Challenging Western hegemony

The world is growing at a ram­pant pace, forming conglom­erations of various countries and moving in the right direction to es­tablish more advanced, econom­ically stable growth. Each entity strives to procure global stature, while China has been a leading na­tion that has adequate development to supersede the United States, its indomitable rival, in the future. Af­ter 2008’s global recession, China and Russia grouped with India and Brazil and formed the BRICS; later, South Africa joined in 2010.

BRICS is an economic and re­gional security organisation aimed at diluting western influence and establishing a regional Asian pow­er center. As per reports, BRICS has been planning to create a new currency that would escalate the process of de-dollarization, knock­ing out all western tactics on ret­rogressing rising economies. Cur­rently, 80% of global trade is in the US dollar, and the Russia-Ukraine conflict realised the hazardous po­tential of the dollar’s hegemony to collapse any economy by imposing destructive sanctions.

The US and its allies have frozen 330 billion dollars in Russian as­sets since the war with Ukraine. It has, too, animosity with China’s rise and imminent cause that can galvanise a war situation: China’s proclamation over Taiwan. How­ever, the big cheese may impose sanctions on Chinese trade if war erupts. Its whole economy relies on trade; suffix hurdles may viti­ate or prolong the county’s dream to walk on air.

However, BRICS have propelled initiatives to soon launch a new currency that would accelerate the dollar’s decline and end unbridled western hegemony. The same cur­rency can certainly be efficacious, resulting in unblemished and sta­ble growth in the economy and political stability. Neutral and for­midable institutions can be estab­lished to evade any detrimental war-like instances.

Recently, BRICS has permitted the inclusion of new members; how­ever, only six countries have been awarded membership. Pakistan, due to its topsy-turvy economy, has been suffering through unsolicit­ed traumas that have perpetuat­ed it and put it on the verge of col­lapse. In addition to that, historical hostility with neighbours has en­gulfed a disconcerting atmosphere of impoverishment and insecurity. Extreme dependency on the West has predisposed it to carry begging bowls and wrap up humanitarian aid from eminent domain.

The government of the country and the establishment have to re­view and revise foreign policy to formulate comprehensive objec­tives deliberately titled for national interest. China’s presence in BRICS grants propitious chances for Pak­istan to establish rigid bonds with India and Russia, either because it would permit entrance into BRICS or because friendly connections can be efficacious in unprecedented fallouts. Stringent national policies and mutual cooperative extensions with countries can enhance and empower countries’ trade potential and will be beneficial in the event of imminent IMF bailout loans.



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