Think tank says joining Brics is a viable option

As the global economic and political landscape evolves, the Philippines should now consider joining the Brics, a bloc of countries seeking to establish a multipolar world order, a Manila-based think tank has suggested.

The Asian Century Philippines Strategic Studies Institute (ACPSSI) advocates for the country to engage with Brics members to open doors to alternative trade routes, financing mechanisms, and collaborative projects outside of traditional Western partnerships.

ACPSSI President Herman Tiu Laurel underlined this stance in an interview with The Manila Times, emphasizing that joining Brics could increase the country’s economic independence while maintaining important ties with the United States.

Originally made up of Brazil, Russia, India, China and South Africa, the Brics are an alliance that aims to provide a counterbalance to the influence of the West, especially the United States.

The 16th Brics Plus Summit, held in Kazan between 22-24 October and chaired by Russian President Vladimir Putin, held a historic event with 42 delegations, including 24 heads of state, six international organizations such as the United Nations and representatives from 36 countries. It witnessed high levels of participation. 5,000 official delegation members and more than 2,000 global media representatives.

One of the highlights of this year’s summit was the participation of new Brics members Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. The bloc has also expanded its outreach by granting “partner status” to four Asean countries (Indonesia, Vietnam, Malaysia and Thailand), as well as Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Nigeria, Turkey, Uganda and Uzbekistan.

Tiu Laurel noted that these new developments demonstrate Brics’ intention to build a diversified coalition across multiple continents.

The inclusion of Indonesia, Vietnam, Malaysia and Thailand in Brics has intensified calls for Filipino policymakers to consider the bloc as a viable option for economic growth and diplomatic diversification.

The Brics bloc, which now covers about 45 percent of the world’s population and accounts for 28 percent of global gross domestic product, is gaining more traction with calls for a fair global system, Tiu Laurel said.

He noted that member countries are trying to develop a new reserve currency to reduce dependence on the US dollar, an initiative that could strengthen their economic sovereignty.

“For the Philippines, aligning with this mission could strengthen its bargaining position on the international stage, especially with new opportunities to secure trade, finance, and engage in collaborative projects that do not rely solely on Western financial systems,” Tiu Laurel said.

He said the momentum surrounding Brics and its outreach in Asean appealed to Filipino leaders interested in forging a broader regional alliance, including Finance Secretary Ralph Recto, who recently voiced support for exploring Brics membership.

Recto saw this as a step towards increasing the Philippines’ influence within a powerful coalition of emerging economies, especially given its proximity to Asean neighbors with Brics connections.

Tiu Laurel pointed out that Brics membership could provide the Philippines with access to new trade corridors, financing options and collective projects for developing economies.

“This possibility is particularly attractive as the Philippines continues to recover from the economic impact of the pandemic and seeks to strengthen self-sufficiency,” Tiu Laurel said. he said.

“With Asean partner status already established, joining Brics could facilitate a network of strategic partnerships in Asia and offer a counterbalance to Western-based trade and financial networks,” he added.

complexity

But Tiu Laurel said the Philippines’ strong historical and military ties with the United States add a layer of complexity to any decision on Brics membership.

He said former UN Security Council chief and Asean diplomacy expert Kishore Mahbubani noted that the US may view the Philippines’ participation in Brics with concern.

Tiu Laurel said the United States must sensitively manage the diplomatic alignment of the Philippines, a long-time ally, as it has traditionally played a central role in regional security arrangements and economic partnerships.

“Moreover, since the Brics bloc has openly advocated for reducing Western influence in global economic structures, including the International Monetary Fund and the World Bank, it may be difficult to balance these ties with newfound Brics relations,” he explained.