, where power would be getting more evenly distributed among multiple nations, rather than being concentrated in a single superpower.
The rise of new economic powers, such as India, Russia, China and the relative decline of traditional Western powers, has led to a fundamental shift in the balance of power in the world. Against this backdrop, the idea of a multipolar world has emerged as an alternative to the traditional bipolar or unipolar models of global governance in today’s 21st century.
This shift has significant implications for the future prospects of the global political, economic, and security landscape. One of the most significant implications of a multipolar world would be the potential for increased competition among great powers. As the balance of power shifts, countries may seek to assert their influence and challenge the existing order. This could lead to increased tensions and conflicts, as countries seek to secure their interests and defend their values. However, competition can also drive innovation and progress, as countries seek to outcompete each other in areas such as technology, infrastructure, and human development.
Another potential outcome of a multipolar world is increased collaboration among great powers. As countries become more interdependent, they may seek to cooperate in areas such as trade, security, and climate change. This could lead to the emergence of new alliances and partnerships, as countries seek to pool their resources and work together to address common challenges. For example, the SCO (Shanghai cooperation organization), G20, BRICS+ groups have emerged as important forums for dialogue and cooperation among major economies.
The BRICS+ initiative has been gaining importance in the current international scenario, which is characterized by the emergence of multiple centres of power and the decline of the unipolar world order. In this regard, the BRICS+ initiative would play an important role in the development of a multipolar world order. The BRICS+ initiative is significant for the creation of a multipolar world as it seeks to increase the representation of emerging economies in the global governance architecture. The inclusion of other emerging economies in the BRICS group would allow for a more diverse and representative group of countries to engage with the international community on issues of global importance. This can lead to a more equitable distribution of power and decision-making in international institutions, such as the United Nations, the World Trade Organization, and the International Monetary Fund.
The BRICS+ initiative is also essential for promoting the development of a new economic order that is less dependent on the traditional western powers. The inclusion of other emerging economies in the BRICS group would provide greater opportunities for economic cooperation and development between the member countries. This would help to strengthen economic ties between the BRICS countries and other emerging economies, which could potentially lead to the creation of new economic blocs that are less dependent on the United States and Europe. Also it will contribute to the establishment of a new security architecture that is more inclusive and representative of emerging economies. As the global security challenges become more complex, there is a growing need for a more inclusive and collaborative approach to address these challenges. The inclusion of other emerging economies in the BRICS group would provide an opportunity for greater cooperation and coordination on issues such as counterterrorism, cybersecurity, and regional security.
The BRICS+ initiative is also very much essential for promoting cultural exchanges and people-to-people contacts between the member countries. The BRICS+ initiative can facilitate greater understanding and cooperation between different cultures and civilizations with the friendly countries. This can lead to the promotion of cultural diversity and tolerance, which is essential for building a more inclusive and harmonious global society. Also this initiative would help in promoting a more effective multilateral system. The existing multilateral system, including the United Nations, has been criticized for being outdated and ineffective in addressing the complex challenges of the 21st century. The BRICS+ initiative can help in promoting reforms in the existing multilateral system, which can make it more inclusive, transparent, and effective. By working together, the BRICS+ countries can promote greater cooperation and coordination among different multilateral forums, which can lead to the development of more effective solutions to global challenges. The introduction of BRICS currency would be great initiative for a stronger multipolar world trade development. As recently the BRICS group economies also surpassed the G7 group economies which were indirectly controlled from west.
A multipolar world also has significant implications for global governance. With the decline of Western dominance, non-Western countries are likely to demand greater representation and influence in global institutions such as the United Nations, World Bank, and International Monetary Fund. The economic implications of a multipolar world are also significant. As power shifts towards emerging economies, they are likely to play a more significant role in shaping the global economic landscape. This could lead to greater diversification of trade and investment flows, as countries seek to reduce their dependence on any single economy or single trading currency such as US dollar or Euros. However, it could also lead to increased protectionism and economic nationalism, as countries seek to protect their domestic industries and workers and also to promote businesses in local currencies so as to promote their own currencies and also to stop the hegemony of the USD & Euros for global trade.
At last I would like to add that the strong historical India Russia relationship also plays very important role for supporting & developing the multipolar world. Unprecedented sanctions on Russia from past 2 years is one of the biggest examples for the whole world to understand that the Western groups wants to do the things according for their own interest and selfishness, and this is one great reason that now many developing nations and friendly countries want to promote trade relations in their local currencies. India & Russia are strongly supporting each other in this difficult period of time and are also proving that Russia India are like brother for each other and also brings our nations closer to support for the development of country economies by providing all the manufacturing products in different spheres such as technologies, metals, fertilizers, oil & gas, coal, IT products etc.
In conclusion, the BRICS+ initiative is of great significance for the development of a multipolar world order. The inclusion of other emerging economies in the BRICS group and other friendly countries can help to create a more diverse and representative global governance architecture. This can lead to the development of a new economic order that is less dependent on traditional western powers and also would help to stop the dominance of west & US currency monopoly, a more inclusive security architecture, and greater cultural exchanges and people-to-people contacts between the member countries. the future prospects of a multipolar world are complex and multifaceted. While a multipolar world could lead to increased competition and it also presents significant opportunities for collaboration, innovation, and progress. To realize the potential of a multipolar world, friendly countries must work together to manage tensions, build trust, and develop new models of governance and cooperation that reflect the interests and values of diverse nations and cultures to promote greater equity, justice, and harmony in the global community.
