The High Price of Dollar Dominance
Foreign AffairsJul 03, 2023
The Facts
Ethiopia's foreign ministry announced Thursday that it has asked to join BRICS, a bloc of emerging markets composed of Brazil, India, China, Russia, and South Africa.
A spokesperson for the ministry said they expect a "positive response" from BRICS, adding the country will work with international bodies that can protect their interests.
The Spin
Establishment-critical narrative
The West is losing its grip on the developing world as BRICS begins to expand its influence. Led by Russia, India, and China, economic and diplomatic avenues outside of the purview of the West are being opened and expanded, free from meddling. The news that Ethiopia is likely to become a member bodes well for the prospects of BRICS as it grows more powerful with each passing day.
Pro-establishment narrative
Much noise has been made about the expansion of BRICS, but the reality is that it poses little risk of upending the world order. Any bloc that makes overtures of unity that counts India and China, fierce regional rivals, as members are fooling nobody. There is little in common between the BRICS countries other than a mutual distrust of the US, which will likely fail to overcome the myriad of competing interests between the member states.
