The BRICS phenomenon : Prospects and constraints for South Africa's socio-economic development

Abstract

Over the years the coming together of Brazil, Russia, India and China into the BRIG forum has been treated as a moment in time when emerging economies started making their mark in the global arena. Similar patterns of extraordinary productivity and growth as well as tangible development have been the driving force that predicts these countries as being the world economic leaders of the future. South Africa has now come into BRIG, which necessitated the changes in the acronym to BRIGS, an alleged hegemon of Southern Africa and the continent's economic power house. This country joined BRIG group, adding to the world's emerging economies and as a representative of the African continent. When South Africa became a member, its main aim was to develop its economy and align itself socio-politically with the emerging economies of the world. These emerging economies have shown some positive growth. The emergence of BRICS has recently captured the commanding heights across all borders in the 'South' and the 'North'. It is evident that South Africa has striven to be recognised worldwide, by its foreign policy, stable politics and its sophisticated economic policy. South-South multilateral agreements have been widely discussed in International Political Economy, but little has been said about the impact they make in the socio-economic development of the emerging countries. The issue of multilateral agreements concerning BRIGS is still relatively unexplored in comparison to other multilateral agreements that South Africa has ventured into. Globally the BRIGS multilateral agreement has generated different views concerning its future expectations of promoting growth for its member states, particularly South Africa. The dissertation has discovered and highlighted the importance of South Africa as a member of BRIGS, and how its engagement in the multilateral agreement will benefit the country with opportunities that lie ahead. This paper also looked at the insinuation that South Africa may be used by its powerful BRIGS partners and thereby lose its continental dominance. The study scrutinises and allows open space for further investigation to be made about the BRIGS multilateral agreement and its impact on socio-economic development in the Republic of South Africa. Many argue that South Africa's entry in BRIGS is a dangerous and risky move while others prefer to say it is a wise decision taken by the country. However the action taken by South Africa is a fait accompli and the country should plan ahead and understand the needs of its national interests and foreign policy to achieve its goals.