Sameera Casmod | sameerac@radioislam.co.za
27 November 2024 | 13:25 CAT
1-minute read

Image: News24

The BRICS bloc, now expanded to ten nations, is positioning itself as a challenger to Western dominance in global trade and finance, according to political analyst Ebrahim Harvey in an interview with Radio Islam International. Harvey described the bloc as a “formidable force” amid what he called “the biggest crisis in global capitalism in well over a century.”

However, he acknowledged that internal tensions and global instability pose challenges to its ambitions.

One key focus for BRICS is its commitment to de-dollarisation, seen as essential to reducing dependency on the US and establishing equitable trade systems. Recent additions to BRICS, including Saudi Arabia and Iran, bring geopolitical weight and could potentially shift oil trading away from the dollar, a development Harvey labeled “a significant coup.”

Harvey highlighted China’s pivotal role, emphasising its Belt and Road Initiative and mediation efforts in the Middle East as examples of its growing global influence. “China has created that centre of gravity,” he noted, adding that its approach contrasts with US policies, which often exacerbate instability.

However, Harvey cautioned that BRICS must address economic disparities within member states and adopt progressive policies to achieve true systemic change.

“Despite formidable obstacles, BRICS is making formidable progress,” he said but warned of resistance from entrenched Western powers unwilling to relinquish dominance. As Harvey put it, “The global order is cracking, but it’s not defeated yet.”

BRICS’ ability to reshape the economic landscape remains to be seen, with critics urging it to prioritise the needs of developing nations over internal power struggles.

Listen to the full interview on Sabaahul Muslim with Moulana Sulaimaan Ravat.